KCB Group’s Chief Executive Officer, Mr Paul Russo, has been elected as the new Chairman of the Kenya Bankers Association (KBA), the umbrella body that represents all commercial banks in the country. His election was confirmed during the KBA Annual General Meeting held on Thursday, 20th June 2025. He takes over the leadership mantle from NCBA Group Managing Director, Mr John Gachora, who had served in that capacity since June 2021.
At the same meeting, Ms Betty Korir, the Chief Executive Officer of Credit Bank, was re-elected as the Vice Chairperson of the Association. Ms Korir’s return signals continuity in the organisation’s leadership even as the banking sector shifts focus to accelerating credit growth and supporting inclusive financial development in the country.
Mr Russo’s appointment comes at a time when the banking industry is undergoing several transitions aimed at improving access to affordable credit for small businesses, individuals, and the informal sector. The industry is also pursuing digitisation, compliance with global regulatory standards, and deepening financial inclusion for underserved populations.
Paul Russo brings to the position a strong blend of operational experience and strategic leadership. Prior to becoming CEO of KCB Group, he held several key positions including Managing Director of National Bank of Kenya, KCB Group Director for Regional Businesses, and Group Human Resource Director. His career also includes stints at Barclays Bank (now Absa Bank Kenya), PwC, K-Rep Bank (now Sidian Bank), EABL, and Unga Holdings, spanning more than two decades.
Apart from his banking roles, Mr Russo is a strong advocate for responsible banking and environmental sustainability. He currently serves on the Leadership Council of the United Nations Environment Programme Finance Initiative (UNEP-FI), a global platform that works to integrate sustainability across the financial industry. In 2023, he was awarded the national honour of Elder of the Order of the Burning Spear (EBS) by the President of Kenya in recognition of his contribution to the financial services sector.
In his acceptance remarks, Mr Russo expressed gratitude to fellow bankers for their trust and pledged to work collaboratively to strengthen the industry’s contribution to Kenya’s socio-economic development.
“It’s an honour to serve the industry in this capacity. I thank my counterparts for their confidence and reaffirm my commitment to working with all stakeholders to strengthen our industry’s contribution to national development. I am keen to deepen the ongoing transformation of the industry to serve our customers better, provide affordable and accessible financial services, and effectively catalyse the country’s economic ambitions,” Mr Russo said.
He also acknowledged the work done by his predecessor, Mr Gachora, particularly in navigating the post-COVID-19 recovery period. Under Mr Gachora’s leadership, the banking sector undertook major reforms to cushion borrowers from pandemic-related financial pressures. Notably, the industry implemented loan restructuring and repayment moratoriums that covered up to KSh 1.7 trillion by the end of 2021.
Mr Gachora also led banks in tackling the foreign exchange liquidity crisis that hit the Kenyan market. He worked closely with the Central Bank of Kenya (CBK) to launch the Kenya Foreign Exchange Code and revive the interbank forex market, improving transparency and easing pressure on foreign currency supply.
With Paul Russo now at the helm of KBA, the banking industry is expected to continue focusing on innovation, responsible lending, customer-centric services, and policy engagement with regulators. His leadership will be key as Kenya’s financial sector navigates complex local and global challenges including inflation, currency volatility, and rising interest rates.
The Kenya Bankers Association plays a central role in representing the interests of commercial banks and mortgage institutions. It also leads key industry initiatives such as the Sustainable Finance Initiative (SFI), which encourages responsible lending, and the PesaLink payment platform, which facilitates low-cost interbank transfers.
