Commercial banks have elected KCB Group Chief Executive
Officer, Paul Russo, as the new Chairperson of the Kenya Bankers Association (KBA), the
umbrella body of the banking industry.
During the KBA Annual General Meeting held this afternoon, the Governing Council also re
elected Credit Bank Chief Executive Officer, Betty Korir, to continue serving as the
Association’s Vice Chairperson.
Mr. Russo succeeds NCBA Group Managing Director, John Gachora, who has served as
Chairperson since June 2021. The leadership transition comes at a time when the banking
industry is placing greater emphasis on its role in supporting economic growth by
expanding access to credit for businesses, individuals, and households. The new
leadership is expected to continue championing this agenda, alongside advancing
innovation and financial inclusion.
Mr. Russo, a member of the KBA Governing Council has held other senior roles in banking
among them KCB Group Director Regional Business, KCB Group HR Director, and Managing
Director, National Bank of Kenya among others. A seasoned HR practitioner, he brings close
to 25 years of experience across executive and strategic positions, his corporate experience
spans leading institutions such as Barclays (Absa), PwC, K-Rep Bank (Sidian), EABL, and
Unga Holdings.
Mr. Russo was feted with a state commendation- Elder of the Order of the Burning Spear
(EBS) by the President for his contribution in Kenya’s financial services sector. He also serves
in the United Nations Environment Programme Finance (UNEP-FI) Leadership Council,
joining other global leaders in mainstreaming and deepening sustainability integration
across the financial industry.
“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 catalyze the country’s economic ambitions,”
said Mr. Russo.
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“I express my sincere gratitude to my predecessor, John Gachora, for his commendable
leadership during one of the most challenging periods for the banking sector. His steady
hand ensured the industry remained resilient and responsive in times of uncertainty,” he
added.
As Chairperson, Mr. Gachora steered the industry through the post-COVID-19 recovery,
advocating for loan restructurings and moratoriums that covered KES 1.7 trillion by end of
- He played a leading role in addressing foreign exchange pressures by fostering
collaboration between banks and the Central Bank of Kenya, leading to the adoption of the
Kenya Foreign Exchange Code and the revival of the interbank forex market.
Under his leadership, banks committed KES 150 billion in new loans annually to MSMEs,
embraced ambitious sustainability goals, and rolled out the Persons with Disabilities
Accessibility Project, which transformed service delivery and led to the broader adoption of
inclusion policies across the industry.
“We congratulate Mr. Russo on his election and look forward to working together to deliver
greater value for the industry and empower the banking public,” said KBA Chief Executive
Officer, Raimond Molenje.