KCB Group Chief Executive Officer Paul Russo has been elected the chairperson of the Kenya Bankers Association (KBA), the umbrella body of the banking industry.

During the KBA Annual General Meeting (AGM) held recently, the Governing Council also reelected Credit Bank Chief Executive Betty Korir to continue serving as the association’s vice chairperson.

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 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.

“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,” said Russo.

Gachora, during his tenure as the KBA chairman, steered the industry through the post-Covid-19 recovery, advocating for loan restructurings and moratoriums that covered Sh1.7 trillion by the end of 2021.

He played a leading role in addressing foreign exchange pressures by fostering collaboration between banks and the Central Bank of Kenya.

Under his leadership, banks committed Sh150 billion in new loans annually to small businesses, embraced sustainability goals and rolled out the Persons with Disabilities Accessibility Project.

“We congratulate 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 Raimond Molenje.