Paul Russo, Group CEO of KCB Bank, has been elected as the new chairperson of the Kenya Bankers Association (KBA), succeeding NCBA Group’s John Gachora. His appointment comes at a time when Kenya’s banking sector is navigating post-pandemic recovery, digital disruption, and regulatory reforms. With more than two decades of experience, Russo is expected to steer the association through evolving industry priorities and regional integration.
Deep Industry Experience and Turnaround Credentials
Paul Russo brings over 25 years of experience in financial services, corporate management, and executive leadership to the Kenya Bankers Association. Currently serving as the Group CEO of KCB Bank since May 2022, he leads one of East Africa’s largest lenders with assets exceeding $10 billion and operations in seven countries.
Before this, he served as Managing Director of National Bank of Kenya (NBK), where he turned around the institution from a loss-making subsidiary into a profitable entity. By 2021, NBK posted a profit of KSh 1.1 billion under his leadership. His tenure as KCB Group’s Regional Business Director saw him manage operations in Uganda, Rwanda, South Sudan, Burundi, and Tanzania. He also served as KCB’s Group Human Resources Director from 2014 to 2019.
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Russo’s corporate background includes roles at PwC, Barclays (now Absa), K-Rep Bank (now Sidian), East African Breweries Limited, and Unga Holdings. His qualifications include a BBM from Moi University, an MBA in Strategic Management from Strathmore University, and a senior executive certificate from Harvard Business School.
Track Record in Innovation, Inclusion, and ESG
Russo’s leadership at KCB has emphasized digital transformation, customer-centricity, and environmental, social, and governance (ESG) integration. Under his tenure, KCB has expanded digital banking solutions to serve over 30 million customers, joined the Net Zero Banking Alliance, and launched inclusive finance products through the KCB Foundation.
In 2024, he was named African Business Leader of the Year by Africa Leadership Magazine and received the Elder of the Order of the Burning Spear (EBS) from Kenya’s president for contributions to the banking sector. His board roles include the United Nations Environment Programme Finance Initiative (UNEP-FI) Leadership Council and the National Investment Council.
Priorities at KBA: Digital Finance, Regulation, and Access
As KBA chair, Russo is expected to champion policies that support digital innovation, financial inclusion, and sustainability. He has publicly emphasized the need to deepen the ongoing transformation of the industry to serve our customers better, provide affordable and accessible financial services, and catalyze the country’s economic ambitions.
His likely focus areas include:
- Financial Inclusion: Expanding credit access for MSMEs, women, and underserved communities.
- Digital Finance: Enhancing mobile banking frameworks and cybersecurity standards across the sector.
- Sustainable Finance: Promoting ESG-aligned banking practices and harmonization with global standards such as IFRS S1 and S2.
- Regulatory Dialogue: Guiding industry response to reforms like the proposed loan pricing caps linked to the Central Bank Rate (CBR), which KBA opposes due to credit market concerns.
- Regional Banking Policy: Advocating for cross-border integration in East Africa, leveraging his experience in regional banking operations.
Building on Gachora’s Legacy
Russo takes over from John Gachora, who chaired KBA from June 2021 to June 2025. Gachora’s term was marked by recovery-focused leadership and strong policy engagement. During his tenure, KBA:
- Helped restructure over KSh 1.7 trillion in loans during the pandemic.
- Worked with the Central Bank of Kenya (CBK) to stabilize the forex market.
- Mobilized KSh 150 billion annually for MSME financing.
- Advanced digital accessibility and inclusion through the PWD Accessibility Project.
- Promoted sustainability and ESG standards across member banks.
KBA also played a critical role in digital innovation during his tenure, including platforms like PesaLink.
Jefferson Wachira is a writer at Africa Digest News, specializing in banking and finance trends, and their impact on African economies.