Akiba Commercial Bank Plc has appointed George R. Shumbusho as its new chief executive officer, with the role taking effect on October 15, 2026, the bank announced.
George R. Shumbusho succeeds Silvest Arumasi, who served as Akiba Commercial Bank’s managing director from June 2021 until May 2026. The change forms part of the bank’s strategy to improve customer experience, sharpen strategic priorities, accelerate digital innovation, and drive sustainable growth, with a particular focus on expanding financial services for small and medium-sized enterprises (SMEs) and individual customers across Tanzania.
Shumbusho brings more than two decades of experience in the financial services sector. He most recently served as chief executive officer of Tanzania Securities Limited (TSL) for approximately three and a half years, where he oversaw significant digital transformation and the launch of major investment vehicles, including the Imara Fund and the Kesho Tulivu Fund.
Earlier in his career, he was managing director and CEO of Mkombozi Commercial Bank Plc from 2017 to 2019. He has also held senior roles at several prominent institutions, including head of treasury at Exim Bank (Tanzania) Limited, as well as positions at Stanbic Bank, Standard Chartered Bank, and NMB Bank.
Shumbusho holds an MBA from the Eastern and Southern African Management Institute (ESAMI) in partnership with the Maastricht School of Management, along with a postgraduate diploma in financial management from the Institute of Finance Management (IFM). He has been a certified ACI Financial Markets practitioner since 2003 and is a certified board director through the Institute of Directors Tanzania (IoDT).
Arumasi’s five-year tenure at Akiba began shortly after the National Bank of Malawi’s strategic acquisition of the bank in January 2021. He focused on integrating the capital injection to strengthen the bank’s regulatory capital and asset base, aligning operations with the parent company’s regional standards, and advancing digital capabilities.
A key achievement was the re-implementation and upgrade of the T24 core banking system in partnership with Inlaks, which improved transaction processing and supported expanded retail and mobile banking services. He also emphasized risk management, governance, and compliance, drawing on his earlier experience as a bank examiner at the Bank of Tanzania, while pursuing strategic corporate partnerships to broaden market reach.