Members of the Kenya Bankers Association (KBA) have elected Kenya Commercial Bank’s Group Chief Executive Officer Joshua Oigara as the new Chairman of the Governing Council and re-elected NIC Bank’s Managing Director John Gachora for another term as Council Vice Chairman.
Immediately after taking office, Oigara took an aim of the interest cap. In his acceptance address to members, Oigara acknowledged that the interest rate cap has remained one of the industry’s greatest challenges over the last two years, adding that it will be an area that the KBA Council will continue to engage on.
Oigara takes over from Standard Chartered Bank’s Chief Executive Officer and Area General Manager for East Africa, Lamin Manjang.
“We have given proposals to make credit more accessible, and the Inuka SME Program, particularly the Ksh 30 billion fund, will be an important component of the industry’s response to concerns raised by our stakeholders,” said Oigara.
Manjang, who has served as KBA Chairman for two years, was recognised as being instrumental in steering the industry during the tumultuous period following the enactment of the Banking (Amendment) Act, which introduced price controls on bank interest rates.
Notable developments under Manjang’s leadership include the launch of Integrated Payment Services Limited (IPSL), established to provide a secure, fast and efficient 24/7 bank-to-bank money transfer platform under the PesaLink brand.
To date, 30 KBA member banks offer the PesaLink service, which moves more than Ksh 100 million in value per day. Since its launch in June 2017, PesaLink has facilitated Ksh 68 billion worth of transactions across the banking network.
Most recently, Manjang led the KBA Council to adopt higher standards of governance including taking on policies that will see the industry address the areas of fraud and money laundering. His tenure also saw the industry train more than 28 thousand bank employees on the role the sector plays in promoting Kenya’s sustainable development under the Sustainable Finance Initiative.
The new KBA Chairman also committed that industry players would continue supporting IPSL in rolling out PesaLink and other FinTech innovations that promote industry efficiency and enhance the user experience for consumers of financial services. “Governance remains an important area for us and therefore we will work to promote the KBA Charter which introduces an industry code of ethics and framework for peer accountability,” he added.
On his part, the KBA Chief Executive Officer Habil Olaka thanked the KBA members and the Council for their leadership role in the implementation of the transformation programmes that have ensured innovation, efficiency and standardization of banking services to conform to Global best practises.