Stanbic Bank Kenya Board of Directors has appointed Michael Mutiga, a former top executive at Safaricom Plc, as its new Chief Executive Officer effective August 1^st 2026. This appointment is subject to requisite regulatory approvals.

Mutiga is a seasoned executive with over 20 years of leadership experience across banking, telecommunications and digital financial services. His last position was as Chief Business Development& Strategy Officer at Safaricom Plc.

He has extensive expertise in strategy, corporate finance, business growth, stakeholder engagement, and large-scale operations management. He holds a Master of Laws Degree(LLM) from Temple University, Bachelor of Laws Degree (LLB. Honours) from the University of Nairobi. His distinguished career has earned him multiple industry accolades, including five Corporate Banker of the Year Awards.

Stanbic Bank Kenya Board’s verdict

Stanbic Bank Kenya Board of Directors said it is confident that Mutiga’s proven track record in the banking sector, strategy execution and transformation will position Stanbic Bank for its next phase of growth. The Stanbic Bank Kenya Board also said in a statement that it looks forward to his leadership and contribution.

Stanbic Bank Kenya Board also extends its sincere appreciation to Abraham Ongenge for his exemplary leadership and dedicated service as Acting CEO since March 1^st 1016. During his period, he has provided steady leadership and strategic direction, ensuring continuity in Stanbic Bank’s operations and advancing key business priorities. The Board said it is grateful for his significant contribution and commitment to the lender’s success. Ongenge will continue to play a vital role in the lender’s growth and transformation agenda in his substantive role as Head of Private & Personal Banking, said Nancy Kiruki, Company Secretary on behalf of the Stanbic Bank Kenya Board.

A reset in the C-suite of Stanbic Bank Kenya, a subsidiary of Standard Bank South Africa, is happening when the parent giant lender has made known its ambitions to entrench its business in Kenya.

It still remains to be closely watched whether Standard Bank South Africa, the largest lender in Africa, can use its muscle to dislodge Equity Group and KCB Group, two of the largest retail lenders in Kenya.

“While South Africa’s Standard Bank has the balance sheet to compete with anyone in Africa, but in Kenya it is fighting two entrenched franchises—KCB and Equity—whose customer reach and distribution networks are far much harder to replicate,” said Dedan Maina, a Certified Financial Analyst(CFA) at Ketu Capital Limited.

Foreign lenders seeking a foothold in Kenya view Nairobi as strategic and central to their East Africa growth ambitions.