I&M Bank Kenya has named veteran banker Abdi Mohamed as its next Chief Executive Officer, handing the leadership of one of the country’s fastest-growing lenders to a banker with more than three decades of experience in East Africa’s financial sector.
The appointment, announced on Monday, is subject to approval by the Central Bank of Kenya (CBK) and other regulators. It comes just days after Mohamed resigned as Managing Director and CEO of Absa Bank Kenya, bringing to an end a 32-year career within the Absa and former Barclays network.
Mohamed joins I&M at a time when competition among Kenya’s tier-one banks is intensifying, with lenders racing to grow their loan books, expand digital banking services and attract high-value customers in a challenging economic environment.
His move is also one of the most notable executive shifts in the banking industry in recent years, seeing the former head of one of Kenya’s largest banks take over at a rival that has steadily expanded its market presence.
In a statement announcing the appointment, I&M Group described Mohamed as a seasoned banking executive with more than 30 years of experience in banking, financial services and corporate leadership across Africa.
Before taking charge at Absa Bank Kenya, Mohamed served as Managing Director and CEO of Absa Bank Tanzania, where he led the institution through its transition from the Barclays brand to Absa following the group’s continental rebranding programme. He also served as Chief Operating Officer at Barclays Bank Kenya and held senior retail and business banking leadership positions in Kenya and Zambia.
Outside the banking industry, Mohamed chairs the Kenya chapter of the United Nations Global Compact, an initiative that promotes sustainable and responsible business practices. He also serves on the boards of Touch Health Inc. and Integrated Payment Systems Limited (IPSL), giving him experience beyond traditional banking.
I&M Group Executive Director Sarit Raja-Shah said Mohamed joins the lender at an important stage in its growth journey.
“We are delighted to welcome Abdi to I&M Group at an exciting and important time in our journey as we continue to scale our business, deepen customer relationships, strengthen our market leadership and create sustainable value for all our stakeholders,” she said.
She added that the board believes Mohamed’s experience and understanding of the financial services sector will help drive the bank’s next phase of expansion.
Growth
Mohamed will be taking over a bank that has recorded strong financial growth over the last several years.
According to I&M Group’s financial results for the year ended December 31, 2025, total assets at I&M Bank Kenya increased to Ksh 502 billion from Ksh 334 billion in 2021, underlining the lender’s rapid expansion.
Profit before tax climbed to Ksh 24.2 billion in 2025 from Ksh 19.8 billion the previous year, while profit after tax rose to KSh18.8 billion as the bank continued to grow both its lending and non-funded income businesses.
The bank has also been pursuing an ambitious expansion strategy. Earlier this year, it launched a KSh20 billion Medium Term Note (MTN) programme aimed at raising capital to support lending, strengthen its balance sheet and finance future growth. The inaugural tranche targeted Ksh 10 billion, with an additional 30 per cent greenshoe option available to meet investor demand.
Beyond Kenya, I&M Group has continued strengthening its regional footprint through operations in Uganda, Tanzania, Rwanda and Mauritius, making cross-border banking an increasingly important part of its long-term strategy.
Mohamed’s appointment follows his departure from Absa Bank Kenya, where he spent three years as CEO after rising through the ranks over more than three decades. During his tenure, he oversaw the bank’s growth strategy and continued investment in digital banking, customer experience and sustainability initiatives.
Absa has also appointed Chief Financial Officer Yusuf Omari as Interim Managing Director and CEO while the board searches for a substantive replacement after following Mohamed’s sudden exit.
For I&M, bringing in one of the country’s most experienced banking executives signals its intention to build on recent growth and strengthen its position in Kenya’s highly competitive banking sector, where the battle for market share continues to intensify.
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