The Governing Council of Kenya Bankers Association (KBA), the financial sector’s advocacy group and the umbrella body of banking institutions, has announced the retirement of Dr Habil Olaka from the Association as Chief Executive Officer effective 31st March 2024, after serving the body for 14 years.
“It has been an honour to lead and transform KBA into a formidable financial sector advocacy group over the last 13 years and wish to thank the KBA, Governing Council, member banks, and the Central Bank of Kenya leadership over the period, stakeholders and KBA staff for their support,” Dr Olaka said.
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At the same time, the KBA Governing Council Chairman and NCBA Bank Group Managing Director, Mr John Gachora, announced the appointment of the Association’s Director, Legal, Human Resources and Policy Advocacy, Mr Raimond Molenje, in an acting capacity effective 1st April 2024, to steer the Association during the transition period.
Mr Molenje joined KBA in 2018 and has 19 years’ experience in legal and regulatory practice, human capital and policy advocacy having held senior management roles in leading business member organizations for ten years.
Since his appointment in 2010, Dr Olaka has been instrumental in the Association’s strategic direction, successfully spearheading various groundbreaking industry advocacy, development and sustainability initiatives.
Dr Olaka accomplished significant industry milestones, including reinforcing the Association’s role as a reputable and responsive industry leader by championing forward-looking sustainable development and inclusive socio-economic growth by fostering collaborations with the Government, the sector regulator CBK and other partners in the public and private sectors.
During his tenure, Dr Olaka led the introduction of the Sustainable Finance Initiative (SFI) in 2015 to support member banks to create long-term value for the economy, society, and the environment. The initiative culminated in the issuance of the first Green Bond in Kenya and, by extension, the East African region in 2019.
Dr Olaka contributed to industry-led mitigations by member banks during the COVID-19 pandemic, collectively preventing the health crisis from degenerating into a financial crisis. He also played a vanguard role in the conceptualization of PesaLink, establishing the real-time payment services solution for the banking industry.
Significant Milestones
It was also during Dr Olaka’s tenure that a robust Automated Clearing House and cheque processing system was established, reducing the cheque clearing time from four days to one day.
Mr Gachora expressed the KBA Governing Council’s gratitude for Dr Olaka’s leadership, noting that the Association had enjoyed tremendous growth under his stewardship and achieved significant milestones for banks, the financial sector, and the economy.
“Under Dr Olaka’s leadership, KBA has continued to reinforce a reputable and professional banking sector that best support Kenyans, who entrust their ambitions and hard-earned resources with its member banks,” Mr. Gachora said.
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