Stanbic Bank Kenya has appointed Safaricom executive Michael Mutiga as its new Chief Executive Officer, marking his return to the banking sector after four years leading business development and strategy at the telecommunications firm.
Mutiga, who currently serves as Safaricom’s Chief Business Development and Strategy Officer, will officially assume the role on August 1, 2026, subject to regulatory approvals. He succeeds Abraham Ongenge, who has been serving as Acting CEO since March 1, 2026.
Stanbic Bank’s Board of Directors said it was confident that Mutiga’s experience in banking, strategy execution and business transformation would support the lender’s next phase of growth.
“The Board is confident that Mr Mutiga’s proven track record in the banking sector, strategy execution and transformation will position Stanbic Bank for its next phase of growth,” the bank said.
Mutiga brings more than 20 years of leadership experience across banking, telecommunications and digital financial services. Before joining Safaricom in May 2022, he spent 15 years at Citibank, where he rose through senior local and regional roles before becoming Managing Director and Head of Corporate Finance for Sub-Saharan Africa in 2019.
At Safaricom, Mutiga has been responsible for driving the company’s business development and transformation agenda, including strategic partnerships, mergers and acquisitions, funding strategy and asset optimisation.
His appointment comes after Safaricom hired him at a time when the company was seeking to expand its financial services offering, including ventures into savings and unit trust investment products as it positioned M-Pesa as a broader financial services platform.
Stanbic described Mutiga as a seasoned executive with expertise in strategy, corporate finance, business growth, stakeholder engagement and large-scale operations management.
“Mr Mutiga is a seasoned executive with over 20 years of leadership experience across banking, telecommunications and digital financial services sectors,” the bank said.
Mutiga holds a Master of Laws (LLM) from Temple University and a Bachelor of Laws (LLB) from the University of Nairobi. During his career, he has also received multiple industry recognitions, including five Corporate Banker of the Year awards.
The bank also thanked Ongenge for his leadership during the transition period, saying he provided stability and strategic direction since taking over as acting CEO.
Ongenge will return to his substantive role as Head of Private and Personal Banking, where he will continue supporting the bank’s growth and transformation agenda.
– By Daniel Kamau and Daisy Achieng
