The Governing Council of Kenya Bankers Association (KBA), the financial sector’s advocacy group and the umbrella body of banking institutions, has appointed Raimond Molenje its acting Chief Executive Officer (CEO) as Dr. Habil Olaka, who has served as the association’s chief executive since 2010, retires effective March 31, 2024.
In a statement, the KBA Governing Council Chairman and NCBA Bank Group managing director Mr. John Gachora picked the association’s director, Legal, Human Resources and Policy Advocacy, Mr. Molenje, in an acting capacity effective April 1, 2024, to steer the association during the transition period before the appointment of a substantive CEO.
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, Dr. Olaka has accomplished significant 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 across the economy.
During his tenure, he 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.
While 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.
It was also during his tenure that a robust Automated Clearing House and cheque processing system was established, reducing the cheque clearing time from four days to one day.
KBA Governing Council Chairman, Mr. John Gachora, appreciated Dr. Olaka’s “exceptional 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,” Gachora said.
On his part, Dr. Olaka said: “It has been an honor 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.”
