The Governing Council of Kenya Bankers Association (KBA the umbrella body of banking institutions licensed and regulated by the Central Bank of Kenya (CBK) has announced the retirement of Dr. Habil Olaka from the Association as Chief Executive Officer effective 31st March 2024. Dr. Olaka has served as the Association’s chief executive since his appointment in 2010.
In a statement, the KBA Governing Council Chairman and NCBA Bank Group Managing Director 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 before the appointment of a substantive Chief Executive Officer.
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Since his appointment, 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 across the economy.
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.
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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 conceptualizing PesaLink, establishing the real-time payment services
solution for the banking industry. 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.
Celebrating Dr. Olaka’s contributions during his tenure, KBA Chairman John
Gachora, expressed the Council’s gratitude for 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 supports 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, the Central Bank of Kenya leadership over the period, stakeholders and KBA
staff for their support.”
Mr. Molenje joined KBA in 2018 and has nineteen years of experience in legal and regulatory practice, human capital and policy advocacy having held senior management roles in leading business member organizations for ten years.