Members of the Kenya Bankers Association (KBA), the banking industry umbrella body, nominated and appointed their board of directors, known as the Governing Council, during the KBA Annual General Meeting that was held on 25 June 2015. The new Governing Council will serve for a period of 12 months under the chairmanship of Joshua Oigara of KCB Group Chief Executive Officer and vice chairman Jeremy Ngunze, Managing Director of Commercial Bank of Africa.
Mr. Oigara, who has served as KBA Chairman for the past 12 months, has been instrumental in steering the industry in implementing various progressive initiatives that have contributed to stability of the sector. Notable industrywide developments were the migration to the EMV (Chip & Pin) standard for payment cards, and the introduction of the Kenya Banks’ Reference Rate (KBRR) and Annual Percentage Rate (APR) as industry interventions to ease access to credit by enhancing pricing transparency.
Also under Oigara’s leadership, the KBA undertook the development of the Sustainable Finance guiding principles which will influence how banks contribute positively to economic, social and environmental sustainability through their financing activity.
“In my view, the Sustainable Finance Initiative by KBA is one of the most noble but also necessary innovations we have undertaken as the banking industry because economic development, social wellbeing and environmental protection are matters that concern any global citizen, and every commercial entity,” he said.
In his report, Mr. Oigara noted the banking sector’s solid base and stable growth trajectory witnessed over the years reinforce the key role the industry plays in contributing to Kenya’s economic development. The industry’s financing of enterprise growth that saw banks lend over Ksh.190 billion to Small and Medium-sized Enterprises (SME) was also hailed.
“Banks are transforming enterprises through their lending activity and value-added services. This is a tremendous feat that is leaps and bounds beyond the investment our counterparts in more developed markets such as South Africa and Nigeria are directing to fuel SMEs,” Mr. Oigara said.
On his part, the KBA Chief Executive Officer Mr. Habil Olaka thanked the KBA members and the Council for their role in the implementation of the transformation programmes that have ensured efficiency and standardization of banking services to conform to Global best practises.
Looking forward, the KBA CEO noted the industry will make further strides towards enhanced efficiency and interoperability as outlined in the Association’s Strategic Plan. He also appreciated the role of the Vice Chairman, Jeremy Ngunze, and longstanding Governing Council members.
KBA Governing Council for the 2015/2016 period:
The KBA Governing Council is nominated to represent three categories – large, medium-sized and small banks, as defined by the KBA articles of association. The incoming Council members are as follows:
About the Kenya Bankers Association:
Kenya Bankers Association (KBA) is the financial sector’s leading advocacy group and banking industry umbrella body that represents total assets in excess of Ksh. 3.3 trillion. The members are comprised of the 46 banks that are licensed and regulated by the Central Bank of Kenya. These banks are represented by their Chief Executive Officers, who appoint a Governing Council to oversee industry wide activities on the General Body’s behalf. The Governing Council is supported by various Committees and Sub-Committees which are comprised of nominated bank representatives. These committees coordinate activities with the KBA Secretariat.