President William Ruto has appointed former Kenya Bankers Association (KBA) CEO Habil Olaka as the Non-Executive Chairperson of the Advisory Board of the Financial Inclusion Fund.
His appointment took effect on February 21, 2025, for a three-year term, replacing Irene Muthoni Metha Karimi, whose appointment was revoked.
Dr. Olaka retired as KBA CEO on March 31, 2024, after serving in the role since 2010. During his tenure, he played a key role in shaping the association’s strategic direction, championing industry advocacy, development, and sustainability initiatives. His leadership strengthened KBA’s position as a reputable voice in the financial sector, promoting economic growth through partnerships with the government, the Central Bank of Kenya (CBK), and other stakeholders.
One of his notable achievements was the introduction of the Sustainable Finance Initiative (SFI) in 2015, which helped banks integrate environmental, social, and governance (ESG) principles into their operations. This initiative led to the issuance of Kenya’s first Green Bond in 2019, a milestone for the East African region.
Dr. Olaka also played a key role in guiding the banking industry through the COVID-19 pandemic, ensuring financial stability amid economic uncertainty. Additionally, he was instrumental in the creation of PesaLink, a real-time payment system that transformed digital transactions in Kenya. Under his leadership, the banking sector also improved cheque clearance processes, reducing processing time from four days to just one.
KBA Governing Council Chairman John Gachora praised Dr. Olaka’s leadership, saying his contributions had greatly enhanced the banking sector’s growth and credibility.
“Under Dr. Olaka’s leadership, KBA has reinforced a reputable and professional banking sector that best supports Kenyans, who entrust their ambitions and hard-earned resources with its member banks,” Gachora stated.
Dr. Olaka expressed gratitude for his tenure at KBA, acknowledging the support of member banks, the CBK, and stakeholders.
“It has been an honor to lead and transform KBA into a formidable financial sector advocacy group over the last 13 years. I wish to thank the Governing Council, member banks, CBK leadership, and KBA staff for their support,” he said.
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