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Stanbic Bank Kenya has appointed former Safaricom executive Michael Mutiga as its chief executive, bringing in a telecom and banking veteran to lead the lender as Kenya’s financial sector increasingly converges with digital financial services.
Mutiga will assume the role on August 1, subject to regulatory approval, the bank said in a statement on Thursday. He succeeds Abraham Ongenge, who has served as acting chief executive since March and will return to his substantive role as Head of Private & Personal Banking.
The appointment underscores how banks are increasingly looking beyond traditional financial institutions for leadership as competition with fintechs and mobile money operators intensifies. Mutiga joins Stanbic after serving as Chief Business Development and Strategy Officer at Safaricom, Kenya’s largest telecommunications company and operator of the M-PESA mobile money platform.
“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 in the statement.
