Michael Mutiga Confirmed as Stanbic Bank Kenya CEO as lender builds on strong H1
Michael Mutiga has been confirmed as Chief Executive of Stanbic Bank Kenya after the appointment received the necessary regulatory approvals from the Central Bank of Kenya, the lender has said.
Mr Mutiga takes over a bank coming off a strong first half. Stanbic Holdings, the bank’s listed parent, posted a profit after tax of Sh6.6 billion for the six months to June 2026, with total assets growing 27 percent to Sh602 billion. The results mark a turnaround from a flat full-year 2025, when profit held at Sh13.72 billion amid falling revenue, before recovering on the back of sharply lower credit impairment charges.
Mr Joe Muganda, Chairman of the Board at Stanbic Bank Kenya, said Mr Mutiga was a highly respected leader with an extensive career in banking and finance across Kenya and Sub-Saharan Africa. “His unique experience, combining deep investment banking expertise with strategic leadership in the telecommunications sector, uniquely positions him to steer Stanbic Bank Kenya into the future,” said Mr Muganda.
Mr Mutiga joins Stanbic from Safaricom Plc, where he served as Chief Business Development and Strategy Officer. He previously spent about 15 years at Citibank, rising to Managing Director and Head of Corporate Finance for Sub-Saharan Africa, and also held senior investment banking roles at Barclays, now Absa. He holds a Bachelor of Laws from the University of Nairobi and a Master of Laws from Temple University.
“I am honoured and excited to officially lead Stanbic Bank Kenya,” said Mr Mutiga. “This is a formidable institution with a rich history in this country and a very strong foundation for future growth. I look forward to working with my colleagues to deepen our customer relationships, accelerate our digital transformation agenda, and partner with key sectors of the economy to drive Kenya’s sustainable development.”
He takes over from Mr Abraham Ongenge, who had led the bank in an acting capacity since March 2026 and now returns to his substantive role as Head of Personal and Private Banking.
The leadership change comes as Standard Bank Group, Stanbic’s South African parent, weighs its next move in Kenya’s shifting banking landscape. Sim Tshabalala, the group’s CEO, visited Nairobi for the second time in about eight months earlier this month, describing Standard Bank as the third-largest banking group in the region when its East African businesses are combined, though only sixth-largest within Kenya itself. He said the group’s approach to growth in the market would start with organic expansion, built on Stanbic’s existing corporate banking strength, deposit base and what he described as the best non-performing loan ratio among Kenyan banks.
That contrasts with rivals pursuing acquisitions to scale up in Kenya: Absa is seeking to raise its stake in Absa Bank Kenya, while Nedbank has secured approval to take a controlling stake in NCBA Group.
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