Stanbic Bank Kenya appointed Michael Mutiga as chief executive officer after receiving regulatory approval, putting a veteran investment banker and former Safaricom executive in charge of the lender as it seeks to build on strong earnings growth.
Mutiga succeeds Abraham Ongenge, who has served as acting CEO since March. Ongenge will return to his permanent role as head of personal and private banking.
Stanbic Bank Kenya reported 6.6 billion shillings ($51 million) in profit after tax for the first half of 2026, while total assets rose 27% to 602 billion shillings.
Mutiga joins the bank from Safaricom Plc, where he was 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. He also held senior investment-banking positions at Barclays, now known as Absa.
“The Board is delighted to confirm Michael’s appointment as our new Chief Executive,” Stanbic Bank Kenya Chairman Joe Muganda said in a statement Tuesday. Mutiga’s experience in investment banking and telecommunications “uniquely positions him to steer Stanbic Bank Kenya into the future,” he said.
Mutiga said he plans to focus on strengthening customer relationships, accelerating digital transformation and working with key economic sectors.
“This is a formidable institution with a rich history in this country and a very strong foundation for future growth,” Mutiga said in the statement.
The appointment comes as Kenyan banks navigate a market characterized by rising digital adoption, increased competition for customers and continued investment in technology. Mutiga’s background across banking and telecommunications gives him experience spanning both financial services and one of the country’s largest technology-driven businesses.
Mutiga is a lawyer by training and holds a Bachelor of Laws degree from the University of Nairobi and a Master of Laws from Temple University.
The appointment was subject to approval by the Central Bank of Kenya.