Gerald Nyaoma Named CBK’s Second Deputy Governor to Meet Legal Mandate

• Nov 12, 2024

In a recent appointment aimed at fulfilling a legal requirement, Gerald Nyaoma, the head of bank supervision at the Central Bank of Kenya (CBK), has been selected as the institution’s second deputy governor. Nyaoma’s appointment, announced by President William Ruto, extends his 36-year career with the CBK and strengthens the leadership team by adding a second deputy governor, alongside Susan Koech, who was appointed in March last year. This move brings CBK's executive team in line with the statutory mandate that requires the governor to be supported by two deputies.

Nyaoma has served in numerous roles within the CBK, amassing a wide range of experience across different departments. These include positions such as director of financial markets development, director of banking services, acting director of the internal audit department, and senior manager of national payment services. According to a notice by Felix Koskei, head of the public service, Nyaoma’s long tenure and broad expertise made him a suitable choice for the deputy governor role.

In addition to his extensive career at CBK, Nyaoma holds a Master of Philosophy in economics from the University of Cambridge, UK, and serves on the board of the Sacco Societies Regulatory Authority (SASRA) as an alternate member representing the CBK governor. This depth of experience and academic background helped him stand out among a list of six contenders for the position. His competitors included notable figures such as Charles Ringera, outgoing CEO of the Higher Education Loans Board; Dulacha Barako, head of external sector and fiscal analysis at CBK; Habil Olaka, former CEO of the Kenya Bankers Association; Jane Kiringai, a commissioner with the Commission for Revenue Allocation; and Florence Kinyanzui, an East Africa business manager for markets at Standard Chartered Bank.

Previously, CBK operated with only one deputy governor under former President Uhuru Kenyatta’s administration, a decision that drew criticism from the Auditor-General for not meeting the legal standard. The issue was later addressed with Koech’s appointment, which prevented a potential leadership gap as CBK prepared for the departure of then-governor Patrick Njoroge and his deputy Sheila M’Mbijjewe, both of whom completed their terms in June 2023.

Historically, the CBK has had limited experience with dual deputy governors. The institution briefly had two deputies in 2015 when M’Mbijjewe worked alongside Haron Sirima, who left CBK in October of that year. This recent appointment of Nyaoma solidifies CBK’s commitment to maintaining a full leadership team as mandated, ensuring continuity in the bank’s operations and compliance with statutory requirements.