By Kurian Musa
“Congratulations, Michael. Wishing you wisdom and grace as you step into this new chapter. You join a good house, with great people doing remarkable work, and I have every confidence in what you will build together.”
That was the message from Joshua Oigara to Michael Mutiga after Stanbic Bank Kenya appointed the former Safaricom executive as its new Chief Executive Officer, marking a carefully choreographed leadership transition at one of Kenya’s largest financial institutions.
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Mutiga will take over on August 1, 2026, subject to regulatory approval, replacing Abraham Ongenge, who has served as Acting Chief Executive since March.
Ongenge will return to his substantive position as Head of Private and Personal Banking.
The appointment comes as Oigara moves further away from the day-to-day management of the Kenyan bank after a tenure that delivered significant growth and strategic repositioning.
Oigara became Stanbic Bank Kenya’s Chief Executive in December 2022, following a nine-year tenure as KCB Group Chief Executive.
He left the Stanbic Bank Kenya CEO role at the end of February 2026 to take up broader regional responsibilities and became Chief Executive of Stanbic Holdings Plc on March 1, succeeding Patrick Mweheire.
The numbers illustrate the scale of the institution Oigara leaves behind. Under his stewardship, Stanbic Holdings reported a net profit of Sh13.72 billion for the year ended December 2025, broadly unchanged from Sh13.71 billion the previous year.
Despite the flat earnings, the group increased its dividend per share for the fourth consecutive year to Sh22.35, distributing Sh8.83 billion, equivalent to 64.4 per cent of net profit.
The bank also entered 2026 with strong momentum. In the first quarter, Stanbic Bank Kenya posted a 5.5 per cent increase in net profit to Sh3.5 billion, from Sh3.3 billion in the corresponding period of 2025.
Profit before tax rose by 20.5 per cent, while operating costs fell by 7.8 per cent to Sh5.02 billion. However, gross non-performing loans remained substantial at Sh23.3 billion, highlighting the credit risk environment awaiting the new Chief Executive.
Mutiga therefore inherits a profitable but demanding franchise. His task will be to convert the bank’s strong balance sheet and established market position into the next phase of growth.
He brings an unusual combination of banking and technology sector experience. Before joining Stanbic, Mutiga was Safaricom’s Chief Business Development and Strategy Officer.
He previously spent nearly 15 years at Citibank, rising to Managing Director and Head of Corporate Finance for Sub-Saharan Africa, after earlier experience at Barclays.
That background is particularly relevant as competition in financial services increasingly shifts beyond traditional banks. Mobile money, fintech platforms, digital investments and embedded financial services are reshaping customer behaviour.
Stanbic has already invested in digital products that allow customers to open accounts, invest in money market funds and access government securities through digital channels.
Mutiga’s immediate challenge will be to accelerate that digital transformation without sacrificing the institutional discipline, risk management and corporate banking strength that have long defined Stanbic.
He will also be expected to drive growth in a market where credit expansion remains constrained and competition is intensifying.
Oigara has said the wider Standard Bank East Africa business is targeting credit growth of between 14 and 16 per cent in 2026, compared with industry growth of about six per cent.
The leadership change therefore represents more than a routine succession. Oigara’s elevation places him at the centre of regional expansion, acquisitions and cross-border banking initiatives, while Mutiga takes charge of the Kenyan operating engine that remains one of the group’s most important businesses.
For Stanbic, the transition signals continuity rather than disruption. For Mutiga, it presents an opportunity to build on a strong foundation while steering the bank through a rapidly evolving financial services landscape where technology, innovation and customer experience are increasingly determining competitive advantage.
