Moses Nyabanda: Equity Bank Appoints New Managing Director As Gerald Warui Takes Early Retirement

• Equity Bank Kenya has appointed Moses Okoth Nyabanda as the acting managing director, subject to approval by the Central Bank of Kenya
• Nyabanda's appointment follows the early retirement of Gerald Warui, who has served the bank in key roles, including customer service, human resources, and finance
• The Equity Group Board expressed confidence in Nyabanda's ability to maintain the bank’s profitability while enhancing customer value and employee engagement

Elijah Ntongai, a journalist at TUKO.co.ke, has more than three years of financial, business, and technology research expertise, providing insights into Kenyan and global trends.

Equity Bank Kenya, a subsidiary of Equity Group, has appointed Moses Okoth Nyabanda as the acting managing director, subject to approval by the Central Bank of Kenya (CBK).

The announcement comes following the Equity Group board's acceptance of the early retirement request submitted by Gerald Warui, the outgoing managing director.

Warui's departure from the lender marked the end of his long tenure at the bank, where he oversaw several key functions, including customer service, human resources, and finance.

In a statement, the Equity Group Board expressed confidence in Nyabanda’s ability to maintain the bank’s track record of profitability while enhancing customer value.

"At Equity Group, Mr. Nyabanda is a key member of the executive team who has demonstrated commitment to the Group's corporate philosophies and customer value creation. Throughout his career, Mr. Nyabanda has distinguished himself as a disciplined and thorough professional, demonstrating exceptional leadership in promoting robust control environments and productivity.

"The Board is confident that under Mr. Nyabanda's leadership, Equity Bank Kenya will continue to deliver sustainable profitable growth, while enhancing our customer value proposition and employee engagement" Equity Bank said in a public statement.

Who is the new Equity Bank Kenya managing director?

Nyabanda has been serving as the Equity Group chief finance and strategy execution officer.

Before joining Equity Group, Nyabanda held prominent leadership roles, most notably as managing director and country senior partner for PricewaterhouseCoopers (PwC) in Rwanda.

He also served in a leadership capacity at PwC Eastern Africa.

Equity noted that throughout his career, Nyabanda has demonstrated strategic expertise in business growth, digital transformation, and operational efficiency.

Equity Bank to lower interests on loans

In other related news, Equity Bank announced plans to reduce loan interest rates following the CBK adjustment of the base lending rate from 13% to 12.75%.

Equity Group CEO James Mwangi stated that customers can expect a reduction in interest rates, potentially almost double the 0.25% reduction on the base lending rate made by the CBK.

The bank's decision aims to make credit products more affordable for customers, with an anticipated interest rate reduction of approximately 0.4%.

Proofreading by Mercy Nyambura Guthua, journalist and copy editor at TUKO.co.ke

Telegram Chief Durov Announces 'new Features' To Combat Illicit Content
William Ruto Heads To Germany To Seek Employment Opportunities For Kenyans
Nairobi: 20 Year-Old-Woman Allegedly Stabs, Kills Her Husband In Zimmerman

Equity Bank Kenya new managing director.

Equity Bank appoints Moses Okoth as acting MD as Gerald Warui steps down

MD Gerald Warui leaves Equity Bank Kenya after 28yrs; replaced by Moses