Governance

Board of Directors

Andrew Mukite Musangi
Board Chairman
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Mr. Musangi was appointed as the Chairman of the Board of Directors by H.E. President William Ruto for a four-year term in September 2023. Mr. Musangi obtained his Bachelor of Laws (LLB) Honours Degree from the University of Hull (UK) and was admitted to the Bar in 1995. He is a member of the Law Society of Kenya and the Commonwealth Lawyers Association. He is a Senior Partner at Mukite Musangi and Company Advocates and has 29 years experience in diverse areas of mainly corporate and commercial legal practice.
Mr. Musangi has served as Chairman of the Public Procurement Regulatory Board and of the Rift Valley Law Society and as Council Member of the Nakuru Business Association. He also Chairs the Boards of GenAfrica Asset Managers and Smart Applications International and serves on the Boards of Centum Investment Company PLC and Haco Industries.
He currently advises several local and multi-national corporations on governance, strategy and legal matters in a variety of economic sectors.
Management
Management Team

Dr Kamau Thugge
Governor
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Dr. Kamau Thugge C.B.S., is the tenth Governor of the Central Bank of Kenya (CBK), and has been in office since June 19, 2023.
Dr. Thugge joined CBK after a long and distinguished career in the international and Kenyan public service. He worked in the International Monetary Fund (IMF) in both policymaking and non-policymaking departments. These include the Policy Review and Development Department and the Trade Policy Division. In these roles, Dr. Thugge helped to design the Highly Indebted Poor Countries Initiative (HIPC) as well as other policy initiatives. He also worked on various Article IV missions. Dr. Thugge also served as Mission Chief to Botswana and Lesotho in the wake of the Global Financial Crisis.
Dr. Thugge has held various senior roles in Kenya, including as the Head of the Fiscal and Monetary Affairs Department at the National Treasury, as Economic Secretary and as Senior Economic Advisor. Dr. Thugge also served as Principal Secretary at the National Treasury, and lately as Senior Advisor to the President and Head of Fiscal and Budget Affairs. Dr. Thugge helped to design and implement various laws including the Public Finance Management Act, the Commission on Revenue Allocation Act, the Independent Officers (Appointment) Act, the Public Procurement and Disposal of Assets Act, and many more. In these roles, he also served on various boards including that of the Central Bank of Kenya, the Monetary Policy Advisory Committee (and later the Monetary Policy Committee), the Kenya Revenue Authority and the Capital Markets Authority.
The Governor holds a Bachelor’s Degree from the Colorado College, and Master’s and PhD Degrees in Economics from Johns Hopkins University in the United States.

Dr. Susan Koech
Deputy Governor
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Dr. Susan Koech is the Deputy Governor of the Central Bank of Kenya, and has served since March 10, 2023.
Prior to that she was the Principal Secretary, State Department of Wildlife. She also served as the Principal Secretary for East African Community and at the State Department for Regional Development. Dr. Koech has over 20 years distinguished career in the Banking industry having served in various senior leadership positions before transitioning into the public sector.
During her tenure as a Principal Secretary, Dr. Koech is accredited with establishing and negotiating for trade and investment country positions at the Regional level and strengthening bilateral relations and engagements across the East African Community (EAC) Member States. She ensured that sound country positions were pursued, a complex and dynamic process that called for consensus building in a competing interest environment in a bid to support regional integration and shared prosperity. She was instrumental in advocating for the establishment of the East African Monetary Union as a way of strengthening Intra-EAC trade and investments. She developed the Jumuiya Market concept that creates common markets at the border points to spur economic activity for women and youth. As PS Wildlife she developed innovative sustainable financial and economic models to achieve best practices in wildlife conservation.
During her time in banking, she championed innovation as a way of improving compliance and driving performance, endearing her to peak performance for all the teams she mentored over the years. She acquired invaluable expertise in Monetary and Financial management, Governance, People Management and Development, Strategic Management and strong interpersonal skills.
She holds a Doctor of Philosophy in Business Management and a Master of Business Administration (MBA) in Strategic Management from Moi University.

Mr. Gerald Nyaoma
Deputy Governor
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Mr. Gerald Nyaoma is Deputy Governor of the Central Bank of Kenya (CBK). He was appointed to this role by His Excellency President, with effect from December 6, 2024.
Prior to this appointment, Mr. Nyaoma led a long and illustrious career at the Bank, spanning over thirty-six years. During this time, he worked in various senior positions and served as Director in Bank Supervision, Financial Markets, Banking Services, and Internal Audit Departments. Mr. Nyaoma contributed to major transformations of Kenya’s financial system, capital markets, banking, payments, including most notably, leading the effort that gave rise to the launch of mobile money services in Kenya, an innovation that was later adopted in various countries globally. In recognition of this pioneering role, Mr. Nyaoma was named as a Mobile Policy Champion by the Alliance for Financial Inclusion (AFI), acting as its Ambassador to promote best practice in mobile money regulation in AFI member countries.
Mr. Nyaoma also represented the Bank as an Alternate to the Governor at the Boards of the Sacco Societies Regulatory Authority (SASRA), the Capital Markets Authority (CMA) and the Kenya Deposit Insurance Corporation (KDIC).
Mr. Nyaoma holds an M. Phil. (Econ.) degree from the University of Cambridge, United Kingdom, and BA (Economics) First Class degree from the University of Nairobi. He is a Certified Public Accountant (CPA-K), a Certified Public Secretary (CPS-K) and an Associate of the Kenya Institute of Bankers.
Senior Staff

Mr Kennedy K. Abuga
Director, Governors' Office
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Mr. Kennedy Kaunda Abuga is the Director, Governors’ Office and was appointed CBK’s General Counsel in April 2020. Mr. Abuga joined the Bank in February 2005 as Senior Manager, Legal Services and was subsequently appointed Board Secretary and Director, Governors’ Office in April 2008. He has also served on the Board of the Insurance Regulatory Authority as an Alternate Member to the Governor.
Mr. Abuga is a Senior Advocate of the High Court of Kenya, holds an LLB Law degree from the University of Nairobi and is a Certified Public Secretary (CPSK). He is an Associate of the Chartered Institute of Bankers (ACIB), London, and holds a Diploma in Mortgage Lending from the Chartered Institute of Bankers, London. Mr. Abuga further holds a BSc. Degree in Financial Services from the University of Manchester, UK and a Masters in Business Administration (MBA) degree from USIU. Prior to joining the Bank, Mr. Abuga practised law at Salim Dhanji and Company Advocates and worked as a Senior Legal Manager for the Co-operative Bank of Kenya.

Mr William Nyagaka
Director, CBK Institute of Monetary Studies
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Mr William Nyagaka joined the Bank in May 1994. He was appointed Director, Central Bank of Kenya Institute of Monetary Studies in June 2020. He previously served as Director, Financial Markets and Internal Audit. He holds an MBA (Finance), and a Bachelor of Commerce (Accounting) degree from the University of Nairobi. He is a Certified Public Accountant (CPAK) and a Certified Public Secretary (CPSK). Mr Nyagaka also holds a Bachelor of Laws degree (LLB) from the University of Nairobi and a Diploma in Law from the Kenya School of Law. He is an Advocate of the High Court of Kenya.
Prior to joining the Bank, he worked at the Office of the Controller and Auditor General and the Kenya Power and Lighting Company Limited. He has served in various departments, including Finance, Banking, Financial Markets, Bank Supervision and Deposit Protection Fund Board. He also served, on secondment, at the Kenya Revenue Authority (KRA) during its formative stages.

Mr David Luusa
Director, Financial Markets
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Mr David Luusa is the Director, Financial Markets Department. He joined the Bank in April 2020. He holds a Master of Arts degree in Economic Science from the University of Aberdeen. Prior to joining the Bank, Mr Luusa served at Standard Chartered Bank as a member of the Executive Committee and Head of Financial Markets in the East Africa region. He has extensive banking experience across different markets in Africa and Europe holding senior leadership responsibility within financial markets.
Mr Luusa serves on the Monetary Policy Committee of the Central Bank of Kenya. He also serves on the Board of the Capital Markets Authority as an alternate member to the Governor.

Mr Michael Eganza
Director, Banking and Payment Services
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Mr. Michael Eganza is the Director, Banking and Payment Services. He joined the Bank in January 2021. He holds a Master in Business Administration (Finance) degree from United States International University, Africa and a Bachelor’s degree in Economics and Business Studies from Kenyatta University.
Mr. Eganza has over 20 years banking experience cutting across technology, client experience, cash and trade management services, financial markets operations and risk/controls. His experience spans over multiple geographies in Africa and Asia. Prior to joining the Bank, Mr. Eganza worked with I&M Bank Kenya and Standard Chartered Bank Kenya in various senior management roles.

Mr Stephen Muriu
Director, General Services
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Mr Stephen Muriu is the Director, General Services Department. He joined the Bank in December 2019. He is a holder of a Masters of Business Administration Degree in Finance from St John’s University, New York and a Bachelor of Science Degree in Business Administration and Economics from Jersey City University, New Jersey.
Mr Muriu is a seasoned financial services sector professional, with over thirty years’ experience in Corporate and Investment Banking, Commercial and Financial Advisory services, Business Development and Strategic Management. Prior to his appointment at the Bank, Mr Muriu was the CEO of African Alliance Kenya Investment Bank – Asset Management Division looking after their regional East Africa business. He has also held senior leadership roles at Standard Chartered Bank, KCB Bank and Stanbic Bank amongst others.

Ms Darliah Mbugua
Director, Human Resources
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Ms. Darliah Mbugua is the Director, Human Resources. She joined the Bank in September 2020. She holds a Bachelor of Education degree in French, Business Studies and Education from Kenyatta University. She is a member of the Institute of Human Resources Management (IHRM).
Ms. Mbugua has over 25 years’ experience in Human Resources Management in HR Strategy formulation and implementation, Organizational Effectiveness, Culture Transformation, Staffing and Recruitment, Succession Planning, Talent Management, Compensation and Benefits, Performance Management, HR Policy & Procedure and Employee Relations. She has worked in several organizations based in Eastern, Western, Central and Southern Africa. Prior to joining the Bank, she was the Head of Human Capital for Stanbic Bank Kenya Limited. She has also held senior leadership roles in Coca-Cola Africa, Citigroup and Ecobank Group.

Prof Robert Mudida
Director, Research
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Prof. Robert Mudida is the Director, Research Department. He joined the Bank in July 2021. He holds a PhD and an MA in International Studies as well as a BA in Economics from the University of Nairobi. He also has an MSc in Financial Economics from the University of London, School of Oriental and African Studies. Prof. Mudida is a member of the Royal Economic Society and Society for Financial Econometrics.
A seasoned economist, Prof. Mudida has more than two decades of experience in macroeconomic and applied econometric research and capacity-building with a focus on time series analysis, panel data econometrics and experimental economics. He has garnered extensive experience as a distinguished visiting professor in several leading global universities. Prof. Mudida has also served as the lead consultant for several projects in various institutions such as the World Bank, the United Nations Economic Commission for Africa, Financial Sector Deepening and the Rwandan and Ugandan Governments amongst others. He has also been awarded the IMF academic fellowship for his research on economic issues.
Prior to joining the Bank, Prof. Mudida was the Professor of Political Economy and Director of the Institute for Public Policy and Governance at Strathmore University.
Prof. Mudida has published widely in top international journals in his core areas of research which are macroeconomics, financial economics, political economy and industrial organisation. He has also published four books namely Modern Economics, Financial Management, Structural Sources of Constitutional Conflicts and An Emerging Africa in the Age of Globalisation.

Ms Caroline Mackola
Director, Finance
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Ms. Caroline Mackola is the Director, Finance Department. She joined the Bank in February 2021. Ms. Mackola holds a Bachelor of Science degree in Electrical and Electronics Engineering from Jomo Kenyatta University of Agriculture and Technology. She is a qualified certified public accountant and a member of the Institute of Certified Public Accountants, Kenya (ICPAK). She also holds an Association of Chartered Certified Accountants (ACCA) Diploma in International Financial Reporting.
Ms. Mackola has held senior leadership roles, with a wealth of experience encompassing Strategic Management, Finance Operations, Financial Controls and Compliance Management, Risk Management and Audit, Statutory Financial Management and Reporting, Taxation Management, Operational Excellence and Business Process Improvement, and Financial Systems Implementation.
Prior to joining the Bank, Ms. Mackola held senior leadership roles KCB Bank Kenya Limited and East African Breweries Ltd. She started her career as a Tax Consultant and Audit Associate at PricewaterhouseCoopers (PwC).

Dr. Walter Onyino
Director, Information Technology Department
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Dr. Walter Onyino is the Director, Information Technology Department. He rejoined the Bank in December 2018 from secondment at the Kenya Deposit Insurance Corporation (KDIC) where he was the Head of ICT for seven (7) years. Dr. Onyino holds a Bachelor of Science degree in Computer Science from Egerton University and a PhD in Computer Science from Lancaster University, UK. He is Certified in Governance of Enterprise Information Technology (CGEIT) and a member of the ISACA Kenya Chapter. He also holds an IT Business Manager Certification (ITBMC) from the IT Manager Institute of Belmont University.
Dr. Onyino has held senior management roles, with a wealth of experience encompassing IT Strategic Management, Software Development, IT Operations, IT Service Management, Business Continuity Planning and Bank Receiverships. He has served as a member of the Data and Research Committee of the International Association of Deposit Insurers (IADI).

Mr Leonard O. Ouma
Acting Director, Internal Audit and Risk Department
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Mr. Leonard Ouma is the Acting Director, Internal Audit and Risk Department. He joined the Bank in September 2022. Mr. Ouma holds a Bachelor of Business Administration degree from Maseno University and a Master’s degree in Strategic Management from United States International University. He is a Certified Internal Auditor (CIA), Certified Public Accountant (CPA-K), Certified Information Systems Auditor (CISA) and Certified Fraud Examiner (CFE). He also holds a certificate in Senior Management Leadership from Strathmore University.
Mr. Ouma is a member of the Institute of Internal Auditors, Institute of Certified Public Accountants of Kenya, Information Systems Audit and Control Association, Association of Certified Fraud Examiners and Institute of Directors Kenya.
Mr. Ouma is a seasoned Audit and Risk professional with over 18 years’ experience in Governance, Risk Management and Controls spanning external audit, financial services and telecommunication sectors. Prior to joining the Central Bank, he worked at Safaricom Plc, Housing Finance, Kenya Women Microfinance Bank and MDN Kenya.

Mr Evans K. Muttai
Acting Director, Currency Operations Department
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Mr Evans Muttai was appointed as the Acting Director, Currency Operations Department on November 18, 2024. In his role, he will be responsible for ensuring the constitutional mandate of issuing adequate, secure and serviceable currency is achieved. He joined the Bank as an Internal Auditor in March 2001, briefly worked in the Risk Management Division before moving to the Currency Operations Department in February 2006. Within the Currency Department, he has held various positions as a currency practitioner and his skills tapped both locally and internationally.
Mr Muttai holds a Bachelor of Commerce (Accounting and Business Administration) degree from Daystar University and a Master of Business Administration (MBA) degree from Kenyatta University. He is a Certified Public Accountant (CPA-K) and a member of the Institute of Certified Public Accountants of Kenya (ICPAK). He is also an alumnus of the Strathmore University having completed the Senior Management Leadership Programme (SMLP) within the Strathmore Business School.

Mr Kibunyi Amdany
Director, Branch Administration
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Mr. Kibunyi Amdany was appointed Director, Branch Administration Department in August 2023.
Mr. Amdany joined the Bank in 1991. He holds an MBA in Finance from Kenyatta University, a Bachelor of Science (Statistics) degree from the University of Nairobi and is a member of the Centre of Corporate Governance. He is a seasoned manager and trainer in Currency Operations management.
Mr. Amdany has served in various management positions in the Bank including Head of Currency Unit and Head of Banking Unit at the Mombasa Branch, and Manager of Vault and Back Office at the Head Office. He also headed the Meru, Nakuru and Nyeri Centres prior to his current position.

Mr Matu Mugo
Acting Director, Bank Supervision
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Mr. Mugo was appointed Acting Director, Bank Supervision on October 7, 2024. He is responsible for development and implementation of policies and frameworks to maintain the safety, soundness and integrity of institutions licensed and regulated by the Central Bank of Kenya (CBK). He has held various positions in the Bank Supervision Department over the last 24 years, most recently as Deputy Director since August 2009.
Since April 2016, Mr. Mugo has been a member of the Board of Directors of Kenya’s Insurance Regulatory Authority as an alternate to the Governor of CBK. From November 2018 to August 2020, he served as Sherpa (Alternate) to the Governor on the United Nations Secretary General’s Taskforce on Digital Financing of the Sustainable Development Goals.
He holds First Class Bachelor of Commerce (Accounting) and MBA (Finance) degrees from the University of Nairobi and is a certified public accountant and certified executive coach. Mr. Mugo is an Alumni of the Fletcher School at Tufts University, USA, Financial Inclusion Leadership Program, IMD Switzerland, High Performance Boards Program, Harvard University, Advanced Digital Financial Services Program and the Strathmore Business School at Strathmore University, Kenya, Senior Management Leadership Program.
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- Audit and assurance, through which it monitors the Bank’s operations,
- Consultation and advisory, wherein the department analyses work processes and makes recommendations.