Gerald Nyaoma Journey to Becoming CBK Deputy Governor

Read Time:1 Minute, 55 Second

The Central Bank of Kenya (CBK) has officially welcomed Gerald Nyaoma Arita as its new Deputy Governor, following his appointment by President William Ruto. His appointment has been met with optimism, given his extensive experience and expertise in the financial sector.

A Return to Familiar Grounds

Mr. Gerald Nyaoma is no stranger to CBK, having built a distinguished career within the institution. His journey began in August 1988, where he held pivotal roles in key departments such as Financial Markets, Banking Services, and Internal Audit.

He eventually rose to become the Director of the Bank Supervision Department.

Beyond his practical experience, Mr. Nyaoma’s academic achievements further bolster his credentials. He holds an M.Phil. In Economics from the University of Cambridge and a Bachelor’s degree in Economics from the University of Nairobi.

Additionally, he is a Certified Public Accountant (CPA-K), a Certified Public Secretary (CPS-K), and an Associate of the Kenya Institute of Bankers (AKIB).

CBK Governor Dr. Kamau Thugge expressed his enthusiasm for the appointment, stating, “On behalf of the CBK Board, Management and Staff, I wish to congratulate Mr. Nyaoma on his appointment. It is an honour and a pleasure to welcome him back to the Central Bank of Kenya.”

Read: Dr. Kamau Thugge Named African Banker Central Bank Governor of the Year

Selection and Approval Process

Mr. Nyaoma emerged as the top candidate from a competitive pool of six highly qualified applicants. Among the contenders were notable figures such as Charles Mutuma Ringera, the Chief Executive Officer of the Higher Education Loans Board (HELB), and Dr. Habil Okunda Olaka, the former CEO of the Kenya Bankers Association.

Following his nomination by President Ruto, Mr. Nyaoma’s name was submitted to the National Assembly Finance Committee for vetting. The committee, chaired by Kuria Kimani, approved his appointment, which was subsequently confirmed by the Senate.

A Strengthened Executive Team

Mr. Nyaoma joins Dr. Susan Koech, who was appointed as Deputy Governor in February 2023. Their appointments comply with the legal requirement for CBK’s executive team to consist of a Governor and two Deputy Governors.

Together, they are expected to drive the institution’s mandate of maintaining monetary stability and fostering economic growth. Mr. Nyaoma’s term as Deputy Governor will span four years, with the possibility of renewal.