President Ruto Appoints Gerald Nyaoma Arita as Second CBK Deputy Governor

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President William Ruto has officially appointed Gerald Nyaoma Arita as the Second Deputy Governor of the Central Bank of Kenya (CBK). Arita takes over from Sheila M’mbijiwe, who retired in June 2023 after serving in the role since 2015.

Mr. Arita, who brings 36 years of banking and regulatory experience to the position, has been a prominent figure at CBK, where he most recently served as Director of the Bank Supervision Department.

Throughout his career with CBK, Arita has held several high-level roles, including Director of Financial Markets Development, Director of Banking Services, and Acting Director of Internal Audit.

His in-depth expertise in financial oversight and markets, coupled with his tenure in various key divisions at CBK, positions him well for the leadership role as Second Deputy Governor.

Arita will work alongside the First Deputy Governor, Dr. Susan Koech, who was appointed in March 2023. Dr. Koech, a former regional head at KCB Group, holds a doctorate in business administration and brings a wealth of experience from her tenure in the banking sector.

Together, they will support the CBK Governor in overseeing the institution’s strategic direction, focusing on maintaining financial stability, supervising the banking sector, and driving the Bank’s regulatory agenda.

Arita holds an impressive academic background, including a Master of Philosophy in Economics from the University of Cambridge, England. Additionally, he is a Certified Public Accountant (CPA-K) and a Certified Secretary (CS).

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Gerald Arita emerged as the successful candidate from a pool of six highly qualified applicants, which included prominent figures such as HELB Chief Executive Officer Charles Mutuma Ringera and former Kenya Bankers Association CEO Dr. Habil Okunda Olaka.

This selection process adhered to the guidelines of the Central Bank of Kenya Act, which mandates a transparent and merit-based appointment process for CBK’s senior management roles, requiring parliamentary approval to finalize the appointment.

The CBK’s governance structure is spearheaded by the Governor, who serves as the institution’s Chief Executive Officer and official spokesperson. Under the Governor are two Deputy Governors, each serving four-year terms with eligibility for reappointment for an additional term.

Together, the Governor and the Deputy Governors oversee the Bank’s operations, which include supervising financial markets, supporting monetary policy, and ensuring financial stability in Kenya’s economy.