Diamond Trust Bank Kenya Appoints Former CMA CEO Paul Muthaura to Board

Diamond Trust Bank Kenya (DTB) has appointed seasoned governance and financial markets expert Paul Murithi Muthaura, MBS, as a Non-Executive Director. The appointment took effect on 14 July 2026, following approval by the bank’s Board of Directors.

Paul Muthaura joins DTB at a time when Kenya’s banking sector continues to navigate digital transformation, evolving regulatory requirements, sustainable finance opportunities and heightened corporate governance expectations.

DTB Taps Seasoned Financial Markets Leader

Paul Muthaura brings decades of experience spanning financial regulation, corporate leadership, governance, policy reform and capital markets development.

He most recently served as Chief Executive Officer of the Africa Carbon Markets Initiative (ACMI) until December 2025, where he helped advance Africa’s participation in global carbon markets and climate finance initiatives.

Before that role, he worked as an Independent Consultant at EMRD Advisory Limited, served as Chief Executive Officer and Principal Officer of ICEA LION General Insurance Company Limited, and previously led the Capital Markets Authority (CMA) as Chief Executive Officer.

His journey at the Capital Markets Authority spanned approximately 14 years, during which he rose through several senior leadership positions before becoming Chief Executive Officer in July 2012.

During his tenure, he established the CMA’s dedicated enforcement function while serving as Head of Enforcement, helping strengthen market integrity and investor protection.

Beyond Kenya, Muthaura represented the country in several influential international financial regulatory organisations.

He served as a Board Member of the International Organization of Securities Commissions (IOSCO), chaired its Africa Middle East Regional Committee, co-chaired the Board Infrastructure Working Group and also served as Vice Chairman of the Growth and Emerging Markets Committee.

His international regulatory experience also includes membership of the Financial Stability Board Regional Consultative Group for Sub-Saharan Africa and the International Ethics Standards Board for Accountants (IESBA).

In addition to executive leadership, Muthaura has built an extensive portfolio of board appointments across the financial services industry.

He currently serves as a Board Trustee of the International Valuation Standards Council (IVSC) and is also a board member of British American Tobacco Kenya, ICEA LION Asset Management, and the Financial Sector Deepening Trust Kenya.

Over the years, he has also served on the boards of Kenya’s Insurance Regulatory Authority (IRA), the Retirement Benefits Authority (RBA) and the Vision 2030 Delivery Board, contributing to policy development and governance reforms across multiple sectors.

His leadership experience spans insurance, capital markets, corporate governance, financial sector development and sustainable finance, making him one of the country’s most accomplished financial services executives.

Academic qualifications

Muthaura combines a legal background with advanced studies in finance, business administration and governance. He holds:

• A Master of Philosophy in Business Administration from the Maastricht School of Management.
• A Master of Laws (LL.M.) in Banking and Finance Law from the London School of Economics and Political Science.
• A Bachelor of Laws (LL.B.) from the University of Warwick.
• An Executive Diploma in Financial Management from KCA University.
• A Diploma in Legislative Drafting from the School of Advanced Study, University of London.

He is also an Academy of Executive Coaching-certified Executive Coach and Systemic Team Coach, an Advocate of the High Court of Kenya, and an Honorary Fellow of the Institute of Certified Public Secretaries of Kenya.