Absa Kenya CEO Abdi Mohamed Steps Down After Three Years at the Helm

Absa Bank Kenya Plc Chief Executive Officer and Managing Director Abdi Mohamed will step down from his role on June 30, 2026, ending a three-year stint leading the lender and a 32-year career within the Absa Group.

The bank said Mohamed is leaving to pursue other career opportunities after serving in senior leadership positions across the group, including as Managing Director of Absa Bank Tanzania before taking over the Kenyan subsidiary.

His departure comes after three years in which the lender recorded growth in its business and market value. According to the bank, its share price doubled during his tenure.

Absa Bank Kenya Board Chairman Mohammed Nyaoga thanked Mohamed for his service, saying he had played a key role in the institution’s growth during his time as chief executive.

To ensure continuity, the board has appointed the bank’s Chief Financial Officer, Yusuf Omari, as Interim Managing Director and Chief Executive Officer with effect from July 1, subject to regulatory approval.

The lender said it has also begun the process of recruiting a substantive chief executive.

Omari has served as the bank’s finance chief and has more than 20 years of experience in finance, strategy, risk management, environmental, social and governance (ESG), and corporate governance.

In a statement, Nyaoga said the board was confident Omari would provide stability during the leadership transition while overseeing execution of the bank’s strategy.

Mohamed said he was grateful for the opportunity to serve the institution over the past three decades.

“Serving Absa for the past three decades has been one of the greatest privileges of my professional life. I have had the opportunity to work alongside exceptional colleagues, supportive boards and valued customers across different markets, including Kenya and Tanzania,” he said.

He added that the bank has a strong leadership team and expressed confidence in its future under the incoming management.

Mohamed will proceed on gardening leave during his notice period and will remain available to support the board and management through the transition process.

The leadership change comes as banks continue to navigate a challenging operating environment marked by shifting interest rates, tighter regulation and increasing competition in Kenya’s financial sector.