Absa Kenya CEO Abdi Mohamed steps down after 32-year career

Abdi Mohamed will step down as chief executive of Absa Bank Kenya on June 30, ending a three-year tenure atop one of Kenya’s largest lenders and a 32-year career that spanned the bank’s transformation from Barclays to Absa.

In a Monday statement, the bank said Mohamed would leave to pursue other career opportunities. Chief financial officer Yusuf Omari will take over as interim chief executive from July 1, subject to regulatory approval.

The transition hands one of Kenya’s largest lenders to an interim chief executive at a time when banks across East Africa are navigating slowing credit growth, digital competition, and shifting regulatory demands. It also ends one of the longest executive careers at the lender.

“The board and management of Absa Bank Kenya appreciate Mr Mohamed for his leadership, diligence, outstanding service, and contribution to Absa and wishes him the best in his future endeavours,” board chairman Mohammed Nyaoga said in the statement. 

Mohamed joined Barclays Bank Kenya in 1994 and rose through the ranks during a period that saw the lender transition from Barclays to Absa and complete the rebranding of its Kenyan business in 2020. He also served as managing director of Absa Tanzania before returning to Nairobi to succeed Jeremy Awori as chief executive of the Kenyan unit in 2023.

The leadership transition marks Omari’s second stint as interim chief executive. He led the bank on an interim basis in 2022 after then Absa Kenya CEO, Jeremy Awori, who led the lender for nearly a decade, left to become the chief executive officer of Ecobank Group. 

“The Board is fully committed to supporting Mr Omari and is confident in his ability to provide strong, steady, and effective leadership during this period of transition,” Nyaoga said.

Mohamed will step away from day-to-day management duties during his notice period and remain available to support the transition process, the bank said.

Absa Bank Kenya has a market capitalisation of KES 176.53 billion ($1.37 billion), making it Kenya’s fourth largest listed banking stock behind Equity Group at KES 301.89 billion ($2.34 billion), KCB Group at KES 235.39 billion ($1.83 billion), and Co-operative Bank at KES 205.35 billion ($1.59 billion).

During Mohamed’s tenure as chief executive, the bank said Absa Kenya’s share price doubled over three years.