StanChart CEO elected banking lobby group chairman

Lamin Manjang, the regional chief executive of Standard Chartered Bank, has been elected new chairman of the banking lobby group— Kenya Bankers Association (KBA) for a one-year term.
Mr Manjang will now replace Joshua Oigara, the KCB chief executive at the helm of the board of directors with Jeremy Ngunze, CEO Commercial Bank of Africa re-elected as the deputy.

Mr Manjang is from Gambia and was appointed to his current post at Standard Chartered in January 2014, replacing Richard Etemesi.

He will now be charged with among other tasks, overseeing the development of a mobile money transfer platform announced early this month and a charter that comprises a code of ethics for banks.

Mr Oigara was first elected to the chairman position of the bankers’ lobby group in June 2014 and re-elected last year.

“(He) was recognised as being instrumental in steering the industry to implement various progressive initiatives that have contributed to the stability of the sector,” KBA said in a statement.

Among the new features introduced during his tenure is the Kenya Interbank Transaction Switch project.

When rolled out, this will enable a P2P (person to person) funds transfer in real time where a customer in a bank can “push” funds to the bank account of another in a different bank in real time.

KBA also signed the “Code of Ethics for Business in Kenya” which is seen as a key intervention towards addressing corruption and unethical practices within the government and private sector. 

READ: New rules to allow KBA blacklist errant banks from clearing house

The banking lobby group is further working on a KBA Charter that captures the private sector Code of Ethics, and introduces a self-regulatory framework and standards for member banks.

“We are working in consultation with member banks and through an independent consultant, will ensure the KBA Charter is in line with global best practice, and factors in considerations from our various stakeholders, including the Central Bank of Kenya, other sector regulators as well as members of the public,” said KBA Chief Executive Habil Olaka.

“The Charter creates even more protection for depositors, as we work to keep each other accountable for the decisions we make as bankers on how we run our businesses.  It will therefore strengthen public confidence and provide Kenya with world-class retail and commercial banking services.”

KBA draws its membership from 45 banks that are licensed by the Central Bank of Kenya.