The Central Bank of Kenya (CBK) director of bank supervision Gerald Nyaoma is in the race for the position of second deputy governor role that has also attracted bankers and economists.
CBK is in the race to fill the position and comply with the law requiring two deputy governors in a move that will end years of operating in breach of the CBK Act. CBK hired Susan Koech as the first deputy governor on March 10, 2023.
Mr Nyaoma is an insider at CBK having joined the bank in August 1988 and will be in contention for the job alongside outgoing Higher Education Loans Board chief executive Charles Ringera following the shortlisting by the Public Service Commission (PSC).
The duo, who had also been shortlisted for the first deputy governor role but lost to Ms Koech, will be battling for the second deputy governor position alongside four other contenders— Prof Dulacha Barako, Jane Kiringai, Habil Olaka and Florence Kinyanzui.
PSC said in a Thursday notice the six will be interviewed on October 3, asking members of the public to provide any information of interest about them before the interview day.
Auditor General Nancy Gathungu has been pointing out the governance gaps at CBK including having operated for years without a second deputy governor.
The country briefly had two deputy governors in 2015 when Ms Koech’s predecessor, Sheila M’Mbijjewe, served together with Haron Sirima, who quit the role in October of the same year.
Prof Barako, head of external sector and fiscal analysis at CBK is another insider eying the position. He has also served as the director of the financial and sectoral affairs department at the National Treasury. He was also the head of academics at the Kenya School of Monetary Studies—a training institution owned by CBK.
The job has also attracted Ms Kiringai, a commissioner at the Commission of Revenue Allocation (CRA). Prior to joining CRA, she worked as a senior economist at the World Bank.
Ms Kiringai started her career as an economist in the Ministry of Finance. She has also worked with the Department for International Development, the European Commission Delegation and Kenya Institute for Public Policy Research and Analysis (KIPPRA).
Also in the race is Mr Olaka, who served as the Kenya Bankers Association chief executive for about 14 years before retiring in March this year.
He has worked at the East African Development Bank, Bank of Africa and PricewaterhouseCoopers in various capacities in audit, risk management and operations.
Ms Kinyanzui, business manager for markets in the East Africa region at Standard Chartered Bank completes the list of the six candidates. She is a treasury trading and financial markets specialist with over 10 years of experience.
According to the CBK Act, the President appoints deputy governors after a transparent and competitive process and with the approval of Parliament. They hold office for a term of four years and are eligible for reappointment for one more term, with their role being to perform roles that CBK governor assigns from time to time.
