A leadership transition is unfolding at Absa Bank Kenya after Chief Executive Officer Abdi Mohamed stepped down from the role he has held since May 2023.
According to reports by Business Daily Africa, the bank’s long-serving Chief Financial Officer, Yusuf Omari, is expected to temporarily take charge as the institution begins the search for a substantive replacement.
Mohamed is reportedly preparing to move to another senior banking position within Kenya’s financial sector.
The management change comes as the bank’s South African parent company pursues a multi-billion-shilling plan to increase its ownership in the Kenyan subsidiary through the acquisition of additional shares.
The expansion reflects increasing confidence among regional lenders in East Africa’s banking market, even as competition intensifies through acquisitions and cross-border investments.
During Mohamed’s tenure, the bank focused heavily on digital transformation, operational efficiency, and diversification of income streams beyond conventional lending.
Under Mohamed's leadership, the lender expanded its footprint in insurance, asset management, brokerage, and pension-related services, helping improve profitability and strengthen its position in Kenya’s financial industry.
During his tenure, the bank pushed hard into non-traditional revenue streams as interest income came under pressure from Central Bank of Kenya policy actions.
Bancassurance, asset management, and brokerage grew from just 1 percent of total revenue in 2024 to 5.0 percent in 2025, with the bancassurance business alone posting a 37 percent year-on-year revenue increase in 2025.
The bank also relaunched its custody business in May 2025, tapping into Kenya's pension industry, where assets under management now stand at Sh2.8 trillion.
More to follow...