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Gerald Nyaoma Arita Appointed Deputy Governor of the Central Bank of Kenya

Deputy Governor Dr. Susan Koech, Governor Dr. Kamau Thugge, and Deputy Governor Mr. Gerald Nyaoma

On January 7, 2025, the Central Bank of Kenya (CBK) officially announced the appointment of Mr. Gerald Nyaoma Arita as its Deputy Governor. The appointment, made by His Excellency President William Samoei Ruto, marks the return of a seasoned financial expert to one of Kenya’s most critical institutions. As the CBK navigates a dynamic economic environment, Mr. Nyaoma’s vast experience in banking, regulation, and leadership is expected to play a pivotal role in shaping Kenya’s financial future.

A Familiar Face Returns to the CBK

Mr. Gerald Nyaoma is no stranger to the Central Bank of Kenya. His career at the CBK spans decades, beginning in 1988 when he first joined the institution. Over the years, he held several senior roles, including positions in Financial Markets, Banking Services, and Internal Audit Departments. He eventually ascended to become the Director of the Bank Supervision Department.

This depth of experience in diverse areas of banking makes him uniquely equipped to address the challenges facing Kenya’s financial sector. His leadership in bank supervision was especially crucial during periods of economic turbulence, ensuring that Kenya’s banking industry maintained resilience and integrity.

Academic and Professional Excellence

Mr. Nyaoma brings an impressive academic pedigree to the role. He holds an M. Phil. (Economics) degree from the prestigious University of Cambridge in the UK and a BA in Economics from the University of Nairobi. His academic achievements underscore a deep understanding of macroeconomics, financial systems, and monetary policy—key areas for any leader in central banking.

Additionally, Mr. Nyaoma is a Certified Public Accountant (CPA-K) and a Certified Public Secretary (CPS-K). His professional qualifications also include being an Associate of the Kenya Institute of Bankers (AKIB). These credentials reflect a strong foundation in financial management, governance, and banking best practices.

Beyond his roles at CBK, Mr. Nyaoma has served on the Board of the SACCO Societies Regulatory Authority as an Alternate Member to the Governor. This role highlights his commitment to the broader financial ecosystem, including the cooperative movement, which remains integral to Kenya’s economy.

Governor Kamau Thugge’s Endorsement

CBK Governor Dr. Kamau Thugge welcomed Mr. Nyaoma with high praise. In a statement, he said, “On behalf of the CBK Board, Management, and Staff, I wish to congratulate Mr. Nyaoma on his appointment. It is an honour and a pleasure to welcome him back to the Central Bank of Kenya.”

Dr. Thugge’s endorsement signals confidence in Mr. Nyaoma’s ability to contribute effectively to the CBK’s mission of fostering monetary stability and economic growth.

A Critical Appointment Amid Global and Local Challenges

Mr. Nyaoma’s appointment comes at a time when Kenya’s economy faces significant opportunities and challenges. Globally, rising inflation, fluctuating commodity prices, and geopolitical tensions have introduced uncertainties into the financial markets. Locally, Kenya is grappling with high public debt, volatile exchange rates, and a cost-of-living crisis.

In his new role, Mr. Nyaoma will work closely with Dr. Thugge and other CBK leaders to implement policies aimed at maintaining financial stability. These include managing inflation, stabilizing the Kenyan shilling, and supporting economic recovery post-COVID-19.

One of the pressing tasks ahead will be addressing the challenge of non-performing loans (NPLs) in Kenya’s banking sector. With his extensive experience in bank supervision, Mr. Nyaoma is well-positioned to oversee reforms and measures that promote lending while safeguarding the sector’s stability.

Advancing Financial Inclusion

Another area where Mr. Nyaoma’s leadership will be crucial is financial inclusion. Kenya has been a global leader in mobile money and digital banking innovations, but gaps remain in reaching underserved populations, particularly in rural areas.

Under Mr. Nyaoma’s stewardship, the CBK is expected to strengthen partnerships with financial institutions, fintech companies, and other stakeholders to promote affordable access to financial services. His prior experience in the financial markets positions him to oversee the development of frameworks that encourage innovation while protecting consumers.

Strengthening SACCO Regulation

Kenya’s Savings and Credit Cooperative Organizations (SACCOs) play a vital role in mobilizing savings and providing credit to millions of Kenyans. Mr. Nyaoma’s previous involvement with the SACCO Societies Regulatory Authority will likely inform his efforts to enhance governance and accountability within the sector.

Strengthening SACCO regulation will not only protect members’ savings but also ensure that these institutions contribute effectively to Kenya’s economic development.

Global Perspective Meets Local Expertise

One of the most significant advantages Mr. Nyaoma brings to the table is his blend of global and local expertise. His education at Cambridge and his long-standing service at CBK provide a rare combination of world-class economic training and practical experience in Kenya’s financial sector.

This dual perspective is critical as Kenya seeks to balance its domestic economic goals with its role as a regional financial hub. From managing relations with international financial institutions to setting monetary policy, Mr. Nyaoma’s leadership will likely influence decisions that resonate far beyond Kenya’s borders.

As Mr. Gerald Nyaoma Arita assumes office, all eyes will be on how he steers the CBK in collaboration with Governor Kamau Thugge. His return to the Central Bank marks the beginning of what many hope will be a transformative period for Kenya’s financial sector.

With his wealth of experience, academic acumen, and a proven track record of leadership, Mr. Nyaoma is poised to make significant contributions to Kenya’s monetary policy, financial regulation, and economic growth.

His appointment is a clear indication of the government’s commitment to strengthening institutions and fostering stability in the financial sector. As Kenya navigates the complexities of a modern economy, the CBK’s leadership team will undoubtedly play a critical role in charting the course for sustainable growth.


This appointment not only reflects Mr. Nyaoma’s exceptional qualifications but also underscores the importance of experienced leadership in addressing Kenya’s economic challenges. As the country continues to position itself as a regional financial powerhouse, the CBK remains at the heart of these efforts—now strengthened by Mr. Gerald Nyaoma Arita’s return.