There is a new sheriff in town at the Central Bank of Kenya (CBK).
Gerald Nyaoma Arita assumed his role as CBK deputy governor, following his appointment by President William Ruto, having undergone successful vetting by Parliament.
A statement by CBK stated that Arita makes a return to the Central Bank, after having had a long and distinguished career at the Bank.
“He joined CBK in August 1988, and served in various senior positions including the Financial Markets, Banking Services, and Internal Audit Departments, culminating in his role as the Director of the Bank Supervision Department,” reads the statement in part.
CKB Governor Dr. Kamau Thugge congratulated Arita on his appointment.
“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.”
The new CBK deputy governor holds an M. Phil. (Econ.) degree from the University of Cambridge, UK, and BA (Economics) degree from the University of Nairobi.
Additionally, he is a Certified Public Accountant (CPA-K), a Certified Public Secretary (CPS-K) and an Associate of the Kenya Institute of Bankers (AKIB).
President Ruto formally nominated Arita in November 2024, before forwarding his name to Parliament for Approval.
A report by the National Assembly Finance Committee Chairperson Kimani Kuria and the Senate Finance Committee Vice Chair Tabitha Mutinda, indicated that the joint vetting committee had found Arita suitable for the role.
The two legislatures informed the National Assembly and the Senate respectively, that the vetting committee had determined that Arita possessed the necessary experience to help reform financial institutions in the country.
During his vetting, he took credit for the success for the growth of mobile money transfer in the country.
He said he had advised then-Finance Minister John Michuki on the importance of the proposal, which was subsequently adopted.
“While I served as the Director of Bank Supervision at the Central Bank, I participated in giving Safaricom the green light to establish mobile money services by advising then-Finance Minister John Michuki on the importance of allowing this innovation. It has since revolutionized how money transactions are carried out in the country,” he said.
