One of Kenya’s most recognisable banking executives is moving across town. I&M Group has appointed Abdi Mohamed as Chief Executive Officer of I&M Bank Kenya, the group confirmed on 29 June 2026, subject to approval from the Central Bank of Kenya.
Mohamed resigned from Absa Bank Kenya that same day, ending a three-year tenure at the helm of one of Kenya’s largest lenders and a 32-year career within the Absa Group. His appointment lands I&M Bank a CEO with deep institutional knowledge of Kenya’s financial sector at a moment when the group is posting record profits and accelerating its regional expansion.
A career built across Kenya, Tanzania, Zambia and London
Mohamed’s banking career stretches back to 1994, when he joined Barclays Bank Kenya as a branch teller in Garissa. He rose steadily through the organisation, taking on roles as Chief Operating Officer and Retail and Business Banking Director in both Kenya and Zambia before crossing to Tanzania, where he served as Managing Director and CEO of Absa Bank Tanzania. It was in Tanzania that he led the rebranding of the business from Barclays to Absa.
He returned to Nairobi in May 2023 to take the top job at Absa Bank Kenya, succeeding Jeremy Awori. During his three years, the bank’s share price doubled, its cost-to-income ratio tightened from 41% to 37%, and digital transformation accelerated across its retail and corporate operations.
“Serving Absa for the past three decades has been one of the greatest privileges of my professional life,” Mohamed said in a statement released by Absa on the day of his resignation. “I am proud of what we have achieved together, particularly over the last three years.”
What I&M Group sees in Mohamed
Sarit Raja-Shah, Group Executive Director of I&M Group PLC, said the appointment marks a pivotal moment for the bank.
“We are delighted to welcome Abdi to I&M Group at an exciting and important time in our journey as we continue to scale our business, deepen customer relationships, strengthen our market leadership and create sustainable value for all our stakeholders,” Raja-Shah said.
“With his extensive experience, proven leadership track record and deep understanding of the financial services landscape, the Board is confident that Abdi is well positioned to lead I&M Bank Kenya into its next phase of growth. He will play a critical role in advancing our strategic priorities, driving innovation, and expanding market share.”
Beyond banking, Mohamed chairs the United Nations Global Compact Kenya chapter and sits on the boards of Touch Health Inc. and Integrated Payment Systems Limited.
The bank he walks into
Mohamed joins a bank performing at levels it has never previously reached. I&M Group reported a profit after tax of KES 19.8 billion for the year ended 31 December 2025, a 24% increase on the previous year. Total operating income crossed KES 60 billion for the first time, rising 19% to KES 60.3 billion. Net interest income grew 16% to KES 46 billion, while non-interest income — covering fees, commissions, foreign exchange, and insurance — grew faster at 31%, reaching KES 14.4 billion.
I&M Bank Kenya drove much of that performance. The Kenyan unit posted total operating income of KES 40.4 billion, up 22%, with profit before tax rising 29% to KES 17.4 billion. Return on equity in Kenya strengthened to 20%.
The group’s total assets reached KES 669 billion, up 15% year on year. Customer deposits grew 17% to KES 484 billion, and net loans and advances increased 7% to KES 306 billion. The group’s customer base expanded 33% to just over 965,000 across five markets, with 86% now using digital channels.
One figure from the 2025 results stands out: assets under management in the group’s bancassurance and wealth management business grew 223% to KES 99 billion, pointing to significant new mandates from corporate and high-net-worth clients. Underwritten premiums at I&M Bancassurance Intermediary Limited rose 68% to KES 4.7 billion.
The group’s iMara 3.0 strategy — built around deepening its corporate and commercial segments, building relevance in retail and business banking, and expanding its financial ecosystems — underpins these results. Digital adoption reached 98% of transacting customers, and 69% of new-to-bank accounts opened digitally in 2025, up from 50% in 2024. Total revenue from digital channels grew 231% to KES 4 billion.
A wave of leadership change across Kenya’s banks
Mohamed’s move forms part of a broader reshaping of Kenya’s banking leadership in 2026. Family Bank, Commercial International Bank Kenya, Stanbic Bank Kenya, Standard Chartered Bank Kenya, and Sidian Bank have all appointed new chief executives since January. His arrival at I&M Bank adds further momentum to a sector already in flux.
The timing also reflects the competitive pressure reshaping East Africa’s banking landscape. South African lenders are pushing deeper into the region: Nedbank recently acquired a 66% stake in NCBA Group for KES 110.4 billion, while Absa Group secured Bank of Uganda approval to acquire Standard Chartered Bank’s wealth and retail business in Uganda. These moves intensify the market Mohamed now enters on the other side of the fence.
At Absa, his departure leaves CFO Yusuf Omari as interim Managing Director and CEO from 1 July 2026, while the board begins recruiting a permanent successor.
What the appointment signals for I&M Group
I&M Group carries significant momentum into this leadership chapter. The group operates across Kenya, Uganda, Tanzania, Rwanda, and Mauritius through its joint venture Bank One. Cross-border business revenues reached USD 10.6 million in 2025, up 76% year on year. Rwanda posted a 24% increase in profit before tax and 30% loan growth; Uganda’s profit before tax grew 48% in local currency; Tanzania delivered 21% growth in total operating income.
The group allocated 51% of its total capital expenditure to technology in 2025 and maintained a 93% corporate governance compliance rating from the Capital Markets Authority. Its liquidity ratio stood at 59.68%, nearly three times the regulatory minimum of 20%. Non-performing loans fell from KES 13.4 billion in 2024 to KES 8.93 billion in 2025, tightening the balance sheet ahead of the group’s next growth phase.
Mohamed takes the helm of a Tier 1 bank with 62 branches across 22 counties, more than five decades of operating history, and a digital infrastructure that now supports nearly the entirety of its customer base. His task is to accelerate what the numbers already show — a group building multiple engines of growth that, in the words of its own results commentary, is “only just beginning.”
I&M Bank is listed on the Nairobi Securities Exchange under its parent I&M Group PLC.
