Absa Bank Kenya has confirmed the resignation of Abdi Mohamed as Managing Director and Chief Executive Officer, effective 30 June 2026, closing out a 3-year run at the helm of one of Kenya’s largest lenders.
In a statement issued on June 28, the bank’s Board of Directors said Mohamed is leaving to pursue other career opportunities.
Chief Financial Officer Yusuf Omari has been appointed Interim Managing Director and CEO with effect from July 1, 2026, as the bank searches for a substantive replacement.
The appointment is subject to regulatory approval.
Mohamed’s departure caps a 32-year career within the Absa Group. He joined Barclays Bank Kenya in 1994 as a branch teller in Garissa, rising through roles across Kenya, Zambia, Tanzania and London before taking the top job at Absa Bank Kenya in May 2023.
He previously served as Managing Director of Absa Bank Tanzania.
The Board thanked Mohamed for his service to the bank, saying:
“Mr. Mohamed steered the Bank through defining moments that have not only enhanced organizational resilience but also created strong business growth, leading to the doubling of the Absa Kenya share price over a three-year period.”
Mohamed is set to take up a leadership role at another bank in the Kenyan market, with some unverified sources saying he could be headed to I&M Bank, though this has not been officially confirmed by either institution.
Omari is no stranger to the interim seat. He held the fort in a similar capacity in October 2022, when then-CEO Jeremy Awori stepped down to take up a role at Ecobank Transnational.
He has served as Absa Bank Kenya’s CFO since 2009 and brings more than two decades of financial experience.
The handover comes at a tougher time for the bank’s earnings. Absa Kenya’s profit after tax fell 13.9% to KES 5.3 billion in the first quarter of 2026, as falling interest rates cut into how much the bank earns from lending.
Net interest income, the money it makes from loans, dropped 7.9% to KES 10.4 billion.
READ: Absa Hires Former M-PESA CEO Sitoyo Lopokoiyit to Lead Retail Banking Push
Mohamed’s exit adds to a string of CEO changes across Kenya’s banking sector in recent months. Nancy Njau was named CEO of Family Bank in January 2026, following Rebecca Mbithi’s move to head Ecobank Kenya in February.
Commercial International Bank Kenya appointed former NCBA executive Tirus Mwithiga as CEO that same month, while Stanbic Bank Kenya named Abraham Ongenge acting CEO in March after Joshua Oigara moved to a regional role.
Standard Chartered Bank Kenya brought in Birju Sanghrajka in April following Kariuki Ngari’s exit, and Sidian Bank named former KCB executive John Okulo as CEO in May.
The bank did not indicate a timeline for naming a substantive successor to Mohamed.
