KBA Appoints Chief Executive to lead FinTech subsidiary

Kenya’s banking industry umbrella body, Kenya Bankers Association (KBA), has announced the appointment of the management team that will spearhead technical and business operations of its fully-owned payments technology subsidiary, Integrated Payments Services Ltd. (IPSL).

According to KBA Chief Executive Officer, Habil Olaka, the formal appointment of the IPSL Chief Executive Officer and management team will provide industry leadership as part of a strategic mission by the association to advance the financial services innovation and inclusivity agenda in Kenya.

Jennifer Theuri, a career banker and financial technology (FinTech) expert with over 25 years of local and international experience, will now serve as the new IPSL Chief Executive Officer.

Prior to joining IPSL she has held several senior roles covering the areas of mobile money, near field communications payments technology, and card business. She has in-depth knowledge of a wide range of banking products and services with significant reference and contribution to the card industry in Kenya.

Alongside Theuri, KBA announced the appointment of Michael Mbuthia and Paul Munguti as the Chief Information Officer and Products Manager, respectively. Olaka added that the new team will provide impetus for an accelerated roll out of the IPSL flagship product in coming weeks.

“The entry of this widely experienced team provides IPSL with a solid human capital foundation to facilitate its institutional set up and market rollout,” Olaka said, adding that, “At KBA, we are committed to advancing the financial inclusivity agenda through the rollout of innovative and functional FinTech solutions designed and delivered by IPSL.”

IPSL CIO Mbuthia has a wealth of more than 14 years Information Technology and Business systems design experience. He has previously served in the public and private sectors having worked within the banking, transportation and energy sectors.

PSL Products Manager Mr. Munguti, is an expert in switching technology and service delivery with extensive experience in product development centered on mobile and card technology.

Recognizing the central role of the banking industry in the national payments system, KBA in 2012 established the Kenya Inter-Participant Transaction Switch project to address the challenge of creating a more integrated and inter-operable retail payments platform.

To implement the interoperability strategy, KBA formed IPSL as a subsidiary company to manage the commercial aspects and running of the system, which will act as the service delivery agency for the KBA member banks.

Financial intermediary products and solutions developed by IPSL will be delivered under the applicable regulatory provisions and regulated by the Central Bank of Kenya.