President William Ruto has nominated a career banker with over 36 years of experience to the position of the second deputy governor of the Central Bank of Kenya (CBK).

In a statement on Tuesday, November 12, 2024, the Head of State tapped into the expertise of Gerald Nyaoma Arita to assume the position.

Nyaoma is the outgoing Director of the Bank Supervision Department at CBK. Besides his supervision role, Nyaoma has also served in other capacities at the CBK including Director, Financial Markets Development; Director, Banking Services; Director, Bank Supervision Department; Acting Director, Internal Audit Department; Senior Manager, National Payment Services Division; and Assistant Branch Manager, Mombasa Branch, among others.

The nominee currently serves on the Board of the SACCO Societies Regulatory Authority as an Alternate Member to the Governor.

Nyaoma’s academic credentials

Nyaoma holds a Master of Philosophy (Economics) degree from the University of Cambridge, United Kingdom.

He also holds a Bachelor’s degree in Economics from the University of Nairobi.

“He is also a Certified Public Accountant (CPA-K), a Certified Secretary (CS), and an Associate of the Kenya Institute of Bankers (AKIB),” the statement added.

Before receiving the presidential nomination, Nyaoma had been shortlisted by the Public Service Commission (PSC) alongside Prof. Dulacha Galgallo Barako, Jane Wangui Kiringai, Charles Mutuma Ringera, Dr. Florence Kaki Kinyanzui and Dr. Habil Okunda Olaka.

The six faced an interviewing panel on Thursday, October 3, 2024, before Nyaoma’s name was recommended to President Ruto for the appointment.

If approved, Nyaoma will join Kamau Thugge who is the CBK Governor and he is deputized by Dr Susan Jemtai Koech who was appointed by President Ruto in March 2022.

Second deputy governor

Nyaoma’s recommendation for the second deputy governor is expected to correct a breach which previously had been raised by the office of the Auditor-General.

The office noted that the government was in violation of a law enacted in 2015 demanding that the executive team at the CBK should be composed of the governor and two deputies.

Following the exit of Patrick Njoroge and his sole assistant Sheila M’Mbijjiwe as governor and deputy respectively, CBK embarked on the bid to honour the enacted law of having two deputy governors.