Kenya Bankers Association (KBA) has announced the appointment of a management team and a chief executive of its fintech subsidiary, Integrated Payments Services Ltd. (IPSL). KBA Chief Executive Officer Habil Olaka said the formation of the team will propel the group’s agenda, leading to the actualisation of their goal of advancing payment systems in Kenya. IPSL will spearhead financial innovation in the country, with the aim of improving the country’s alternate payment systems, while also making local banks more competitive internationally. Jennifer Theuri will serve as its first CEO and will oversee the development of IPSL’s first product launch expected over the coming weeks. Ms. Theuri has twenty-five years’ experience in the banking sector and is an expert in financial technology, with local and global involvement. Her experience covers mobile money, near field communications payment technology and card business.
Mr. Michael Mbuthia will serve as the Chief Information Officer, while Mr Paul Munguti will be Products Manager. Both men have extensive experience in technology and banking. “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 at the press release, before adding “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.” The financial intermediary products and services provided by IPSL will be under the supervision of the Central Bank of Kenya.