NAIROBI, Kenya – NCBA Group has announced the resignation of its long-serving Company Secretary, Kamene Maundu, marking the end of a 12-year tenure that shaped the governance and compliance culture of one of Kenya’s largest banks.
Her departure, effective October 1, 2025, comes at a time when NCBA is pursuing regional expansion and accelerating its digital-first strategy.
In a statement to shareholders and the public, the bank lauded Maundu’s service and dedication.
“We thank Ms. Maundu for her exemplary service and leadership in strengthening NCBA’s governance structures. She has been instrumental in guiding the bank through major transitions, including the 2019 merger of NIC and CBA. We wish her success in her future endeavors,” the Group said.
Maundu joined NCBA in 2013 and rose to become Company Secretary, serving as the custodian of the bank’s governance frameworks.
Over the years, she became a central figure in aligning NCBA’s operations with regulatory reforms, including the Banking (Amendment) Act 2016 and new Central Bank of Kenya (CBK) compliance standards.
Her most significant contribution came during the 2019 NIC-CBA merger, one of the largest corporate consolidations in Kenya’s banking history.
Maundu oversaw the integration of governance, compliance, and legal processes that brought together over two million customers, Sh500 billion in assets, and operations across Kenya, Tanzania, Uganda, Rwanda, and the Ivory Coast.
Analysts credit her with ensuring regulatory approval processes ran smoothly and that the merged entity met corporate governance thresholds set by the CBK, the Nairobi Securities Exchange, and the Capital Markets Authority.
Her exit coincides with NCBA’s ongoing expansion drive. The bank has announced plans to scale its presence in Tanzania and Uganda while consolidating its dominance in asset financing and mobile banking in Kenya.
In August 2025, NCBA revealed a Sh5 billion investment in digital infrastructure to support its fast-growing online customer base.
Governance experts say the resignation underscores the critical role of company secretaries in a rapidly changing banking environment.
“The company secretary ensures not just compliance but also the smooth functioning of the board. Maundu’s departure means NCBA must quickly secure a successor who can manage regulatory expectations while supporting growth,” said Dr. Joseph Mwangi, a corporate governance lecturer at Strathmore University.
NCBA now faces a highly competitive market, with rival banks such as Equity, KCB, and Co-operative Bank investing heavily in regional expansion and fintech partnerships.
At the same time, CBK is tightening oversight, pushing lenders to adopt stronger corporate governance practices, enhance transparency, and better manage credit risks.
Maundu’s successor will be tasked with ensuring NCBA not only complies with regulatory frameworks but also anticipates emerging risks in areas such as cybersecurity, ESG (environmental, social, and governance) reporting, and shareholder activism.
The Kenya Institute of Chartered Secretaries and Administrators (ICSA) noted Maundu’s departure as a reminder of the strategic role company secretaries play.
“Kamene Maundu’s career reflects how governance professionals shape institutions during times of transformation. Her contribution to NCBA, especially during the merger years, sets a high bar,” said ICSA chairperson Lydia Ouma.
For NCBA, the search for her replacement is already underway, with the Group stating that it is committed to appointing a successor who will uphold and strengthen its governance culture.
As the dust settles, Maundu leaves behind a legacy of institutional discipline, legal rigor, and governance integrity. For NCBA, the challenge is clear: navigating the future of East African banking while maintaining the robust structures she helped build.
