Postbank names Raphael Lekolool as new managing director

Kenya Post Office Savings Bank (Postbank) has appointed Raphael Lekolool as the new management director effective June 1, 2020.

This follows the retirement of Ann Karanja, a seasoned banker who has been at the helm of the state owned lender for the past six years.

Prior to this appointment, Anne had served in different senior management positions in the same bank.

In a statement, Postbank chairman Ntoros Baari Ole Senteu said the financial world is going digital and one of Postbanks’s priority areas is to exploit technology to ensure customers can handle most of their financial transcations online.

‘’With his vast experience in banking, micro finance and insurance sectors, Lekolool is well placed to drive the bank’s business to the next level while offering customer driven products,’’ Senteu said.

Senteu added that the board appreciates the stewardship of Karanja, which kept Postbank focused on inculcating a savings culture among Kenyans.

The new MD will be riding on a strong foundation of the existing customer base and digital platforms in pursuit of growing the Bank’s market share while executing the Bank’s strategic Plan.

Lekolool has a daunting task to revive growth for the loss making lender which is struggling to shore up its capital base before applying for the licence from the Central Bank of Kenya (CBK).

In 2018, Postbank saw the government lose Sh1.36 billion after failed attempts to resuscitate it to its which heyday when it controlled most of the banking especially in rural districts.

He is also taking over when the struggling bank’s plan to venture into issuance of loans has largely been hampered by lack of fresh capital investment which is crucial before applying for the licenses from the Central Bank of Kenya (CBK).

“I have full confidence that my successor will steer Postbank to greater heights. I take this opportunity to wish him a successful tenure.” Karanja said.

Prior to this appointment, Lekolool was the Enterprise Risk manager at UAP, Old Mutual and head of Internal Audit at Faulu Microfinance.

He is an MBA graduate of Cardiff Business School and holds a BSc. Degree in Banking from University of Manchester.