#16
DAVID ABWOGA
GROUP DIRECTOR, FINANCE – EXECUTIVE DIRECTOR, NCBA GROUP
A CFO is like a surgeon during surgery – precise, strategic, and absolutely essential to the wellbeing of the organisation. This analogy could not be more fitting for David Abwoga, Group Director of Finance and Executive Director at NCBA Group, whose financial acumen and leadership have played a crucial role in steering the organisation through complex financial landscapes and ensuring its long-term success.
David’s career spans over 25 years, marked by his expertise in audit, operations, and finance. He has held key executive management positions at Citibank N.A., Marshalls (E.A.), and Deloitte, with the last five years spent as the Director of Finance and Strategy at NIC Group before its merger with CBA (Commercial Bank of Africa) to form NCBA. Under the leadership of NCBA Group’s MD and CEO, John Gachora, the historic merger marked a significant milestone in Eastern Africa’s financial services sector. This pivotal moment allowed David to leverage his extensive experience to shape a more diversified business model, one that has proven to be highly successful. Reflecting on the merger, David notes, “It allowed us to strengthen our balance sheet and optimize operations across the region – a strategic move that continues to pay dividends.”
Since his appointment in 2019, David has been instrumental in developing the firm’s financial strategy and overseeing its services and operations across its regional subsidiaries. Under his keen eyes and nose for details, NCBA Group continues to enjoy impressive growth, under the current most challenging business environment. For instance, in a recent financial briefing, David highlighted the success of the group’s diversified business model, which contributes significantly to its growth. “Our diversified business model continues to demonstrate growth and resilience,” he said. “We have seen strong contributions from our regional banking subsidiaries, with their contribution to profit before tax rising from 2 percent to 15 percent year-on-year.”
David’s financial strategy focuses not only on expanding regional operations but also on bolstering the bank’s non-banking subsidiaries, including its investment banking, insurance, and leasing arms. Working closely under John Gachora, NCBA Group’s outcome has been impressive: a 56 percent increase in profit after tax, which reached KES 21.5 billion in 2023. As part of this strategy, David has also helped drive efforts to optimise the Group’s balance sheet, resulting in a 15 percent growth in customer deposits and a 20 percent increase in gross loans. “Our customer growth agenda has seen us increase our lending substantially,” David notes, reflecting his focus on ensuring financial oversight that guarantees both expansion of the customer base, while managing risks effectively.
With rising stars like David at the top of its C-Suite, working directly under the visionary leadership of a legendary MD and CEO, NCBA Group has managed to deliver consistent cash returns to its shareholders, with dividends per share reaching KES 4.75 in 2023. “Our strategy is delivering the desired return outcomes for a Tier 1 bank,” David proudly states, underscoring the continued strength of the Group’s financial fundamentals.
David’s educational background reinforces his ability to navigate the complexities of the financial world. He holds a Bachelor’s degree in Economics from Moi University and a Master of Business Administration (MBA) degree in Strategic Management from the University of Nairobi (UoN). He is a Certified Public Accountant (CPA) and a Certified Public Secretary (CPS), credentials that provide him with a deep understanding of both the legal and financial aspects of running a successful business. “The foundation of my career has always been about combining strong financial insights with a strategic vision,” David opines, pointing to his education and early career experiences as key enablers of his success.
His experience managing audits and overseeing financial operations has made him an invaluable asset to the NCBA brand, which came into play particularly during the complex merger between NIC and CBA, one of the most complex mergers in history in East and Central Africa of two great financial services firms, yet immediately successful. Working alongside John Gachora and a sterling team of finance and legal gurus, David was one of the key cogs of the wheel.
David’s thought leadership has notably been recognised externally. In August 2024, he was honored as InstinctBusiness’ CFO of the Week, a recognition for his outstanding contributions to NCBA’s financial success and his impact on the broader local banking industry. These contributions solidify his status among the top most impactful C-suite executives in 2025.
AUTHOR: DR. HANNINGTONE GAYA
EDITOR: KAREN SONG’E
