Board of Directors

Aida Kimemia – Chairperson

Aida Kimemia has over 25 years of banking and development finance experience in Africa, Asia and Eastern Europe.

She currently serves as non-executive director on the Boards of three private companies operating in multiple African countries and chairs the investment committee of Tiserin – Adapta, a credit facility which finances and provides climate-smart solutions to small and medium agribusiness companies. Aida previously served as Chair on the Board of Metropolitan Cannon General Insurance Company.

Aida had a long career at the International Finance Corporation (IFC), rising to the rank of Regional Manager, where she led a team in developing a significant and diverse investment portfolio in the manufacturing and services sectors in Africa. Within IFC she also led IFC’s Africa Health and Education business and was Head of the East Africa regional office.

She holds a Bachelor’s Degree in Economics and Mathematics from St. Lawrence University (New York) and a Master’s Degree in Financial Management from Johns Hopkins University (Baltimore).

Mrs. Aida Kimemia is an Independent Director nominated by the Capital Markets Challenge Fund.

Ashok Kumar Mepa Shah

Ashok Shah is currently the Group Chief Executive of Apollo Investments Limited. Before taking over this position, he was the CEO of APA Insurance from its inception from the merger of the General Insurance business of Apollo Insurance and Pan Africa Insurance. APA is a leading regional player.

He was the first recipient of the Lifetime Achievement Award for his contribution to the Insurance Industry. Recently he was one of the finalists of the Ernest and Young Entrepreneur of the Year Award in the Masters Category. Ashok emerged a finalist in the All-Africa Business Leaders Awards – 2015 (AABLA), under the category of Philanthropist of The Year 2015. He is the winner of the 2016 AABLA Entrepreneur of the Year Award- East Africa Chapter. In 2021, Ashok was named 100 top individual for MEANINGFUL BUSINESS.

Ashok Shah’s education is in Applied Chemistry. Professionally he is a Chartered Insurer with ACII. He is a member of the Chartered Institute of Arbitrators (MCIArb) and an Associate of the Insurance Institute of Kenya (AIIK). He is a past Chairman of Association of Kenya Insurers (AKI). Desai Memorial Foundation and several other social and charitable organizations.

His other directorships include APA Insurance Ltd, APA Life Assurance, Apollo Asset Management, APA Insurance Uganda and Reliance Insurance Company Ltd in Tanzania. Island Life Assurance, Mauritius.

Ashok represents the Capital Markets Challenge Fund on the CDSC Board.

Bob Karina

Bob Karina is the Founder and the Chairman of Faida Investment Bank. He is the Managing Director of Faida Securities Rwanda. He is the Chairman of the Rwanda Stock Exchange (RSE), the immediate former Vice Chairman at the Nairobi Securities Exchange (NSE), Chairman of Norwich Union Properties Ltd. (NUP), former Director at Kenya Industrial Estates (KIE) and served as Director; Kenya Private Sector Alliance (KEPSA), Kenya National Chamber of Commerce & Industry (KNCCI), Registration of Accountants Board at the National Treasury, among others.

Bob is a Corporate Finance Specialist and an accomplished Stockbroker. He holds an MSc in Corporate Finance from the University of Liverpool, UK, in addition to technical and professional qualifications from the Institute of Systems Science at the National University of Singapore, International Statistical Programs Center sponsored by the United States Bureau of the Census, USA, Hong Kong Polytechnic Industrial Center, Institute of Development Studies at the University of Sussex, UK., East Africa Statistical Training Centre at the University of Dares-Salaam, Tanzania and London Institute of Statisticians.

Bob is a Founder Member of the Institute of Certified Investment and Financial Analysts (ICIFA) and was awarded Commendation and admitted as a Fellow of the Institute for exemplary service rendered since inception. Bob serves as the Chairman of the Association of Kenya Stockbrokers Nominees Ltd. He is a Member of the Institute of Directors and a Director of the Central Depository and Settlement Corporation (CDSC).

Bob played a critical role in the establishment of the CDSC, the NSE Automated Trading System (ATS), the Wide Area Network (WAN) and the Broker Back Office system (BBO) at the NSE as the Chairman of the Implementation Committee that spearheaded developments in Kenya’s Capital Markets. For over two decades, Bob has acquired vast experience in Investment Banking and is passionate about supporting organizations improve their bottom line, list on the exchange, mergers and acquisitions, raise capital, grow and thrive.

He is married to Jennifer Karina, has three children and several grandchildren. He also enjoys gym, jogging, swimming and playing golf.

Mr. Karina represents the Association of Kenya Stockbrokers on the CDSC Board.

Eunice Kariuki

Eunice is an Innovation Management and Digitalization Consultant for AfriLabs (Nigeria) for the COP-27 Triple AAA Youth Adapt Challenge. She previously consulted for Global Center on Adaptation(GCA) for the COP-26 Triple AAA Youth Adapt Challenge.

She has over 11 years Board experience having served on Boards of CDSC, CO-Op Serve Financial Solutions Ltd (Formerly CDSC Registrars), Genghis Capital Ltd and also sits on the DamuSasa Start-Up and eMentoring Africa Advisory Board.

Eunice has held senior leadership positions in both blue chip companies and the public sector. She is the immediate former Director of Partnerships, Innovation and Capacity at the ICT Authority, worked for Microsoft as a Public Sector and Education Solutions Manager for Eastern and Southern Africa(ESA), and East Africa Sales and Marketing Manager for Kodak (K) Ltd.

She is a Technology Innovation and Entrepreneurship business advisor and practitioner. She founded and later exited Records & Archives Management Systems (RAMS) Limited after seven(7) years, founded and exited Ramtech Foto Ltd(Kodak Express) after 5 years, and is the founder of Smart Beaver Ltd (Digital Solutions) and Innovation Endeavour Network Africa (IENAfrica) Ltd by Guarantee to promote growth and scaling of start-ups.

She was recognized as one of Top 40 under 40 Women in 2009 in Kenya,: One of the 2017 Top 25 Digital Influencers in Kenya; and Mentorship, Gender Mainstreaming and Inclusion in Africa in 2021 by Accenture.

She is a Fellow of the Chartered Institute of Marketing (CIM), a Member of the Institute of Directors (IOD) and holds certificates in Senior Leadership Development Program (SLDP) and Project Management (PMYK).

Eunice holds an MBA in Strategic Management from Maastricht School of Management, an affiliate of Eastern Southern Management Institute (ESAMI), a Bachelor of Science in Business Studies and a Higher National Diploma in Business Information Technology (BITech).

Eunice is an Independent Director on the CDSC Board representing Public Interest.

Geoffrey Odundo

Mr. Odundo is the Chief Executive of the Nairobi Securities Exchange Plc (NSE) a position he has held for the last seven (7) years. He is an accomplished Investment Banker and has been in the financial services sector for the last 30 years holding senior roles in Asset Management, Corporate Finance and Securities Trading.

Before this, he was the Managing Director of Kingdom Securities Limited and Chief Manger, Merchant and Investment Banking at the Co-operative Bank of Kenya Group.

Mr. Odundo is a Director of the Central Depository and Settlement Corporation Limited; NSE Clear Limited and Trustee of the NSE Fidelity Funds. He is the Vice-Chairman of the REITs Association of Kenya (RAK) and a past Director of the Association of Stock Exchanges of Africa (ASEA).

He is a Council Member of the Institute of Certified Financial Analysts (ICIFA), a member of the Working Committee of the World Federation of Exchanges (WFE), and a member of the Central Bank of Kenya – Consolidated Fund for Debt Management (CFDDM) Committee.

He holds a Master’s Degree in Strategic Management from the United States International University and an undergraduate degree in Mathematics and Economics from Egerton University and is an Advanced Management Program graduate from Strathmore/IESE (Spain) Business Schools.

Mr. Odundo represents NSE on the CDSC Board.

Kiprono Kittony, EBS

Mr. Kiprono Kittony is the current chairman of the Nairobi Securities Exchange, the leading securities exchange in East and Central Africa.

Prior to this appointment, he was the National Chairman of the Kenya National Chamber of Commerce & Industry, the premiere business membership organization in Kenya. He is a wellknown personality in business leadership circles in Kenya, having served in several capacities, including being the immediate past Chairman of the Media Owners Association, an influential lobby group of Kenyan media. Mr. Kittony has widely been credited with the revival of the Kenya National Chamber of Commerce & Industry, which has been restored to its past glory through a series of transformative initiatives during his tenure.

An active player in business, he also chairs the following Boards; – CreditInfo CRB Kenya Limited, Mtech Limited, Betway in Kenya and Radio Africa Group (which he co-founded in 2000). He sits on the advisory council of IFHA (International Fund for Health in Africa), an Amsterdam based private equity fund, and is Vice Chairman of the World Chambers Federation in Paris representing Africa. He is also a Director at the Central Depository and Settlement Corporation. Mr. Kittony was educated at the University of Nairobi and USIU and has the following degrees – Bachelor of Commerce (Hons), Nairobi; Bachelor of Law (Hons) Nairobi and Global Executive MBA from USIU (in Conjunction with Columbia University).

Mr. Kittony was conferred the award of Elder of the Order of the Burning Spear (EBS) by President Uhuru Kenyatta in 2019 in recognition of the distinguished and outstanding services rendered to the nation as a business leader.

He actively mentors the youth and regularly participates in several philanthropic projects.

Mr. Kittony represents NSE on the CDSC Board.

Isaac Awuondo

Isaac has considerable experience in the financial services industry having worked for more than 33 years in the Kenyan and regional banking industry.

He is currently the Chairman of NCBA Bank Kenya PLC the result of a merger between Commercial Bank of Africa Limited and NIC Group PLC which took effect on 1st October 2019. NCBA Bank is the 3rd largest banking Group in Kenya. He was Group Managing Director of Commercial Bank of Africa Limited (“CBA Group”) the largest privately held commercial bank in Kenya with a regional focus and operations in Tanzania, Uganda, Rwanda and Ivory Coast for over 20 years. CBA Group was one of the strongest and ethically managed commercial banks’ offering a comprehensive range of banking services, including Mobile and Digitally enabled financial solutions and is recognized as the market leader in the provision of Mobile Lending and Savings solutions, in partnership with Safaricom (Kenya), Vodacom (Tanzania) and MTN (Uganda, Rwanda and Ivory Coast). NCBA Group presently serves in excess of 50 million customers in its five main markets.

Prior to joining CBA Group (more than 23 years ago) Isaac was Chief Financial Officer and Director at Standard Chartered Bank Kenya Ltd operations in Kenya and the East Africa region for over 8 years. Isaac graduated from University of Nairobi in 1980 with a Bachelor of Commerce degree in accounting and finance. He trained in London as a chartered accountant qualifying in 1984. On his return to Kenya he worked with the firm of Githongo and Company as an Audit Manager. In 1986 he was appointed Group Auditor of Nation Printer and Publishers Limited (now the Nation Media Group) and eventually became the Group Financial Controller and Company Secretary.

Isaac is a Fellow of the Institute of Chartered Accountants in England and Wales (ICAEW), the Institute of Certified Public Accounts of Kenya (ICPAK) and Fellow of the Kenya Institute of Management. Isaac sits on the Boards of several public and private organisations, including Bata Shoes Company Kenya Limited, ArtCaffe (as Chairman) and Kenya Airports Authority (as Chairman). Through his involvement in charitable and philanthropic activities, he is Chairman of the Kenya Conservatoire of Music, University of Nairobi Alumni Association and WWF Kenya; former Chairman of The Rhino Trust, a conservation charity involved in preservation of environmental biodiversity; and Trustee of the Zawadi Africa Education Fund, an educational charity which provides scholarship support to disadvantaged girls from Africa (and presently operating in Kenya, Uganda, South Africa and Ghana) to Universities mainly in the US and Canada and more recently the UK and Japan.

He is a keen golfer, music enthusiast and a collector of contemporary African Art, an area of interest for more than 30 years.

Isaac represents the Capital Markets Challenge Fund on the CDSC Board.

Lawrence Kimathi

Mr. Kimathi is currently the Group Chief Finance Officer at KCB Group PLC.

He is a distinguished banker and finance expert with leadership experience spanning over 25 years having worked as Finance Director/CFO in several multinational organizations which include Cadbury East and Central Africa, AIG, East Africa Breweries Limited, BAT Sub Sahara Africa and BAT PLC in London.

Lawrence holds a Masters in Business Administration (MBA) with merit from Warwick Business School UK, a Bachelor of Science degree majoring in accounting from United States International University – Africa (USIU) and is a Certified Public Accountant of Kenya, CPA (K). He is also a member of the Institute of Certified Public Accountants of Kenya (ICPAK) and the Institute of Directors (IOD).

Sitoyo Lopokoiyit

Mr. Lopokoiyit is the Chief Executive Officer, M-PESA Africa. A distinguished financial services and change management expert, he previously worked in Vodacom as M-commerce Director where he oversaw the delivery of several transformative products and services; led the turnaround strategy and execution for M-PESA which has resulted in the accelerated growth of M-PESA in Tanzania.

Before joining Vodacom Tanzania PLC, he was the Head of M-PESA Strategy and Business Development at Safaricom.

Sitoyo has over 10 years of senior managerial experience in different fields; oil & Gas (Chevron and Total Kenya Ltd) and in the Retail industry with Uchumi supermarkets in Kenya. He has worked extensively in the East Africa Region as well as in Mauritius and Reunion.

Sitoyo holds a Bachelor of Commerce (Hons) degree in marketing from the University of Nairobi (2000) and an MSc in Information Technology Management and Organizational Change from Lancaster University in the UK.

Sitoyo is an Independent Director representing Public Interest on the CDSC Board.

Nkoregamba Mwebesa

Mr. Nkoregamba Mwebesa is the Chief Executive of CDSC.

He joined the CDSC in February 2020.

He has more than 25 years of experience as a strategic and purpose-driven corporate leader in the Financial Services Sector in the East Africa Region. His expertise spans Banking, Wealth and Investment Management, Investment Banking, Capital Markets and Securities Trading. Nkoregamba holds an Executive MBA (2007) from the Maastricht/ESAMI programme and a BA in Economics and Philosophy from the University of Nairobi (1990).

Following his appointment, Nkoregamba led the refresh of the strategic direction for the CDSC.

There were 4 key outcomes and or deliverables of the new strategic direction.

  • The first was to refocus the Company on the investors and the issuers as the key customers and users of the CSD’s Platforms, Products and Services.
  • The second was focusing the Corporation on three key strategic drivers, namely Technology, Distribution and Human Capital.
  • The third was a complete review of functional processes to rationalize the cost base to ensure better use of resources and to leverage off the technological investments made over the years.
  • Lastly, CDSC needed to implement a new organizational structure to reflect the new approach and focus.

Prior to joining CDSC, Nkoregamba served as Managing Director of Stanlib Kenya Limited (STANLIB), a wholly owned subsidiary of Liberty Holdings where he led the strategic turnaround of the business in preparation for a landmark M&A transaction.

Preceding his tenure at STANLIB, Nkoregamba served as the Chief Executive of SBG Securities Limited (SBGS), a member of the Nairobi, Uganda and Rwandan Securities Exchanges and a wholly owned subsidiary of the Stanbic Holdings Plc. During his term, SBGS routinely ranked as the top broker on the three regional Exchanges. He was also a key member of numerous landmark transactions in the Regional Capital Markets. These included the Stanlib Fahari I-Reit Initial Public Offer on the Nairobi Securities Exchange (2015), the Tanzania Breweries Limited’s Secondary Public Offer on the Dar es Salaam Securities Exchange (2011), the Kenya Airways Rights Issue on the Nairobi, Uganda and Dar-es-Salaam Exchanges (2011/2012) and the UMEME Initial Public Offer on the Uganda Securities Exchange (2012-2013).

Nkoregamba also served as the Chief Executive Officer of the Nairobi Securities Exchange from 2005 to 2008 and was instrumental in the implementation of the Automated Trading System (ATS) that contributed to the largest trading expansion in the history of the bourse. He also oversaw 12 new equity listings and numerous debt listings during this period. This included the high-profile listings of KENGEN and SAFARICOM.

Nkoregamba is an Executive Director of the CDSC Board.