I&M Group names ex-Equity Bank CFO David Ngata to drive regional growth and innovation across East Africa’s financial sector.
In a strategic leadership shake-up, I&M Group has appointed David Ngata as its new Group Chief Financial Officer (CFO), effective October 16, 2024. The move reflects the bank’s renewed focus on financial innovation and regional expansion.
Ngata, the former Equity Bank CFO, brings more than 25 years of experience in global finance, corporate strategy, and operational efficiency.
A Global Career Across Leading Institutions
Before joining Equity Bank in 2018, Ngata worked at American Express in New York, gaining extensive exposure to international financial systems. He also served at KPMG as an Audit Senior Manager in both Kenya and the United States.
His experience has equipped him with deep insights into regulatory compliance, risk management, and strategic financial planning.
A Transformative Tenure at Equity Bank
As Equity’s Group Finance Director, Ngata managed finance operations in Kenya, Rwanda, Tanzania, Uganda, South Sudan, and the Democratic Republic of Congo. In 2022, he became Group CFO.
Under his leadership, Equity implemented:
- Cross-border financial strategy
- Cost optimization frameworks
- Digitally driven risk management systems
These initiatives helped the bank navigate regional challenges and cement its market leadership.
Academic Credentials and Certifications
Ngata holds a Master of Science in Business Analytics from Carnegie Mellon University and a Bachelor of Commerce from the University of Nairobi.
He is a Certified Public Accountant (CPA-K) and a member of ICPAK and AICPA.
Strengthening I&M’s Market Position
Ngata replaces Amit Budhdev, who exited in December 2023. His entry is expected to support I&M’s broader strategy in:
- Digital transformation
- Operational efficiency
- East African integration
As I&M Bank positions itself for growth amid rising competition, Ngata’s leadership is seen as pivotal.
Looking Ahead: Innovation and Resilience
Analysts say Ngata’s appointment signals I&M’s readiness to scale sustainably, deepen its digital services, and improve stakeholder value.
“David’s mix of local insight and global strategy makes him the right leader to guide I&M through its next growth phase,” one Nairobi-based analyst noted.
With his track record and regional knowledge, Ngata is expected to help drive I&M’s next wave of expansion, setting the bank on a transformative growth path across East Africa.
