Business & Money
David Ngata Appointed I&M CFO
David Ngata’s move to I&M Group comes at a crucial time as the bank aims to enhance its footprint in the competitive East African banking sector, where digital transformation and evolving customer needs are reshaping the industry.
: Former Equity Bank CFO David Ngata joins I&M Group as CFO, enhancing leadership with over 25 years of experience in global banking and finance.
By Charles Wachira
In a significant leadership shakeup, I&M Group has appointed David Ngata as its new Chief Financial Officer, effective October 16, 2024, in a move aimed at bolstering its executive team.
Ngata, the former CFO of Equity Bank, brings over 25 years of financial expertise and global experience that promises to drive I&M’s growth in Kenya and across East Africa.
Known for its customer-focused financial solutions in corporate banking, retail services, and asset financing, I&M Group is set to benefit greatly from Ngata’s deep understanding of both regional and international finance.
An Impressive Global Career
Ngata’s career spans an impressive roster of roles in top-tier financial institutions. David Ngata Joins I&M Group as CFO.
Before joining Equity Bank in 2018, he worked at American Express in New York, where he sharpened his insights into global financial management.
He also served as an Audit Senior Manager with KPMG, working in both Kenya and the United States.
This wealth of experience has equipped Ngata with a keen eye for operational efficiencies, regulatory compliance, and strategic finance management, all of which he brings to his new role at I&M.
A Transformative Role at Equity Bank
At Equity, Ngata’s role as Group Finance Director saw him overseeing finance teams across six countries: Kenya, Uganda, Tanzania, South Sudan, Rwanda, and the Democratic Republic of Congo.
His leadership was instrumental in Equity’s remarkable growth across East Africa, as he developed cross-border financial strategies, implemented risk management frameworks, and introduced cost-efficiency measures that helped the bank navigate through challenging economic periods.
In 2022, he was promoted to CFO, where he continued to guide Equity’s financial direction, reinforcing its position as one of East Africa’s top financial institutions.
Academic Excellence and Professional Credentials
Ngata’s academic credentials complement his extensive professional background.
He holds a Master of Science in Business Analytics from Carnegie Mellon University and a Bachelor of Commerce in Marketing from the University of Nairobi.
His Certified Public Accountant (CPA-K) qualification, along with memberships in both ICPAK (Kenya) and AICPA (USA), highlights his commitment to high standards in finance and professional excellence.
Positioning I&M Group for Growth
Ngata’s move to I&M Group comes at a crucial time as the bank aims to enhance its footprint in the competitive East African banking sector, where digital transformation and evolving customer needs are reshaping the industry.
David Ngata Joins I&M Group as CFO, filling the gap left by former CFO Amit Budhdev, who exited in December 2023.
Ngata’s strategic mindset and vast experience are expected to play a pivotal role in shaping I&M’s financial strategies, optimizing risk management, and seizing new growth opportunities.
A Future of Resilience and Innovation
Industry analysts are optimistic about Ngata’s impact on I&M Group, noting that his leadership could help the bank strengthen its market position and continue innovating to meet customer needs.
David Ngata Joins I&M Group as CFO. As Ngata steps into this key role, he is set to lead I&M’s financial team toward new heights, positioning the bank for a future defined by resilience, growth, and transformative finance solutions in East Africa.