FSD Kenya Appoints Rashmi Pillai As New CEO

Financial Sector Deepening Kenya (FSD Kenya) has announced a major leadership transition with the appointment of Rashmi P. as its next Chief Executive Officer, effective February 2026. Rashmi brings close to two decades of experience in driving inclusive financial sector transformation across Africa and South Asia, having served in high-impact roles including CEO of Financial Sector Deepening Uganda (FSD Uganda), Head of Public Policy at Wave Mobile Money, and senior advisory positions at CGAP and United Nations Capital Development Fund (UNCDF). Her appointment marks a strategic step for FSD Kenya as it prepares for its next phase of growth under the 2026–2030 strategy.

Rashmi succeeds Tamara Cook, who has led the organization since 2019 and played a pivotal role in shaping FSD Kenya into a leading institution for market systems development in inclusive and green finance. Both leaders will collaborate closely over the next year to ensure a smooth leadership transition, with Tamara continuing in her role until January 2026. The transition comes at a defining moment for Kenya’s financial landscape, where the challenge is no longer access alone but the deeper issue of financial health among individuals and enterprises.

Today, although 84.8% of Kenyans have access to formal financial services, only 18.3% are considered financially healthy, revealing a significant gap between usage and impact. This is particularly felt among women, youth, and MSMEs. Rashmi emphasized that FSD Kenya’s mission now centers on ensuring finance contributes meaningfully to resilience, opportunity, and economic participation, especially amidst climate pressures, rapid technological advancement, and shifting economic conditions. She highlighted the organization’s strength in de-risking innovation, convening diverse stakeholders, and catalyzing systemic change as the foundation of its next chapter.

Rashmi’s extensive track record underscores her readiness for this responsibility. At FSD Uganda, she deepened the strategic focus, strengthened evidence-driven programming, and mobilized significant funding partnerships, including a $26 million facility with Mastercard Foundation and a €5 million technical assistance facility with the European Union. Her experience shaping policy for Wave Mobile Money and founding India’s Sankalp Forum—now a leading impact investment platform across Asia and East Africa—further illustrates her ability to build ecosystems, influence policy, and scale inclusive innovation.

FSD Kenya’s Programme Investment Committee welcomed the appointment, affirming Rashmi’s capability to drive the organization’s vision at a time when Kenya is strengthening its financial systems for inclusive growth.