The banking sector has posted resilient growth over the past five years, despite macroeconomic pressures, digital disruption, and the COVID-19 pandemic as well as regulatory reforms.
From 2019 to 2024, total industry customer deposits surged from UGX 22.98 trillion to UGX 35.24 trillion, marking a compound annual growth rate (CAGR) of 8.9%. Loans and advances expanded from UGX 14.08 trillion to UGX 21.51 trillion (CAGR 8.9%), while total assets swelled from UGX 32.4 trillion to UGX 53.2 trillion (CAGR 10.5%), reflecting steady sector-wide momentum.
Net profits grew from UGX 881.6 billion in 2019 to UGX 1.64 trillion in 2024, a CAGR of 13.2%, while industry losses have reduced from UGX 17 billion to UGX 7.8 billion. This growth underscores an industry that has not only weathered challenges but also delivered strong shareholder returns and contributed to economic development.
Yet, within these aggregated figures lies a deeper story of individual transformation. Certain banks have rewritten their fortunes over the last two to five years, propelled by bold, decisive leadership and strategic shifts. From turnarounds and recoveries to consolidated gains and steady trajectories, a select group of CEOs has emerged as the true architects of change in Uganda’s banking sector.
This feature spotlights the “Banking Transformers”—six CEOs whose leadership has fundamentally shaped their banks’ performance between 2019 and 2024. These include Julius Kakeeto at PostBank Uganda, Mark Muyobo at NCBA Bank Uganda, Grace Muliisa at Ecobank Uganda, Robin Bairstow at I&M Bank Uganda, Charles Mudiwa at dfcu Bank, and Michael K. Mugabi the Managing Director, Housing Finance Bank.
PostBank Uganda: Julius Kakeeto’s Turnaround Story
When Julius Kakeeto took over as Managing Director of PostBank Uganda in October 2019, the bank was at a crossroads—operating with legacy inefficiencies, limited digital reach, and thin profitability margins. Five years later, PostBank has undergone a remarkable transformation, with impressive gains across deposits, loans, assets, and profitability.
PostBank’s customer deposits grew from UGX 449 billion in 2019 to UGX 1,070.7 billion in 2024, marking a Compound Annual Growth Rate (CAGR) of 23.3%. This surge has lifted PostBank from a modest mid-tier player to the 11th largest bank by deposits, with its market share nearly doubling from 1.5% in 2019 to 2.8% in 2024.
The bank’s loan book nearly tripled, rising from UGX 267 billion in 2019 to UGX 718.7 billion in 2024, delivering a CAGR of 21.9%. This growth reflects PostBank’s strategic focus on financing underbanked communities, SMEs, and priority sectors like agriculture and education.
PostBank’s total assets expanded from the UGX 491 billion he inherited in 2019 to UGX 1,427.6 billion in 2024, registering a CAGR of 23.8% over five years. This robust growth has strengthened the bank’s financial position and enhanced its resilience in the market.
PostBank’s net profit leapt from UGX 8.3 billion in 2019 to UGX 35.4 billion in 2024, representing a CAGR of 33.65% and a 326% cumulative increase over five years. This turnaround demonstrates strong operational efficiency and improved cost management under Kakeeto’s leadership. This is on the back of a 17.5% CAGR in total income, from UGX111 billion to UGX248.1 billion.
PostBank’s transformation is not just about the numbers, but the numbers tell a compelling story. Between 2019 and 2024, the bank more than doubled its market share in key areas: deposits rose from 1.49% to 2.81%, loans and advances increased from 1.86% to 3.34%, total income grew from 2.68% to 3.35%, and net profit surged from 0.94% to 2.16%. Its asset base also strengthened, moving from a 1.49% to a 2.68% market share. This remarkable trajectory reflects the bank’s strategic commitment to a digital-first agenda, the rollout of agency banking, and the deepening of its rural footprint—delivering financial services closer to underserved communities. PostBank has also solidified its position as a trusted partner in government-led financial inclusion efforts. Governance reforms, enhanced risk management frameworks, and a focus on talent development have underpinned this growth, creating a resilient foundation for future success.
PostBank’s consistent trajectory signals a rising contender in Uganda’s banking sector. With a sharpened focus on rural banking, SME financing, and digital transformation, the bank is well-positioned to sustain its growth momentum in the years ahead.
Julius Kakeeto attributes the bank’s performance to a clear strategic focus on financial inclusion and entrepreneurship. He states, “At the start of the year, PBU rolled out its Purpose of Fostering Prosperity for Ugandans through the high-impact goals of Driving Sustainable Financial Inclusion and Stimulating Entrepreneurship and Services.” He further emphasises that these high-impact goals have enabled PostBank to continue implementing its long-term strategy while achieving “remarkable financial results and consistent growth across most of its performance parameters.”
He particularly attrubutes the 20% growth in income, the 25% rise in deposits, and the 19% increase in the loan book between 2023 and 2024 to“continued innovation and improvement of offerings to deliver value to all stakeholders”, noting that PostBank’s digital platform, Wendi, has played a pivotal role in advancing financial inclusion.
“Wendi onboarded over 1 million Ugandans, with a total of 11.8 million transactions processed during the year,” he explains. Kakeeto further underscores the bank’s commitment to sustainability, stating, “We pledge to continue exercising good governance while harnessing principles that champion sustainable banking so that we can Grow and Prosper together.”
NCBA Bank’s Muyobo: From Loss-Making Merger to Resilient Growth
NCBA Bank Uganda’s story is a tale of merger, turbulence, and eventual transformation. Formed in 2020 from the merger of NIC Bank Uganda and Commercial Bank of Africa (CBA) Uganda, the institution emerged as part of a broader East African consolidation strategy by NCBA Group. The merger, first announced in Kenya in December 2018 and approved by shareholders in April 2019, was given the green light by the Central Bank of Kenya and National Treasury in September 2019, creating NCBA Group as a regional powerhouse.
In Uganda, the Bank of Uganda approved the merger in June 2020, giving birth to a bank with UGX 548 billion in assets as of March 31, 2020. The leadership baton initially passed to Anthony Ndegwa, former CEO of CBA Uganda, as Managing Director, while Mark Muyobo, the then Executive Director at NIC Bank Uganda, became the bank’s Executive Director.
However, the early years of the merged entity were fraught with challenges. NCBA Uganda posted a UGX 3.8 billion loss in 2020, followed by an even deeper UGX 14.8 billion loss in 2021. These early setbacks reflected the complexities of integrating operations, cultures, and systems across two distinct institutions.
In December 2021, Ndegwa was reassigned to the NCBA Group office as Director of Regional Business Development. Muyobo, who had been holding the fort as Acting CEO, was confirmed as the substantive Chief Executive Officer in June 2022—marking the start of a remarkable turnaround.
When Muyobo took over in 2022, customer deposits stood at UGX 491.3 billion. By 2024, deposits had grown to UGX 654.2 billion, delivering a growth of 33.2% and a CAGR of 15.4% over two years. The most recent year alone saw deposits rise by 10.6%, from UGX 567.1 billion in 2023. While the bank’s deposit market share remains modest—1.9% in 2024, up from 1.6% in 2022—the steady growth reflects restored customer confidence under Muyobo’s leadership
The loan book tells a stronger story, though. Lending grew from UGX 210.6 billion in 2022 to UGX 298.0 billion in 2024, marking a CAGR of 19%. The most recent year saw a 17.8% increase, up from UGX 255.9 billion in 2023. This growth reflects a strategic pivot to SME financing, asset-backed lending, and digital credit solutions—a sharp contrast to the bank’s earlier struggles.
Total assets under Muyobo also rose from UGX 741.2 billion in 2022 to UGX 963.0 billion in 2024, representing a CAGR of 14.0%. The bank’s year-on-year asset growth in 2024 stood at 12.8%, up from UGX 854 billion in 2023. This expansion signals strengthened financial stability, improved risk management, and readiness to scale lending and services.
Perhaps Muyobo’s most remarkable achievement has been turning around NCBA’s bottom line. From a UGX 14.8 billion loss in 2021, the bank posted a UGX 22.8 billion, UGX27 billion and 38.9 billion in 2022, 2023, and 2024 respectively. This reversal underscores effective cost controls, stronger risk management, and the unlocking of new income streams under Muyobo’s watch.
Commenting about the 2024 results, Mark Muyobo attributes it to the successful execution of NCBA Uganda’s strategic initiatives, which have focused on deepening customer relationships, strengthening risk management, and expanding the bank’s service offerings. He adds that this performance is a testament to the bank’s strategic focus on building a strong corporate customer ecosystem, delivering value across the value chain, and prioritising long-term sustainability.
Muyobo also attributes the improvement in asset quality, reflected in a reduced NPL ratio of 3.8%—below the industry average of 5.2%—to enhanced credit risk management practices and the strengthening of the credit team’s capacity. These interventions, he explains, have not only helped mitigate risks but also created a solid foundation for continued growth in lending and customer trust.
Ecobank Uganda Under Grace Muliisa: From Losses to Recovery—Building Momentum for the Future
When Grace Muliisa stepped in as Managing Director of Ecobank Uganda in September 2021, she inherited a bank grappling with deep structural challenges—declining deposits, a shrinking loan book, low market share, and a history of persistent losses. The data from 2013 to 2021 paints a sobering backdrop: Ecobank had posted three consecutive years of losses between 2013 and 2015, with net results of UGX-17.3 billion (2013), UGX-5.2 billion (2014), and UGX-0.8 billion (2015). A minor recovery followed between 2016 and 2019, with modest profits peaking at UGX 4.1 billion in 2019. However, this fragile momentum was short-lived, as the bank slipped back into losses of UGX-6.0 billion in 2020 and UGX-11.0 billion in 2021.
These losses reflected systemic issues: a shrinking loan book, which fell from a peak of UGX 197.8 billion in 2014 to UGX 83.6 billion in 2021; declining deposits, which peaked at UGX 550.0 billion in 2019 but dropped to UGX 377.3 billion in 2021; and market share erosion across all key metrics. By 2021, Ecobank ranked 15th by deposits (1.4% market share), 19th by loans (0.5% market share), and 16th by assets (1.2% market share)—a clear sign of a bank in retreat.
Against this backdrop, Muliisa’s leadership over the next three years focused on stabilising operations and implementing internal reforms, though the data reveals a mixed picture of limited progress and persistent hurdles.
By the end of 2024, the impact of Muliisa’s foundation-laying efforts began to show, with the most notable gains emerging in profitability. After reporting a UGX 11.0 billion loss in 2021, Ecobank rebounded to a UGX 10.8 billion profit in 2024—an impressive CAGR of 128.9% from a low base. Muliisa attributes this turnaround to tight cost controls, operational discipline, and a sharpened customer focus, underscoring the success of a disciplined strategy built on internal reforms rather than aggressive market capture.
On the lending front, there were also signs of cautious recovery. Ecobank’s loan book expanded from UGX 163.0 billion in 2021 to UGX 201.9 billion in 2024, reflecting a CAGR of 7.4%. This growth indicates measured credit expansion, aligned with improved risk management practices.
Between 2017 and 2021 (before Grace Muliisa’s appointment), Ecobank’s assets grew from UGX 390.8 billion to UGX 493.8 billion, reflecting a modest CAGR of 6.02%. Under Muliisa’s leadership from 2021 to 2024, assets increased from UGX 493.8 billion to UGX 688.9 billion, translating to a stronger CAGR of 11.74%. However, in the latest year (2023–2024), assets declined by 4.87%, dropping from UGX 724.2 billion to UGX 688.9 billion—indicating a temporary reversal in growth momentum.
For Muliisa, the transformation of Ecobank Uganda was never about chasing quick wins. Instead, her focus was on building institutional clarity, discipline, and resilience—a foundation for long-term performance. “Cleaning up and building operational efficiency required us to first clarify who we are as a bank, who we are targeting, and how we want to show up,” she explains.
She explained that the approach centred on defining the bank’s position in the market and identifying its target segments. The second pillar, she noted, was recapitalisation, aimed at strengthening Ecobank’s capacity to absorb risk and fuel growth. The third, she added, involved building the right team and infrastructure to execute with boldness, competitiveness, and agility.
Muliisa also credited the Board of Directors and the Ecobank Group leadership for playing a pivotal role in supporting the bank’s repositioning. “We’ve had exceptional support from the Group and the region,” she said, adding that the Board’s involvement went beyond oversight, helping to “re-anchor the business” and giving the team both the latitude and discipline to deliver on the strategy.
However, Ecobank Uganda’s deposit performance has been marked by significant fluctuations. From a peak of UGX 550.0 billion in 2019, deposits declined sharply to UGX 377.3 billion in 2021, reflecting challenges in customer retention and competitive pressures. Under Grace Muliisa’s leadership, the trend showed signs of recovery—rising to UGX 443.9 billion in 2022, then surging to UGX 667.1 billion in 2023, as efforts to rebuild depositor confidence gained traction. Yet, this momentum proved difficult to sustain, with deposits falling back to UGX 528.2 billion in 2024, a 20.8% contraction from the previous year. For Muliisa, driving robust deposit growth remains an urgent priority—as it is the engine for expanding lending, growing income streams, and securing the bank’s long-term resilience.
I&M Bank Uganda: Robin Bairstow’s Fast Start
In the five years leading up to 2020, I&M Bank Uganda—then operating as Orient Bank—struggled with stagnation across its core performance indicators. Customer deposits erratically grew, rising from UGX 423.2 billion in 2016 to UGX 606.5 billion in 2020, reflecting a compound annual growth rate (CAGR) of 9.4%. The loan book fluctuated erratically in the same period, from UGX250.8 billion to UGX262.2 billion, a CAGR of just 1.1%, while profitability deteriorated significantly, culminating in a net loss of UGX 22.7 billion in 2020. Total assets, after peaking in 2019 at UGX814.3 billion, slipped back to UGX 720.6 billion by the close of 2020, underscoring a lack of strategic direction and weakening competitiveness.
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The turning point came on April 30, 2021, when I&M Group Plc, a Nairobi-based regional banking powerhouse, acquired a 90% stake in Orient Bank. The acquisition marked the start of a new chapter, and by November 8, 2021, the rebranded I&M Bank (Uganda) Ltd had officially launched. However, 2021 remained a transitional year. Performance metrics continued to trail, with deposits falling to UGX 573.7 billion, loans declining further to UGX 196.8 billion, and a second consecutive net loss of UGX 22.9 billion recorded.
From late 2021 through October 2023, I&M Bank Uganda focused on internal stabilisation. Backed by the parent group’s strategic realignment, the bank concentrated on integration, governance reform, and systems modernisation. The results began to take shape. By 2023, customer deposits had climbed to UGX 687.8 billion (CAGR: 9.4%), while the loan book recovered to UGX 301.0 billion (CAGR: 23.7%). Total assets grew from UGX 710.4 billion to UGX 944.5 billion (CAGR: 15.3%), and profitability returned to positive territory, with net profit reaching UGX 11.5 billion in 2023—a significant recovery from prior losses.
It was against this backdrop of early recovery that Robin Bairstow stepped in as Chief Executive Officer in October 2023. With decades of banking experience and a track record of results, Bairstow brought a new level of intensity to the bank’s transformation efforts. In his first full year at the helm, the results have been nothing short of remarkable.
In 2024, customer deposits grew by 10.1% to UGX 757.4 billion—one of the most substantial increases in years. The loan book expanded dramatically by 35.2% to UGX 406.9 billion, reflecting a strategic pivot toward calculated, growth-oriented credit expansion. Total assets increased by 16.3% to UGX 1,098.0 billion, and total income rose by 36.2% to UGX 129.9 billion. Most notably, net profit nearly doubled, surging to UGX 20.3 billion—a 76.5% year-on-year increase. These gains were driven by a more aggressive lending strategy, tighter cost controls, and stronger execution across the bank’s operations.
Bairstow’s early impact has been profound—injecting fresh momentum, driving lending, and restoring profitability. The challenge now is to sustain this momentum by strengthening the capital base, expanding customer engagement, and leveraging digital innovation to deepen market relevance. With a clear strategy, strong support from I&M Group, and a re-energised team, I&M Bank Uganda is poised for a transformation journey. However, for that journey to succeed, it must now be underpinned by consistent growth and measurable market share gains—hallmarks of a formidable institution in Uganda’s competitive banking landscape.
Looking ahead, Bairstow is clear that I&M Bank Uganda’s growth will be built on a foundation of customer-centric innovation, regional connectivity, and self-sustaining expansion. He emphasises that the bank’s future lies in leveraging technology investments, such as Finacle, the OnTheGo app, and digital onboarding, to deepen customer relationships and offer seamless, borderless banking across East Africa.
“We need to be able to have an achievable, sustainable growth ratio that allows us to grow with our own money, especially by bleeding the investments we have made in technology, great people, and solutions,” he told CEO East Africa Magazine in an earlier interview.
With a focus on expanding the branch network, growing the customer base, and delivering innovative financial solutions, Bairstow is looking to further position I&M Bank Uganda as a go-to bank, one that is determined to grow not just in numbers but in relevance and impact across Uganda’s competitive banking landscape.
Charles Mudiwa: Championing dfcu Bank’s big turnaround
When Charles Mudiwa took over as CEO of dfcu Bank in April 2023, he inherited an institution that had been grappling with shrinking market share, a declining loan book, and erosion of profitability—a bank that had struggled to sustain the gains made after the acquisition of Crane Bank in 2017. The previous five years had seen dfcu’s once-promising momentum dissipate, with market rankings sliding and stakeholder confidence weakening.
Between 2017 and 2022, dfcu’s deposits grew at a sluggish CAGR of 4.0%, rising from UGX 1,987.1 billion in 2017 to UGX 2,410.6 billion in 2022, while its market share fell from 11.0% to 7.7%. The loan book—once a core strength—erratically grew, reaching UGX1.78 trillion in 2020, before dropping to UGX1.36 trillion at the end of 2022- a CAGR of 0.4%, with the loan market share shrinking from 11.8% to 7.2% over the same period.
Total assets rose only modestly from UGX 3,030.6 billion to UGX 3,204.0 billion, a CAGR of 2%, with market share slipping from 11.5% to 7.3%.
Profitability plummeted: after peaking at UGX 127.6 billion in 2017, net profit collapsed to UGX 13.2 billion in 2019 and hovered at modest levels thereafter, reaching UGX 34.0 billion in 2022.
However, the UGX 30.6 billion profit in 2022 was on the back of a deliberate strategic shift—dfcu Bank significantly cut its lending to customers, while increasing its investment in government and marketable securities. The loan book shrank by 9.7%, from UGX 1,508 billion in 2021 to UGX 1,361 billion, as the bank prioritised risk management and liquidity over aggressive credit growth. In contrast, holdings in government and marketable securities surged by 63%, rising from UGX 552 billion to UGX 902 billion. This pivot helped stabilise income streams, with interest income from securities growing by 37% to UGX 86.5 billion, even as interest income from loans declined by 12% to UGX 249.6 billion.
A critical part of this balance sheet cleanup was the aggressive write-off of bad debts, amounting to UGX 76.4 billion in 2022. This move, combined with a 41% drop in impairment provisions—from UGX 148.4 billion in 2021 to UGX 88.2 billion—helped ease pressure on the income statement, improve earnings resilience, and set the stage for a modest profitability recovery. While the UGX 30.6 billion net profit marked a significant rebound from 2021’s UGX 9.3 billion, it was built on a defensive, risk-averse strategy, not growth momentum. The challenge ahead was clear: dfcu needed to transition from stabilisation to sustainable growth—a task that would become the focus of Charles Mudiwa’s transformative leadership from 2023 onward.
Mudiwa’s arrival in April 2023 signalled a decisive shift in leadership approach and strategy. Armed with 26 years of regional banking experience—including a track record of transformation at Stanbic Bank Kenya—he launched the bold “Fired-Up” strategy, built on four pillars: refocus, reorganise, re-engineer, and reignite. The transformation was structural, not cosmetic. Mudiwa reconstituted the leadership team with seasoned professionals, including key appointments in credit risk, digital transformation, corporate banking, and retail. Together, they mapped out an ecosystem strategy targeting Uganda’s core economic sectors—agriculture, manufacturing, energy, ICT, and trade—and embedded this sector focus into dfcu’s customer engagement model.
Against this backdrop, 2023 was a year of fragile stability rather than a full recovery. By year-end, deposits declined by 3.8%, falling from UGX 2,410.6 billion (2022) to UGX 2,318.6 billion.
The loan book fell by 17.3% from UGX1,361.4 billion to UGX1,125.8 billion, reflecting dfcu’s cautious stance toward credit growth amid a legacy of non-performing loans. Total assets fell by 2.4% to UGX3,204 billion. Net profit, however, grew 11.1% from UGX30.6 billion to UGX34 billion.
It was in 2024, Mudiwa’s first full year at the helm, that the impact of his leadership became unmistakable. Mudiwa’s strategy prioritised credit book clean-up, aggressive recoveries, and risk recalibration over blind pursuit of growth. This deliberate shift bore fruit: dfcu’s NPL ratio was slashed from 9.5% to 4.4%, while credit loss ratios dropped by 84.9%. Impairments, which had previously weighed heavily on earnings, swung from a UGX 82.7 billion drag in 2023 to a UGX 12 billion net recovery in 2024. Interest in suspense—a key measure of defaulted income—plunged by 81%, confirming improved credit discipline and repayment behaviour.
On the balance sheet, dfcu’s total assets grew by 8.2% from UGX3,204 billion to UGX3,468.3 billion.
The headline achievement, however, was in profitability. dfcu’s net profit surged by 121%, more than doubling from UGX 34.0 billion in 2023 to UGX 75.1 billion in 2024—the bank’s best result in seven years and the second-highest in its 60-year history. This performance reignited stakeholder confidence: EPS more than doubled, and the dividend payout soared by 144.9% to UGX 15.01 billion. Return on Equity (ROE) climbed from 4% to 10%, while Return on Assets (ROA) doubled from 1% to 2%, signalling a leaner, more efficient bank.
Mudiwa’s impact extended beyond the numbers. Customer engagement surged, with transaction volumes up 37%, and the bank’s Net Promoter Score—a measure of customer loyalty—rose by 20 percentage points. The digital strategy gained traction, reflected in a 33% increase in mobile banking adoption and an expanded agent banking network, further strengthening dfcu’s footprint.
Looking ahead, Mudiwa remains realistic yet ambitious. He frames the 2024 gains as a foundation, not a finish line. “The numbers, as they say, don’t lie… but this is just the beginning. We are building the future, and we believe that we are turning the corner,” he told stakeholders. The roadmap focuses on sector specialisation, customer intimacy, technology-led innovation, and agile execution. Mudiwa has set a bold target: to double dfcu’s ROE to 20% by 2026 and reclaim a spot among Uganda’s top five most profitable banks.
With a renewed leadership team, a cleaner credit book, a clear sector strategy, and a sharper digital edge, Mudiwa’s Fired-Up strategy has propelled dfcu Bank from a period of stagnation to a phase of renewed relevance and resilience. The journey ahead is about sustaining this momentum—delivering consistent growth, deeper customer engagement, and transformative impact in Uganda’s banking sector.
Housing Finance Bank: Michael Mugabi’s Transformative Impact
Housing Finance Bank’s journey over the past decade tells a clear story of transformation—one marked by modest beginnings, followed by accelerated growth under the leadership of Michael Mugabi, who took over as Managing Director in November 2018.
In the five years leading up to 2018, Housing Finance Bank was a small but growing institution. Deposits grew from UGX 282.9 billion in 2014 to UGX 451.3 billion in 2018, reflecting a CAGR of 12.4%—a respectable but moderate pace for a bank of its size. Lending expanded from UGX 282.9 billion to UGX 511.6 billion, marking a CAGR of 15.8%, while total assets rose from UGX 596.8 billion to UGX 776.9 billion, a CAGR of 6.7%. Profitability during this period remained modest and volatile, with net profit fluctuating between UGX 4.3 billion in 2014 and a peak of UGX 20.9 billion in 2018. By the end of 2018, Housing Finance Bank held an estimated 2.3% of total industry deposits and around 4.0% of total loans, ranking outside the top 10 banks in both categories.
Mugabi’s appointment in November 2018 marked a turning point. Under his stewardship, Housing Finance Bank has undergone a remarkable transformation, scaling its operations and improving profitability at an accelerated pace. Between 2019 and 2024, deposits grew from UGX 451.3 billion to UGX 1,607.3 billion—a more than 3.5 times increase and a CAGR of 23.4%, almost double the growth rate of the previous five years. The loan book also expanded steadily, growing from UGX 511.6 billion in 2018 to UGX 1,084.7 billion in 2024, a more than 2 times increase and a CAGR of 12.8%. Total assets surged from UGX 776.9 billion to UGX 2,339.5 billion, a threefold expansion with a CAGR of 20.1%, reflecting improved capital utilisation and stronger balance sheet resilience.
Perhaps the most impressive gains have been in profitability. From a net profit of UGX 20.9 billion in 2018, the bank has grown its bottom line to UGX 71.1 billion in 2024—a more than 3.4 times increase. Key milestones along the way include breaking the UGX 65 billion mark in 2023, underscoring the bank’s improved earnings capacity. Market share has also strengthened: by 2024, Housing Finance Bank ranks 12th in deposits with a 4.7% share, up from 2.3% in 2018, and 10th in loans with a 5.3% share, up from 4.0%—a notable improvement in an intensely competitive sector.
In summary, while the 2014–2018 period was one of steady but limited growth, the 2019–2024 era under Michael Mugabi has been defined by strong, sustained momentum, delivering more than 3x growth in deposits and profitability, a 2x expansion in the loan book, and a clear ascent in market rankings. The challenge now is for Mugabi and his team to sustain this trajectory, deepen customer engagement, manage credit quality, and position Housing Finance Bank as a formidable player in Uganda’s dynamic financial landscape.
In an earlier interview with CEO East Africa Magazine, Michael Mugabi attributed Housing Finance Bank’s growth trajectory to a clear, deliberate strategy anchored on customer-centricity, digital innovation, and team cohesion. He emphasised that the bank’s transformation has been built on a deep understanding of customer needs, particularly in the housing and mortgage finance segment, where the bank commands a 60% market share.
Mugabi highlighted Housing Finance Bank’s commitment to sustainability and financial inclusion, noting that their product offerings have evolved to address not only affordability and relevance but also convenience through digital platforms—with 80% of transactions now occurring via digital channels. He also credited the strength and support of institutional shareholders like the National Social Security Fund (NSSF) and the Government of Uganda, which have enabled the bank to access long-term capital necessary for its mission of reducing Uganda’s housing deficit.
Mugabi further explained that Housing Finance Bank’s success is a result of a relentless focus on execution, backed by strong governance, leadership discipline, and a cohesive team. “It’s about having the right people with the right skills, a disciplined strategy, and a shared commitment to the customer’s success,” he said. The bank’s growth, he added, is mutual and sustainable, as Housing Finance Bank has focused on empowering its customers, helping them navigate challenges and grow their businesses. By aligning the bank’s purpose—transforming livelihoods through home ownership and financial empowerment—with actionable strategies such as product innovation, sector-focused partnerships, and digitisation, Mugabi has positioned Housing Finance Bank as a top-performing government-owned enterprise, with a track record that shows government institutions can indeed excel with the right leadership and strategy in place.
Conclusion: The Leadership Effect
The data is unequivocal—leadership is the single most critical factor in shaping a bank’s trajectory. The stories of Uganda’s top banking transformers—Julius Kakeeto at PostBank, Mark Muyobo at NCBA, Grace Muliisa at Ecobank, Robin Bairstow at I&M Bank, Charles Mudiwa at dfcu, and Michael Mugabi at Housing Finance Bank—demonstrate how bold vision, clear strategy, and disciplined execution can redefine a bank’s fortunes, even in a volatile operating environment.
Julius Kakeeto turned PostBank from a modest, underperforming state-owned entity into a dynamic financial inclusion champion, doubling deposits and loans while quadrupling profitability over five years. Mark Muyobo transformed NCBA Uganda from a loss-making merger into a resilient, profitable bank with a sharp focus on risk management and SME lending. Michael Mugabi’s leadership at Housing Finance Bank stands out for its steady, multi-year transformation—scaling deposits more than 3.5 times, doubling the loan book, and tripling profits—all while deepening customer engagement and expanding the bank’s housing finance footprint. Robin Bairstow’s early impact at I&M Bank has injected new momentum into a bank that had long stagnated, with impressive gains in lending, deposits, and profitability. At dfcu, Charles Mudiwa’s bold “Fired-Up” strategy has already delivered a 121% surge in profitability, driven by aggressive credit clean-up, cost discipline, and operational realignment.
For Grace Muliisa at Ecobank, the journey has been more nuanced. While she has restored profitability from a deep loss position and strengthened internal discipline, the bank still faces challenges in deposits, assets, and market share. Her tenure underscores the reality that transformation is often uneven, especially in banks grappling with deep-rooted structural issues.
As the sector moves forward, the challenge for these leaders is not just to sustain momentum but to build institutions that are resilient, inclusive, and transformative. In an increasingly complex landscape—defined by digital disruption, regulatory shifts, and economic headwinds—the future of Uganda’s banking sector will be shaped by leaders who can balance prudence with ambition, growth with sustainability, and innovation with discipline. Ultimately, the question is no longer whether leadership makes a difference, but how these leaders will continue to unlock opportunity and deliver impact—for their banks, for their customers, and for Uganda’s broader economy.