News is settling in, and the CEO East Africa Magazine has independently verified that the towering Mumba Kenneth Kalifungwa, previously the Managing Director at Absa Bank Uganda, is set to be the new Managing Director at Stanbic Bank Uganda.
This ends months of speculation on who will be the next Chief Executive of Uganda’s largest bank by assets, deposits, profits and lending.
Stanbic Bank at the end of 2023 had UGX6.33 trillion in deposits, UGX4.22 trillion in lending, and UGX9.26 trillion in assets. Total income was UGX1.26 trillion and net profit at UGX421.4 billion.
Mumba, when he takes on the role early next year, will replace Anne Juuko, who in April 2024 took the Global Markets Regional Head for East Africa within the Standard Bank Group, the parent company of Stanbic Bank Uganda.
Since then Samuel F. Mwogeza has been the bank’s Interim Chief Executive, and Barbara Dokoria as Interim Executive Director. Dokoria, replaced Emma Mugisha who in April left her Executive Director & Head Business Banking role at Stanbic, to join Access Bank Plc.
Mumba, who was recently ranked by CEO East Africa Magazine’s readers as one of Uganda’s 100 Leading and Most Admired CEOs for 2024, comes in wearing quite a good growth and reputational CV on his sleeve.
He joined Absa Bank Uganda as Managing Director in April 2020 at the onset of the COVID-19 pandemic and successfully and profitably steered the bank through the pandemic.
Despite being a first-time Managing Director, while at Absa Bank, he has sustained Absa Uganda’s position as a number 3 bank within the fiercely competitive top 5 banks segment.
Ugandan enterprises urged to explore regional oil and gas opportunitiesCustomer deposits during his time, have grown at a compounded annual average rate (CAGR) of 5%, rising from UGX2.36 trillion in 2020 to UGX2.86 trillion at the end of 2023.
In the same period, lending increased by a compounded annual average of 8%, from UGX1.31 trillion to UGX1.77 trillion. Assets increased by an annual compounded growth rate of 6.5%, from UGX3.54 trillion to UGX4.56 trillion. an increase of UGX1.14 trillion.
The bank’s annual income has similarly grown, at an average yearly rate of 11.4% from UGX400 billion to UGX616.3 billion. Net profit, nearly doubled, growing by a CAGR of 37.6%, rising from UGX40.7 billion to UGX145.8 billion.
In the four years he has spent in Uganda, running one of the top 5 banks, he has garnered good knowledge of the Ugandan banking market especially the top-end where both Absa and Stanbic have been playing.
Mumba also brings good intra-regional experience too. Before Absa Bank Uganda, Mumba previously served as the Chief Financial Officer for Absa Bank Botswana Limited since 2015. Before that, he was the Chief Financial Officer for Absa in Zambia.
A Chartered Accountant by training and a fellow of; the Chartered Institute of Management Accountants (CIMA) and the Association of Chartered Certified Accountants (ACCA), among others, Mumba, before joining the Absa world, also worked for Grant Thornton and the Zambia Revenue Authority.
He holds an MBA from Herriot Watt University, Scotland among other educational qualifications.
