#CEOOFTHEWEEK: Annet Nakawunde Mulindwa, a lioness in banking and a champion of women’s financial inclusion

CEO East Africa Magazine would like to recognize, Annet Nakawunde Mulindwa, the Managing Director of Uganda’s Finance Trust Bank.

This week, the bank released its 2021 financial performance results, reporting Finance Trust Bank, this week, released its 2021 financial performance results, reporting a 57% increment in net profit— from UGX5.8 billion in 2020 to UGX 9.16 billion in 2021— the highest ever since acquiring a commercial banking license in 2013.

Total income, grew by 23%, from UGX75.2 billion to UGX92.6 billion. Income growth was largely boosted by a 19% growth in lending— from UGX203.2 billion to UGX242.5 billion.  As a result of strong performance in lending, which forms a significant portion of the assets base (62% in 2021), saw the bank’s asset base grow by 21%, from UGX325 billion to UGX393.9 billion.

Overall, this sturdy performance led to further growth in shareholder value, with shareholder funds (equity), increasing by 18%, from UGX52.1 billion to UGX61.2 billion.

The strong 2021 performance continues a 9-year growth streak under the leadership of Annet Nakawunde Mulindwa. was appointed as the Managing Director of the then Uganda Finance Trust, then a Microfinance Deposit-Taking Institution (MDI) in early 2012. She oversaw the transition from an MDI to a fully-fledged Tier-One bank in 2013 and has since continued to preside over what has grown to become of the most successful homegrown business stories in Uganda’s financial services sector.

However, a dampened economic environment got in the way of the bank’s deposit raising initiatives, causing customer deposits to decrease by 10% from UGX203.4 billion in 2020 to UGX183.4 billion in 2021.

Today Finance Trust Bank has expanded to a footprint of 34 branches, and currently serves, over 500,000 savers and over 29,000 borrowers. 51% of the bank’s customer base are women and or women-owned businesses and groups. 70% of the bank’s branches are in rural areas.

In the 9 years under the leadership of Annet Nakawunde Mulindwa, the bank’s assets have grown by more than 4 times, by 326.8% from UGX92.3 billion in 2013 to UGX393.9 billion in 2021 a compounded annual growth rate (CAGR) of 17.5%. 

Lending too has quadrupled, growing from UGX59 billion in 2013 to UGX242.5 billion in 2021- a CAGR of 17%. 

Customer deposits in this period have also grown from UGX46.1 billion in 2013, reaching an all-time high of UGX203.4 billion in 2020, before taking a 10% decline to UGX183.4 billion in 2021. Overall, deposits have grown by a compounded annual growth rate of 16.6% in the 9 years. 

Net profit too has consistently grown, by 384.2%— from UGX1.9 billion to UGX9.2 billion, a CAGR of 19.2%, thanks to steady growth in total income. In the 9 years, the bank’s total income has grown by 210.7%, from UGX29.8 billion to UGX92.6 billion—a compounded annual average growth rate of 13.4%.

Shareholder funds have more than doubled— from UGX29.1 billion to UGX61.2 billion in 2021- a CAGR of 7.7%.

As the bank gets more efficient, the cost to income ratio has improved from a high of 98.6% to 85% while the Return on assets has improved from 1.75% in 2013 to 2.7%. Return on Equity to has greatly improved from 5.56% to 16.9%.

She holds a Master’ degree in Business Administration majoring in Finance, a postgraduate diploma in Financial Management and an honours degree in BA (Arts), from Makerere University. She has also attended a number of trainings including the Advanced Leadership training in Wharton Business School, the University of Pennsylvania in USA, Coaching Program for Mission, Leadership and Performance By CREATIVE METIER, Oxford, England. She also completed the Women in leadership by Women’s World Banking Center For Microfinance Leadership, New York where she got the Financial Woman’s Association’s Women in Leadership Award for 2008. She has also completed the Balance scorecard training as well as the Basic Banking by the Institute of Bankers.

She is passionate about women and youth empowerment, as well as ensuring best practices in banking and microfinance and creating value for customers.