How Stanbic Bank CFO Ronald Makata Blends Governance, Technology and Human Leadership to Drive Performance
Fresh from a standout performance at the 9th edition of the Chief Financial Officer Awards 2025– an initiative of ACCA Uganda and Deloitte Uganda.
Ronald Makata, the Chief Financial Officer of Stanbic Bank Uganda, recently earned recognition that reflects his growing influence in the financial services industry. He was recognised as a triple honouree, winning the Compliance and Governance Award, the Finance Transformation and Technology Award, and earning the position of First Runner-Up for CFO of the Year.
In a wide-ranging conversation with CEO East Africa Magazine’s Paul Murungi, Makata reflects on what the recognition means and traces the evolution of his career.
Grounded, thoughtful and strikingly practical, Makata shares the lessons learned from mentors who shaped his leadership journey, the bold decisions behind Stanbic’s digital transformation, he explains how technology is redefining the finance function, and the philosophy that guides him as he leads a complex institution in an increasingly demanding operating environment.
The conversation offers a rare window into the mindset of a CFO who has moved far beyond managing numbers and is actively reimagining the future of finance.
Ronald, congratulations on an outstanding night of recognition. What do these three honours mean to you personally, and how do they reflect the journey that has brought you to this point in your career?
Thank you. I am deeply honoured by the recognition. For me, these awards represent more than professional achievement—they reflect a journey shaped by deliberate choices, high expectations, and the privilege of being mentored by exceptional leaders. I have been fortunate to work within world-class institutions across the Standard Bank Group, environments where excellence is not aspirational but expected. These experiences, combined with the guidance of mentors who pushed me to sharpen my craft, cultivated a strong internal discipline and a commitment to showing up at my best. This recognition is therefore both a personal milestone and a testament to the teams and leaders who have invested in my growth.
What first inspired your entry into finance, and when did you realise your calling extended beyond numbers to transforming systems, culture, and institutional performance?
I entered finance because seasoned professionals around me highlighted its strategic importance—and the need for more qualified individuals who could elevate the profession. Over time, I came to appreciate that finance is far more than managing numbers; it provides a 360-degree view of an organisation. A finance leader sits at the intersection of strategy, investment, operations, people, and risk. As the needs of businesses evolved, so did my outlook. I realised that the finance function is uniquely positioned to drive transformation—shaping culture, enabling innovation, and ensuring that organisations remain both competitive and relevant to their stakeholders. That holistic impact is what drew me deeper into the profession.
The modern CFO role has shifted from custodian of financials to architect of transformation. How has this evolution influenced your leadership at Stanbic Bank?
Today’s CFO must influence not just outcomes but the strategic path that delivers them. At Stanbic, this has meant expanding my focus beyond traditional reporting, to shaping both the bank’s short-term priorities and its long-term strategic direction. It has also required building a strong, empowered finance team. By investing in mentorship, coaching, and capability development, I have strengthened the backbone of the function—allowing me to dedicate more time to enterprise-wide transformation, future-facing strategy, and collaboration with other business leaders.
You were recognised for both Compliance & Governance and Finance Transformation & Technology. What guiding principles allow you to excel in disciplines—control and innovation—often viewed as opposites?
At Stanbic, we operate with a “no-surprises” culture on risk and controls. We believe a strong governance framework is not a constraint but a strategic differentiator. When customers and regulators trust you, you earn the licence to innovate boldly. My approach is anchored on a few core principles: integrity, discipline, excellence, and humility. These values ensure that even as we push the boundaries of innovation—through automation, AI adoption, and process re-engineering—we never compromise on the rigour that defines a trusted financial institution.
Strategy execution often demands navigating tension between ambition and regulatory discipline. How have you ensured integrity is never compromised?
In banking, integrity is non-negotiable. We operate in an environment where customers expect bold solutions, and regulators expect unwavering compliance. These are not trade-offs—they are dual responsibilities. At Stanbic, we prioritise doing the right thing even when it appears costly in the short term. Upholding the law, protecting customer interests, and maintaining a stable financial system will always outweigh the pursuit of short-term gains. Our reputation as a trusted financial partner is built through the discipline of making those choices consistently.
Letters to My Younger Self: What Uganda’s CEOs and Professionals Wish They Knew at the StartLooking back, which mentors, experiences, or even failures most shaped your approach to leadership and resilience in high-stakes environments?
I have had the privilege of working with some of the most accomplished finance professionals here at Stanbic, across Africa and global banking. These leaders have significantly influenced how I lead—blending strategic clarity, resilience, and an appreciation for excellence. Working across different markets within large international banking institutions exposed me to diverse cultures, regulatory environments, and ways of thinking. These experiences stretched my comfort zone and refined my leadership philosophy: stay adaptable, stay curious, and stay committed to delivering value regardless of the operating environment.
Transformation is rarely smooth. What were the boldest decisions you made in modernising Stanbic’s finance function, and how did you bring people, systems, and technology along on that journey?
One of the boldest decisions was committing to full automation of routine processes. This was not only a financial investment; it demanded resilience, especially when we encountered setbacks. But success hinged on culture. Before introducing new systems, I focused on nurturing a growth mindset—ensuring our people understood the “why” and embraced change as an opportunity. Today, I leverage AI, cloud technologies, and advanced analytics to make our function more agile and future ready. This required not just digitisation but also strengthening controls, upskilling staff, and building confidence that everyone could thrive in a transformed environment.
Governance excellence is built over time. Which reforms or frameworks are you most proud of strengthening at Stanbic?
I am particularly proud of our evolution from a manual, labour-intensive operation to a highly automated finance function. Automation has enhanced productivity, eliminated inefficiencies, improved turnaround times, and provided a clear audit trail across key processes. This transparency has strengthened trust with regulators, boosted customer confidence, and delivered better value for shareholders. I have also improved how information flows across teams—reducing friction and ensuring faster, more accountable decision-making.
How have you helped Stanbic remain commercially competitive while pushing for innovation and compliance discipline?
The vantage point of a CFO—access to rich data and enterprise-wide insights—enables me to connect information into clear strategic narratives. Through advanced analytics, I forecast scenarios, anticipate risks, and identify opportunities early. This has shaped commercial decisions, guided investment choices, and ensured resources are allocated to areas that reinforce both competitiveness and compliance. By embedding key performance indicators that reward innovation and disciplined execution, I have aligned the organisation around value creation that is both responsible and sustainable.
As First Runner-Up for CFO of the Year, what distinguishes your leadership philosophy from others in Uganda’s financial sector?
My philosophy is simple: people first, systems second, technology third. I believe in investing heavily in developing teams—coaching, mentoring, challenging them, and creating space for them to grow. When people feel empowered and supported, performance naturally accelerates. The second differentiator is an unrelenting focus on building efficient, agile systems. Technology must free people from routine tasks so they can contribute strategic thinking and innovation. That balance—strong people and strong systems—is essential in today’s financial landscape.
Many young CFOs struggle to find meaning beyond results. What guidance would you offer them about building institutions that embody their values?
The next generation must prioritise ethics, digital fluency, and critical thinking. Technical competence alone is no longer enough. A CFO must communicate clearly, simplify complexity, anticipate change, and collaborate across functions. Above all, they must be trusted. Trust is the currency that enables a CFO to influence decisions, shape culture, and build institutions that endure. Sustainable leadership comes from aligning values with action—consistently and visibly.
When your chapter at Stanbic is eventually written, what impact do you hope others will remember?
I hope to be remembered as a business leader who helped shape the industry, and as a finance professional who elevated and inspired the next generation. Ultimately, I want my legacy to reflect a commitment to building a more sustainable, more innovative, and more inclusive future for Uganda’s financial ecosystem.
