Meet Fabian Kasi, Annet Nakawunde, and Veronicah Namagembe: Uganda’s Banking Legends

Homegrown leaders are reshaping Uganda’s financial sector—one institution at a time. Fabian Kasi, Annet Nakawunde, and Veronicah Namagembe have each led their banks for over a decade, driving remarkable growth, navigating complex transformations, and building models of financial inclusion that go beyond size to impact lives across the country.

They are three Ugandans who have steered their respective financial institutions for over a decade—driving transformation, growth, and resilience in Uganda’s banking sector. Fabian Kasi, Annet Nakawunde, and Veronicah Namagembe may have led banks of different sizes and mandates, but their impact transcends the scale of their institutions. Their stories are a testament to the power of visionary leadership, homegrown talent, and an unrelenting commitment to financial inclusion in Uganda.

Fabian Kasi: The Architect of Centenary Bank’s Unmatched Growth

When Fabian Kasi became Managing Director of Centenary Bank in August 2010, the bank was already a trusted brand but far from the financial powerhouse it is today. At the time, Centenary’s total assets stood at UGX 807 billion, with deposits at UGX 630.8 billion and loans at UGX 395.8 billion. Under Kasi’s visionary leadership, the bank has experienced an extraordinary growth trajectory—cementing its status as Uganda’s largest indigenous bank by customer base and a formidable player in the industry.

By 2024, Centenary Bank’s assets had skyrocketed to UGX 7.1 trillion, marking an 8.8x growth over 14 years. Deposits surged 6.7x to UGX 4.2 trillion, while loans expanded 9.4x to UGX 3.7 trillion. The bank’s income grew 6.4x to UGX 1.2 trillion, and net profit soared 11.6x to UGX 342.3 billion—up from just UGX 29.4 billion in 2010. These numbers translate into a stellar compound annual growth rate (CAGR): Assets at 16.82%, Loans at 17.35%, Deposits at 14.53%, Income at 14.22%, and Net Profit at a remarkable 19.16%. Even in the most recent year (2023–2024), Centenary achieved a net profit growth of 15.21%, demonstrating resilience in a competitive banking environment.

Kasi’s impact transcends the numbers. He has doubled Centenary’s ATM network to 205 locations, expanded the branch footprint, and grown the customer base from 900,000 to over 3 million. His strategy has been centered on deepening financial inclusion—especially for smallholder farmers, SMEs, and rural communities—and positioning Centenary Bank as a pillar of ethical, sustainable banking.

Beyond the bank’s walls, Kasi’s leadership extends to the governance of Uganda’s financial sector. He has served on boards including the Capital Markets Authority, Financial Sector Deepening Uganda, and Malaria Free Uganda. His career, spanning over three decades and including roles at FINCA Uganda, Banque Commerciale du Rwanda, and the Bank of Uganda, is a testament to his expertise and commitment to the sector.

Fabian holds a Bachelor of Commerce in Accounting from Makerere University and an MBA from the University of Newcastle, Australia. He is a Fellow of the Association of Chartered Certified Accountants (FCCA, UK) and a member of the Institute of Certified Public Accountants of Uganda (ICPAU). His multilingual fluency in English, French, and Luganda underscores his global perspective, while his governance roles at British American Tobacco Uganda, PAX Insurance, and Buganda Broadcasting Service reflect his wider contribution to Uganda’s economic landscape.

As Fabian Kasi approaches 15 years at the helm of Centenary Bank, his legacy is clear: he has transformed the bank into an engine of financial inclusion, a beacon of ethical banking, and a testament to the power of homegrown leadership. Uganda’s banking sector will continue to feel the impact of his leadership for years to come.

Annet Nakawunde: Transforming a Microfinance Institution into a Commercial Bank

When Annet Nakawunde Mulindwa took the helm of Finance Trust Bank in 2013, the institution was at a critical juncture—transitioning from a microfinance deposit-taking institution (MDI) into a fully licensed commercial bank. This transformation required more than regulatory compliance; it demanded a redefinition of strategy, culture, and operational capability. Nakawunde, who had previously served as the Managing Director of Uganda Finance Trust (the MDI), brought an intimate understanding of the institution’s mission, challenges, and customer base—particularly its focus on women and micro-entrepreneurs.

Under her leadership, Finance Trust Bank has undergone a remarkable evolution, growing from a niche player into a mid-tier commercial bank with national relevance. Between 2013 and 2024, the bank’s total assets surged from UGX 92.3 billion to UGX 551.0 billion—a 5.97x growth, translating to a compound annual growth rate (CAGR) of 17.64%. The loan book expanded from UGX 59.0 billion to UGX 356.3 billion, a 6.04x growth at a CAGR of 17.76%, while customer deposits soared 7.39x from UGX 46.1 billion to UGX 340.7 billion, at an impressive CAGR of 19.94%.

Finance Trust Bank’s income grew 4.08x from UGX 29.8 billion in 2013 to UGX 121.5 billion in 2024 (CAGR 13.63%), while net profit rose from UGX 1.9 billion to UGX 10.4 billion—a 5.47x growth with a CAGR of 16.71%. While profitability has faced fluctuations—particularly in 2016 and 2023, reflecting market shocks and operational shifts—Nakawunde’s steady hand has ensured that the bank has navigated challenges while maintaining its mission to serve underserved communities.

Her leadership has been characterized by a commitment to financial inclusion, particularly for women, MSMEs, and the unbanked. She has built a resilient institution that can compete in Uganda’s increasingly sophisticated banking sector, while remaining true to its roots as a bank for the people.

Nakawunde has driven digital transformation, talent development, and governance enhancements at Finance Trust Bank. Her tenure has been marked by a focus on customer-centricity, product innovation, and risk management. Yet, challenges persist. Maintaining sustainable profitability, managing non-performing loans, and scaling digital services in a competitive market will require Finance Trust Bank to continue evolving. Nevertheless, Nakawunde has laid a solid foundation, proving that with the right leadership, even a small institution can punch above its weight in Uganda’s financial sector.

Annet Nakawunde’s story is a case study in resilience, foresight, and the power of leadership anchored in purpose.

Veronicah Namagembe: Building Pride Bank’s Foundation for the Future

For over 15 years, Veronicah Gladys Namagembe has been the driving force behind Pride Bank’s evolution from a microfinance institution into a licensed Tier II bank. Her leadership has been defined by a deep understanding of the bank’s mission—to support Uganda’s unbanked and underbanked populations—and a relentless commitment to strengthening the institution’s financial and governance structures.

Under Namagembe’s stewardship from 2009 to 2024, Pride Bank’s deposits grew from UGX 13.8 billion to UGX 178.2 billion—a 12.91x increase and a compound annual growth rate (CAGR) of 18.60%. Loans and advances expanded from UGX 47.8 billion to UGX 234.0 billion, a 4.9x growth at a CAGR of 11.17%. Total income rose from UGX 26.6 billion to UGX 103.1 billion, a 3.88x growth with a CAGR of 9.45%, while total assets climbed from UGX 66.1 billion to UGX 448.3 billion—a 6.78x growth at a CAGR of 13.61%. Net profit, though modest in growth compared to other metrics, increased from UGX 2.4 billion to UGX 8.2 billion, a 3.42x rise with a CAGR of 8.54%.

Namagembe’s leadership has been particularly instrumental in navigating regulatory hurdles, strengthening risk management frameworks, and preparing the institution for its Tier II banking license, which Pride Bank secured in November 2024. This milestone marked a major shift for the institution, enabling it to expand its product offerings, deepen its reach across Uganda’s 43 branches and 4 contact offices, and position itself more competitively within the financial services sector.

Beyond financial metrics, Namagembe has been a champion for human capital development, emphasizing mentorship, succession planning, and placing the right people in the right roles. Her influence extends beyond Pride Bank through her active participation in industry associations, including her tenure as National President of the Association of Microfinance Institutions in Uganda (AMFIU), her role as a Board Member of the Uganda Bankers Association (UBA) representing Tier II and III institutions, and as a Council Member at the Uganda Institute of Banking & Financial Services (UIBFS). She has also served as Vice Chairperson of Majestic Brands Ltd and a board member at Lubiri High School, reflecting her broad commitment to community development.

While Pride Bank’s trajectory has been largely upward, challenges remain—particularly around profitability, which declined from a peak of UGX 16.5 billion in 2017 to UGX 8.2 billion in 2024. Sustaining momentum as a Tier II bank will require continued innovation, strong risk management, and customer-focused strategies to remain competitive in an increasingly dynamic market.

Veronicah Namagembe’s leadership story is one of institutional resilience, strategic transformation, and a deep-rooted belief in the power of financial inclusion. Her legacy is a Pride Bank that is stronger, better positioned, and ready to take on the challenges of the future in Uganda’s evolving financial landscape.

Legends of Impact, Not Just Scale

While Centenary Bank, under Fabian Kasi, is Uganda’s second-largest bank by assets, Annet Nakawunde’s Finance Trust Bank and Veronicah Namagembe’s Pride Bank are mid-sized players. Yet, this story is not about scale—it is about impact. Together, these three leaders have demonstrated that visionary leadership, consistent execution, and a deep understanding of local markets can transform institutions, no matter their size.

Fabian Kasi, Annet Nakawunde, and Veronicah Namagembe are Uganda’s banking legends—homegrown leaders who have shaped their banks into engines of inclusion, resilience, and growth. Their stories remind us that true transformation is not measured solely in balance sheet size but in the lives touched, communities served, and legacies built.