Q&A WITH MUMBA KALIFUNGWA: Everyone needs a strong and innovative bank and Absa Uganda is that bank It is slightly over a year, since Mumba Kalifungwa assumed leadership of Absa Bank Uganda, in April 2020. Despite a tough environment, he has successfully steered the bank through a UGX117.2 billion rise in assets from UGX3.43 trillion in 2019 to UGX3.54 trillion and an 8.1% growth in deposits from UGX2.18 trillion to UGX2.35 trillion. The bank also remained profitable, posting UGX40.7 billion in net profit. Absa Bank Uganda is strongly capitalized, with total capital ratios of 23%, nearly twice the regulatory limit of 12.5%. In this interview with CEO East Africa Magazine’s Muhereza Kyamutetera, Mr. Mumba shares his cautious optimism on post-Covid-19 recovery and says Absa is positioning itself as the go-to bank for customers looking for innovation and convenience, backed up by a strong capital base.
2020 was an unprecedented year, for the industry, for Absa and yourself as a leader. It was a year of many firsts. But regardless, Absa emerged strong— stirred, but not shaken. What would you say were the key highlights?
I think 2020 by all intents and purpose, was a challenging year. It was unprecedented in the sense that no one would have predicted the way it turned out to be. The he
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