Stanbic Bank Uganda at a Crossroads: Can Mumba Kalifungwa Reignite the Blue Spark of Yesteryears? For over a decade, Stanbic Bank Uganda ruled on scale—leading in profits, deposits, and assets. But as rivals gain speed, new CEO Mumba Kalifungwa faces a defining test: Can he shift the bank from scale to speed and reignite its growth leadership in an increasingly competitive and fast-moving banking landscape, the CEO East Africa Magazine's Muhereza Kyamutetera writes.

Muhereza KyamuteteraMay 16, 2025May 16, 2025

Damoni Kitabire, Chairman of Stanbic Bank Uganda; Mumba Kalifungwa, the newly appointed Chief Executive; Patrick Mweheire, Regional Chief Executive for East Africa at Standard Bank Group; and Francis Karuhanga, CEO of Stanbic Uganda Holdings Limited (SUHL), during Kalifungwa’s official unveiling. His appointment comes at a pivotal time for Stanbic—still the most profitable bank in Uganda, but facing slowing growth in core fundamentals like deposits and lending. Kalifungwa, credited with transforming Absa Uganda into a high-growth performer, now faces the challenge of reigniting Stanbic’s growth momentum and defending its leadership amid intensifying competition from both top-tier rivals and fast-charging mid-tier challengers.

Stanbic Bank Uganda has for years stood tall as the country’s largest and most profitable commercial bank. From balance sheet dominance to steady profit leadership, the bank has long held the crown in Uganda’s financial industry. Yet, beneath the surface of consistent profits lies a shifting competitive landscape. The once clear lead is steadily narrowing, and a new question arises: Can Stanbic maintain its dominance in the face of sharper, faster rivals? And more critically, can its new CEO, Mumba Kalifungwa, reignite the growth momentum that once made Stanbic not just a giant, but a trailblazer? More Than a Decade…

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