From the shifting economics of global remittances to the disruptive force of artificial intelligence, Sanjay Rughani, Managing Director of Standard Chartered Bank Uganda, is steering through a period of rapid transformation.
Speaking to CEO East Africa Magazine’s Paul Murungi on the sidelines of the Annual Bankers Conference, Rughani reflects on Uganda’s competitive position in remittances, the bank’s performance amid its planned retail exit, and the sectors showing post-COVID resilience. He also opens up about the personal pursuits that help him maintain perspective in a high-pressure leadership role.
Tell us your reflections and learnings on the discussion about remittances as a theme at the Annual Bankers Conference?
The game of remittances is changing globally at an immense pace, and has become a core part of economic growth. Traditional models are changing and there are lots of players who have come to make remittances more dynamic.
The central bank has established very good regulations for Uganda to step into a much bigger position. This means more transparency, and security, and therefore Ugandans should be able to transfer funds at a much cheaper rate.
What we’ve learnt is that you can’t do it alone; there’s a lot much more encouragement on local and global partnerships. We have to stick to the core of the business, but also optimise on the opportunity that partnerships and collaboration provide across the region.
Give us an update on the banks which had expressed interest in buying StanChart’s retail and wealth business?
It’s a long process, remember we communicated that the bank intends to sell its retail and wealth business by the end of next year; so it will take about 24 months. Currently, the process of evaluating the bidders is still going on.
Which banks have expressed interest?
They’re many, but I can’t reveal them…we have a mutual agreement not give out that information.
From where you sit, which key sectors have you observed improve in performance after Covid-19, and which ones are still struggling?
The sector that has really improved is manufacturing which the President is pushing for. We’ve also observed growth in cement, steel, FMCGs, mobile technology and digital payments.
The other emerging market has been the whole mining sector, agriculture [coffee and cocoa] and anything to do with education and youth has grown substantially but we still need more growth to create skills for today.
Inside the Babirukamu Home: A Kiln Where Leadership Was Forged by a Mother’s Tough Love — Tempered by a Father’s Steady Hand The whole area of tourism has grown and we’ve seen a lot more money from the diaspora.
I think we need to see more growth in traditional businesses and human resource where we have abundant manpower. How do we use it much more effectively?
One thing we talk about business is driving efficiency so productivity remains a big area for the nation.
Now that we have a ten-fold growth strategy, we need to map our agenda to regional and global partners. Let’s look at the 300 million people across the region rather than just a country here. I believe these are areas of opportunities.
How would you assess Standard Chartered’s performance and growth in the first half of 2025?
Despite our announcement to sell retail, we’ve seen huge growth on the wealth business and personal loans.
On the corporate side, we’ve funded quite a few projects. Like I said, if cement, steel, FMCGs and telcos grow, then you know our own appetite to support those industries has grown.
What keeps you awake?
What keeps me awake is the speed at which the world is changing, artificial intelligence is transforming much faster than many of us can manage. It is about our capability in Uganda and Africa to keep us at that pace.
Leading a major bank comes with immense pressure. How do you maintain balance and personal well-being amidst it all?
I speak to a lot of people, especially mentors. I’m a photographer so I move outdoors to do a lot of photography, but also I do a lot of reading, quite a bit of music, sometimes getting into spirituality, and just spending time with kids. It’s amazing how they consume your brains!
