Absa Bank Uganda has today announced that David Wandera has been appointed Interim Managing Director. David brings over 20 years of experience in the banking sector, with a strong track record in leadership, strategic initiatives, and financial management. He has a deep understanding of treasury and markets management, accounting, and financial risk management, making him exceptionally well-equipped to lead the bank during this transition period. He has most recently held the positions of Executive Director and Head of Markets, in which roles he has consistently delivered excellent results and built valuable relationships with key stakeholders. David is a Chartered Accountant…
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News is settling in, and the CEO East Africa Magazine has independently verified that the towering Mumba Kenneth Kalifungwa, previously the Managing Director at Absa Bank Uganda, is set to be the new Managing Director at Stanbic Bank Uganda. This ends months of speculation on who will be the next Chief Executive of Uganda’s largest bank by assets, deposits, profits and lending. Stanbic Bank at the end of 2023 had UGX6.33 trillion in deposits, UGX4.22 trillion in lending, and UGX9.26 trillion in assets. Total income was UGX1.26 trillion and net profit at UGX421.4 billion. Mumba, when he takes on the…
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The Finance Ministry Permanent Secretary and Secretary to the Treasury, Mr Ramathan Ggoobi has outlined budget opportunities in the UGX 72 trillion Budget for the Financial Year 2024/25, urging private sector players to take advantage of them. Mr Ggoobi was delivering a keynote speech during the 2024 Post Budget Dialogue organised by Absa Bank Uganda in collaboration with Deloitte among other partners on June 14th, 2024 at Kampala Serena Hotel. “In the next financial year, we have allocated funds for wealth creation initiatives, commercial agriculture, and value addition; the Parish Development Model brings more people into the money economy. We…
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DHL, a global leader in logistics in collaboration with Absa Bank Uganda under the 2024 ‘Growing Beyond Borders’ entrepreneurial training programme have trained over 200 SME’s in Jinja to build their capacity to access export markets. The overall objective of the program is to empower Small and Medium Enterprises (SMEs) in Uganda by enhancing their understanding of the economic potential of international trade and its benefits. The program is being rolled out countrywide across 7 cities including Jinja, Masaka, Mbale, Mbarara, Lira, Arua and Kampala. The training workshops are free of charge, and explore importing and exporting in new markets,…
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As new consumption trends emerge among consumers who now seek convenience, modern lifestyle, holistic experiences and value offerings. Absa Bank Uganda is encouraging customers to sign up for the Absa credit cards which offer up to 50 interest free days in a bid to provide convenient financial services. The bank has launched a new campaign dubbed, ‘Everybody deserves a Bestie Kabisa’, whose purpose is to demonstrate the various ways customers can use credit cards to access financing. The credit card offerings are in response to a shift and preference for digital payment systems among the population driven by the movement…
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Absa Bank Uganda and Kampala Capital City Authority (KCCA) have jointly planted 3,300 trees at KCCA’s Agricultural Resource Center in Kyanja situated on an expanse of 4.9 acres. The tree planting exercise was to commemorate World Environment Day held on June 5th, every year, with a focus on land restoration, desertification, and drought resilience under the theme, “Our land. Our future. We are #GenerationRestoration.” Speaking at the launch, KCCA’s Head, Landscaping Unit, Isaac Mugumbule said, the authority intends to continue to improve the quality of life of city residents through efforts under the Greening Kampala initiative. “Kampala City is home…
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My Tree Initiative Organization and Absa Bank Uganda have announced a partnership that will accelerate the planting of over 300,000 trees in 300 schools, and local communities across Eastern Uganda. The ambitious initiative is under the theme “Sustainable Growing of 300,000 Trees in 300 Schools by 2025”, which is a Schools Greening Program aimed at combating climate change, promoting environmental education, and awareness, and creating greener campuses across school communities. The project particularly targets areas in Eastern Uganda that have suffered adverse impacts of extreme weather events resulting in landslides, destruction of property, and loss of lives. The program was…
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Over 5,000 runners took part in the Absa KH3-7 Hills Run marathon that took place on Sunday 17 March 2024. The annual marathon challenges runners to traverse the length of the proverbial 7 hills that make up Kampala City. Proceeds from the run dubbed “Run Her Race” and organised by Absa Bank Uganda and Kampala Hash House Harriers (KH3) will go towards initiatives that focus on returning girls who have dropped out of school prematurely, to school as well as providing urgent menstrual hygiene support to impoverished schoolgirls who often drop out of school due to prohibitive costs of sanitary…
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Absa Bank Uganda has been recognised as the Best Corporate Social Responsibility (CSR) Bank in Uganda and the Best Bank for Sustainable Development Uganda in the 2024 Global Banking & Finance Awards® for its Environmental, Social and Governance (ESG) focused initiatives that drive climate action, financial inclusion and diversity and inclusion. The awards recognise innovation, achievement, strategy, progressive and inspirational changes taking place within the Global Financial community by recognising organisations of all sizes which are prominent in particular areas of expertise and excellence within the financial world. “Absa Bank Uganda Limited stands at the forefront of economic and sustainable…
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The government of Uganda’s continued uncontrolled borrowing from commercial banks via government securities and at anti-market rates to the detriment of the private sector dominated the greater part of the just-ended Absa 2024 Economic Outlook Forum. Various experts called out the government for failing to tame its growing appetite for borrowing from the local markets and at double-digit rates, something that is increasingly making it unattractive to lend to local businesses especially SMEs and startups on one hand while also killing venture capital options as the pension funds, whose long term funds would be a reliable source of very affordable…
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