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In a landmark partnership that signals collaboration over competition, Pearl Bank Uganda (formerly PostBank Uganda), a leading government-owned financial institution and Stanbic Bank Uganda, the country’s largest commercial bank, have…
Stanbic Bank Uganda has confirmed that it has appointed Mumba Kenneth Kalifungwa as its Chief Executive and, by extension, a member of the Board of Directors, effective March 1, 2025. According to a media statement released by Stanbic this morning, Mumba’s appointment has already received the required regulatory approvals. Daily Monitor, Uganda’s leading independent daily, last week broke the news that Mumba, who is the current Absa Bank Uganda Managing Director, was due to be announced for the role. “Mumba brings to our team nearly 30 years of post-qualification experience, 20 of which have been in the banking sector, mostly…
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In a bid to equip the financial sector with practical knowledge on ethical framework and conduct in daily operations, Absa Bank Uganda has conducted a one-day training for sector compliance experts. The event, officiated by theBank of Uganda (BoU) Executive Director for SupervisionDr. Tumubweine Twinemanzi, took place at Protea Hotel in Kampala under the theme ‘Building blocks of an ethics programme’. In his address, Dr. Twinemanzi said that it is important that banks and other financial institutions give special attention to conduct risk if they are to address the upsurge in financial fraud in the post-COVID era. Twinemanzi added that…
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Take care of your health and/or invest in insurance. If the pandemic has taught us anything, it’s that your entire savings and investments (your life’s work) can be wiped out by a single medical emergency. Diversify your savings and investments. This presents some shields against the depletion of savings or business losses in one option and the disillusionment that comes with it. There are various options available beyond keeping your money in a single savings account. Look out for unit trusts, voluntary pension funds and the like. Learn to manage inherited wealth. Inheriting property, stocks, cash etc. doesn’t mean you…
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Absa Bank Uganda and MTN Mobile Money Uganda Limited have today announced the introduction of mobile money payment functionality, also known as MTN MoMoPay on Absa Point of Sale (POS) machines/terminals. The service is open to all MTN Uganda mobile money account holders, who can now make payments on any Absa POS machine, regardless of whether they hold an account with the bank. Announcing the partnership, Absa’s Managing Director, Mr. Mumba Kalifungwa noted that the new functionality makes it even more convenient for customers to pay for goods and services directly from their MTN mobile money account to the Absa…
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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 health and economic impact of Covid-19, in Uganda and all over the world has been and continues to be unmatched. 2020 was filled with a lot of uncertainty….
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Absa Bank Uganda, yesterday, 20th April 2021, released their 2020 annual results, reporting a profit of UGX41 billion and growth in revenue to UGX316 billion. This is Mumba Kalifungwa’s first results, since he became Managing Director/Chief Executive Officer in April 2020, just about the time the country was entering into total Covid-19 lockdown. Speaking during a media briefing, held at Sheraton Kampala Hotel, Mr Kalifungwa said that the good results were born out of the bank’s demonstrated ability and commitment to stay by the customers’ side, even during the pandemic. “We achieved total revenue of UGX 316 billion and profit…
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Kampala, Uganda, April 13, 2020: As Uganda and the rest of the world confront the public health, financial and economic implications of the COVID-19 pandemic, Absa Bank Uganda is rolling out an extensive payment relief programme for eligible customers that have been directly or indirectly impacted. Under the programme, customers in sectors that have been directly or indirectly affected by the disruption presented by COVID-19 will be offered payment relief to ease their financial burden. “While we appreciate the measures put in place globally to curb the spread of this pandemic, we are also cognizant of the effects they have…
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Absa Group Limited has today announced the appointment of Mr Mumba Kalifungwa as Managing Director for Absa Bank Uganda effective 1 April 2020, confirming a story, CEO East Africa early this month broke about his appointment. He succeeds Mr Nazim Mahmood, who has held the position on an interim basis since July 2019, leading the organisation through a historic brand transition to Absa. He will work closely with Mr Kalifungwa over the coming weeks to ensure a smooth transition. Mr. Kalifungwa has held various positions within the Group, most recently he served as Chief Financial Officer for Absa Bank…
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Absa Group has tapped Mumba Kenneth Kalifungwa the former Executive Director, Finance at Absa Botswana, as its Managing Director, for Uganda, CEO East Africa has learnt. Mumba, replaces Mr. Nazim Mahmood who has been heading the bank since June 2019. According to our sources- Nazim leaves the country this month. CEO East Africa understands that Nazim was here on a short contract to manage the rebranding process as Absa searched for a substantive replacement for Rakesh Jha whose contract ended mid-2019. Several sources we talked to at Absa declined to comment. We reached out to Mumba on his LinkedIn inbox,…
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