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Citibank Uganda closed the 2024 financial year with a net profit after tax of UGX 71.9 billion, up from UGX 68.3 billion in 2023. This performance secured the bank’s position as the 6th most profitable bank in Uganda, underscoring Citi’s ability to consistently deliver bottom-line growth despite an increasingly competitive and evolving market. However, beneath this surface of profitability lies a story of gradual decline in core banking operations—a story that has unfolded over the past two years and could define the future of Citi Uganda as its CEO, Sarah Arapta, approaches a decade at the helm in January 2026….
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Hardly two years after arriving in Uganda to take up her very first CEO role at Uganda’s largest telco, MTN Uganda, Sylvia Mulinge has emerged as Uganda’s most admired CEO, in the CEO East Africa Magazine’s inaugural 100 Leading & Most Admired CEOs In Uganda Survey. The 2-in-1 CEO East Africa Magazine’s Most Trusted and Respected Companies & The Most Admired CEOs in Uganda Survey 2024 is part of the magazine’s thought leadership agenda that seeks to create a body of knowledge on what exactly great companies and great leaders are made of, as well as recognise them. “This, we…
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Citi Uganda commemorated 25 years of operating in the country in an event attended by government, business, and industry leaders, including the Minister of State for General Duties, Honorable Henry Musasizi. Since opening its doors in Kampala in 1999, Citi has played a pivotal role in supporting the country’s economic development through transformative infrastructure project financing, business empowerment, and championing financial inclusion. “We know that our success is intertwined with the well-being and progress of Uganda,” remarked Ebru Pakcan, Middle East & Africa Cluster and Banking Head. “That’s why we have not only invested in the financial sector but also championed education, financial literacy,…
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Members of the Uganda Bankers’ Association (UBA) held their annual general meeting on the 17th May 2024 and elected Mr. Julius Kakeeto, as the Association’s new Chairman. He replaces Ms. Sarah Arapta whose two-year term of office (2021 & 2023) has elapsed. Mr. Kakeeto is the Chief Executive Officer of Post Bank Uganda and has been serving as the Vice Chairperson for two years (2021 & 2023) Other members elected on the Executive Committee of UBA are Michael Mugabi, the CEO of Housing Finance Bank as the Vice Chairman; Edgar Byamah, the CEO of KCB Bank, as the Treasurer and…
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The Uganda Bankers’ Association’s Chairperson, Citibank’s Sarah Arapta is female too- the first woman to. Some financial institutions such as Finance Trust Bank- have taken it further by having an all-female Board Chairperson, CEO and Executive Director while others like Stanbic Bank, Uganda’s largest Bank and have both CEO and Executive Director as female. You could argue this is still under-representation, which it actually is, given that there are more females than males in the population, but given where we have come from, this is good progress. Some of the largest banks such as Stanbic where 45% is female and…
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Sarah Arapta is the Chief Executive and Managing Director for Citibank Uganda, Uganda’s 10th largest bank by assets. She has held this role since January 2016. Sarah has had an extensive and illustrious career in Corporate and Investment Banking spanning over 20 years, 12 of which have been spent in Citibank Uganda. Prior to being appointed the Citibank Chief Executive, she was the Director, Corporate and Investment Banking at Barclays Bank Uganda (now Absa Bank Uganda) for nearly two years. Before that, she was the Head of Investment Banking (January 2012 – December 2013) and Head of Corporate Banking (March…
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On the evening of Friday, 09th September 2018, unknown persons hacked the mobile money float accounts of a payments aggregator company called Beyonic Ltd and originated payments amounting to UGX2,617,761,200. According to police, the money was wired to and withdrawn in via 83 different MTN Mobile Money and Airtel Mobile money accounts/SIM cards. The fraud was detected 07 days later, the mobile accounts were blocked around the 16th of September. Investigations showed that the beneficiary SIM cards had been registered without the consent and or knowledge of the registered owners. A couple of months later, between the 13th of March…
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Arapta takes over from Mathias Katamba, the Managing Director of dfcu Bank, whose two-year term (2020 and 2021) has elapsed. Arapta has been Katamba’s deputy on the outgoing committee which also included Mr. Varghese Thambi, the Chief Executive Officer of Diamond Trust Bank as the treasurer as well as Sam Ntulume the Executive Director, of I&M Bank Uganda as the Auditor. Mr Albert Saltson the CEO Emeritus of Standard Chartered Bank and Ms. Veronicah Gladys Namagembe, CEO of Pride Microfinance, have been Committee Members. The new Arapta Committee has Julius Kakeeto, CEO, of Post Bank Uganda, as the Vice-Chair, while…
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Members of the Uganda Bankers’ Association (UBA) held their Annual General Meeting on the 13th of May 2022 and elected Sarah Arapta, as the new Chairperson of the association’s Executive Committee. Arapta, the Chief Executive Officer of Citibank Uganda, takes over from Mathias Katamba, the Managing Director of dfcu Bank, whose two-year term (2020 and 2021) has elapsed. Arapta has been Katamba’s deputy on the outgoing committee which also included Varghese Thambi, the Chief Executive Officer of Diamond Trust Bank as the treasurer as well as Sam Ntulume the Executive Director, of I&M Bank Uganda as the Auditor. Albert Saltson,…
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The total assets of Uganda’s financial services industry reached UGX.45.81 trillion, or 44.3 percent of Uganda’s GDP, as at end December 2018. The banking sector, dominated 69% of these assets, followed by Pension Funds at 22%, then Funds under Management (6%) and lastly the insurance sector at 3%, according to Bank of Uganda’s Financial Stability Report, June 2019. According to the report, as at end June 2019, the banking sector, continued to flourish with commercial banks accounting for 95.2 percent (UGX30.3 trillion) of the banking sector’s total assets of UGX.31.8 trillion. This was followed by the Microfinance Deposit-taking Institutions (MDIs)…
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