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Absa’s Mumba Kalifungwa, on the 6 things that he has learned about saving and growing money  Mumba Kenneth Kalifungwa is the Managing Director at Absa Bank Uganda, one of Uganda’s 5 largest banks. He is a Chartered Accountant with over 20 years of experience in both the private and public sectors across the African continent. In this brief opinion, he shares 6 nuggets on managing money and wealth.

by Mumba Kalifungwa
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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 should go on a spending spree. Sometimes, these come with tax implications. Learn how to grow that wealth or bring in professionals who know how to e.g. lawyers, tax advisors, wealth managers etc.
  • Compounding is king⏤ save and invest incrementally. The earlier and longer you do it, the better.
  • Constantly educate yourself on the different options that earn passive income. Agriculture, boda bodas etc. can be great side hustle options if you’ve hacked effective management. Financial and stock markets also offer low-risk long-term options to make money passively. 
  • Growing wealth very often boils down to which luxuries you are willing to forego. Grow your assets and stack your liabilities. Always.
About the Author

Mumba Kenneth Kalifungwa is the Managing Director at Absa Bank Uganda. He is a Chartered Accountant with over 20 years of experience in both the private and public sectors across the African continent. He is passionate about growing talented leaders and achieving results.