Stanbic Bank Uganda, the country’s largest lender by assets, revenue, and deposits, has today, March 3, 2025, officially welcomed Mumba Kenneth Kalifungwa as its new Chief Executive.
His appointment, first announced in December 2024, marks a strategic leadership transition at the financial institution.
He previously was the Chief Executive Officer of Absa Bank Uganda, the 3rd largest bank.
Kalifungwa, a seasoned banker with nearly three decades of experience, expressed enthusiasm about his new role.
“I am delighted to join Stanbic Bank Uganda. With the support of my colleagues and stakeholders, this new role presents an opportunity to enhance leadership that creates a positive impact for our employees, customers, and the country as a whole,” he stated.
His arrival is seen as timely, with the Ugandan economy showing resilience amid global financial uncertainties. Patrick Mweheire, Standard Bank’s Regional Chief Executive for East Africa, underscored the economic opportunities that lie ahead.
“Uganda’s economy continues to demonstrate remarkable resilience amid global economic challenges. The strong macroeconomic stability, infrastructure investments—including developments in the oil and gas sector—and improved trade prospects present us with opportunities to collaborate with stakeholders to deploy our resources effectively, facilitating growth and creating sustainable livelihoods for Ugandans,” Mweheire said of the new appointment.
The transition was further endorsed by Francis Karuhanga, Chief Executive of Stanbic Uganda Holdings Limited (SUHL), who highlighted the significance of securing a strong leadership figure. “The bank is our anchor subsidiary, and securing a substantive Chief Executive is a significant milestone. I extend gratitude to our stakeholders who have supported this process, and I invite them to partner with us in our continued efforts to drive Uganda’s growth.”
Stanbic Bank Board Chairman Damoni Kitabire acknowledged the stability maintained during the transition period and extended a warm welcome to Kalifungwa. “On behalf of the Board, I welcome Mumba to Stanbic Bank Uganda. I also commend our management team and the entire staff for the resilience they demonstrated throughout this transition.”
A Seasoned Leader at the Helm
Kalifungwa brings a wealth of experience spanning business development, risk management, strategy formulation, and financial strategy across African markets, including Botswana, Zambia, and Uganda. He holds a Master’s degree in Business Administration (MBA) from Heriot-Watt University (Scotland) and is a Fellow of both the Association of Chartered Certified Accountants (UK) and the Association of International Certified Professional Accountants (AICPA, UK).
His appointment follows an extensive search for a successor to Anne Juuko, who stepped down in February 2024 to assume a regional leadership role in Global Markets at Standard Bank, the parent bank for Stanbic Bank.