Stanbic Bank Uganda Set to Appoint Mumba Kalifungwa as New CEO

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Stanbic Bank Uganda, the nation’s leading lender by assets and profitability, is preparing to appoint Mumba Kalifungwa, the current managing director and CEO of Absa Bank Uganda, as its new chief executive officer.

The announcement is expected before the end of the year, marking the conclusion of a 12-month succession process marked by challenges and scrutiny.

Mumba Kalifungwa, a Zambian national with extensive experience in Uganda’s banking sector, emerged as the candidate of choice in a process that sought to balance the Standard Bank Group’s preference for global expertise with the Ugandan government’s call for local leadership.

This decision follows the Central Bank’s rejection of previous candidates, including Kenneth Mvuselelo Fakudze from Eswatini and Phillip Madinga from Malawi.

The leadership transition was initiated in December 2023, when Anne Juuko, Stanbic Bank Uganda’s first female CEO, moved to a regional role in Nairobi. Interim leadership was provided by Samuel Mwogeza as acting CEO and Barbara Dokoria as executive director.

However, the succession process faced public and parliamentary scrutiny, with Otuke County MP Paul Omara questioning the exclusion of Ugandan nationals from the top role. Government sources also underscored the strategic need for a leader attuned to the local banking environment.

Mumba Kalifungwa brings a wealth of expertise to the role. He holds a Master of Business Administration from Heriot-Watt University in Scotland and is a Chartered Certified Accountant accredited by the Association of Chartered Certified Accountants (ACCA).

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Kalifungwa began his professional career in 1995 at Coopers and Lybrand, now known as PricewaterhouseCoopers (PwC). He later joined the Zambia Revenue Authority, where he held the position of senior accountant.

His journey with Absa Bank, previously Barclays, started at Absa Bank Zambia, where he undertook various roles, including that of Chief Financial Officer (CFO). In 2015, he advanced to become the CFO of Absa Bank Botswana Limited.

Mumba Kalifungwa was then appointed Managing Director and CEO of Absa Bank Uganda in April 2020, succeeding Nazim Mahmood, and steered the bank towards innovation and growth.

He is a fellow of ACCA, the Chartered Institute of Management Accountants (CIMA), and institutes in both Botswana and Zambia. He also serves on the CIMA Africa Board and previously chaired the board audit committee of the Zambia Institute of Mass Communication.