Absa MD in Job Switch as New Stanbic Uganda Boss

Mumba Kenneth Kalifungwa, a seasoned Zambian accountant and corporate executive is poised for the top job at Stanbic Bank Uganda.

Currently Managing Director at Absa Bank Uganda, Kalifungwa has been successfully vetted and will be the Chief Executive of Uganda’s largest bank by assets and profitability effective March 1, 2025.

He replaces Anne Juuko who left Stanbic Uganda on March 31, following her appointment as Stanbic Bank Group Regional Head of Global Markets for Eastern Africa, based in Nairobi, Kenya.

Mumba brings to Stanbic nearly three decades of experience, including 20 years in senior banking positions across Botswana, Zambia, and Uganda, where he has specialized in business development, risk management, and financial strategy.

“We are confident that under Mumba’s leadership, the bank will continue to experience even more success as we continue to stay committed to our purpose of driving Uganda’s growth,” said a brief statement from Stanbic Uganda.

The appointment of a substantive Managing Director and CEO for Stanbic has delayed almost a year, facing huddles, including regulatory.

Early April, news broke that the Bank of Uganda had rejected Stanbic Group’s preferred candidate, said to be a banking executive from Eswatini.

While the reasons for the rejection were not made public by the Central Bank, it sparked off reactions from the Parliament, with MPs, including Deputy Speaker Thomas Tayebwa supporting BoU’s decision to “reject a non-Ugandan”.

They argued that the previous two CEOs, Juuko and Patrick Mweheire has successfully the Bank for the previous one decade.

Following the controversy, Stanbic appointed Sam Mwogeza, (Executive Head of Personal and Private Banking), Interim Chief Executive Officer, and Barbara Dokoria (Executive Head of Compliance) as Interim Executive Director effective April 1, 2024 replacing Emma Mugisha.

Kalifungwa, born in Zambia, has a Master’s degree in Business Administration, from Heriot-Watt University Business School, in Edinburgh, Scotland.

He is also a Chartered Certified Accountant, on top of several qualifications in Banking and Management.

Before becoming Absa Bank Uganda CEO on April 2020, Kalifungwa was the chief financial officer at Absa Bank Botswana since 2015, having been in the same position at the then Barclays Bank of Zambia.