When Mumba Kenneth Kalifungwa assumed leadership of Stanbic Bank Uganda on 1 March 2025, he stepped into a role carrying considerable weight — Chief Executive of the country’s largest commercial bank by assets, and standard-bearer for a franchise that had navigated a prolonged leadership transition. By year’s end, his debut had exceeded expectations on virtually every measurable dimension.

The full-year 2025 results confirmed a bank operating with renewed clarity of purpose. Group profit after tax reached approximately UGX 591 billion, up from UGX 486.8 billion the prior year, while profit before tax climbed to UGX 736 billion. Total assets grew to UGX 11.52 trillion from UGX 10.39 trillion. The financial statements received an unmodified audit opinion, and shareholders were rewarded with a dividend distribution of UGX 360 billion,a direct expression of the board’s confidence in the institution’s trajectory.

Unlocking the lending engine

At the core of Stanbic’s 2025 performance was a decisive strategic shift in credit deployment. Loans and advances surged by UGX 717.5 billion during the year, closing at UGX 5.09 trillion — a 16.4% year-on-year expansion, markedly ahead of the 3–4% growth recorded in prior years. This acceleration was underpinned by a disciplined build-up of the deposit base, which grew to UGX 8.03 trillion, an increase of nearly UGX 920 billion, creating the liquidity foundation required for responsible yet assertive lending. Customer deposits rose across all segments, reflecting sustained institutional trust in a competitive market.

Strategic financing and National impact

Beyond the aggregates, Kalifungwa oversaw several high-consequence financing transactions during the year. The bank deployed over UGX 700 billion into local manufacturing under the Buy Uganda Build Uganda agenda and contributed UGX 270 billion toward the East African Crude Oil Pipeline — now approximately 97% complete — affirming Stanbic’s position as a central partner in Uganda’s oil transition. In energy, the bank served as lead arranger in key national transactions, mobilising over UGX 425 billion in support of critical infrastructure assets. The bank retained its dominance in Uganda’s bancassurance market, recording a gross written premium of UGX 7.05 billion in the second quarter of 2025 alone — the highest of any commercial bank in the country. Internal procurement from Ugandan enterprises reached UGX 193 billion, reinforcing the institution’s contribution to the broader business ecosystem.

Inclusion and social mandate

Kalifungwa’s leadership has been characterised by an explicit commitment to extending Stanbic’s reach beyond traditional banking metrics. During 2025, the bank supported over 9,000 small and medium enterprises, directed UGX 144 billion specifically to women-owned businesses, and channelled UGX 65 billion to small-scale farmers. More than 700,000 individuals were reached through structured financial inclusion programmes. Looking ahead, Stanbic has committed to mobilising UGX 1 trillion by 2028 under its Positive Impact Agenda, with women, youth, and agricultural enterprises as the primary beneficiaries.

Leadership profile

A Zambian-born chartered accountant, Kalifungwa holds a Master of Business Administration from Heriot-Watt University Business School and is a Fellow of the Association of Chartered Certified Accountants, the Chartered Institute of Management Accountants, and the Zambia Institute of Chartered Accountants. He brings nearly three decades of financial services experience across Southern and East Africa, including five years as Chief Executive of Absa Bank Uganda, where he oversaw major institutional reforms prior to his appointment at Stanbic. His tenure at Stanbic commenced against a favourable macroeconomic backdrop — Uganda’s economy expanded by 6.3% in 2025, with inflation averaging 3.6% and the Central Bank Rate moderating to 9.75% — yet the breadth of the bank’s outperformance reflects leadership decisions, not simply favourable conditions.