Absa appoints Mumba Kalifungwa new Absa Uganda MD

Thursday March 19 2020

Mumba Kalifungwa

Mumba Kalifungwa 

By Ashita Chopra

Mr Mumba Kalifungwa has been appointed as the new managing director for Absa Uganda.

He replaced Mr Nazim Mahmood, who has been holding the position in acting capacity since July last year.

Mr Mahmood had replaced Mr Rakesh Jha, who resigned mid last year after serving Barclays Bank, now Absa for five years.

Mr Kalifungwa’s appointment, according to a statement, will take effect on April 1.

Before his appointment, he had been serving within the Absa Group with his most recent position being chief financial officer at Absa Botswana since 2015.

He has also served in the same position in the Absa operations in Zambia.


Ms Nadine Byarugaba, the Absa Uganda interim board chairperson, said in a Thursday statement that there is “no doubt Mr Kalifungwa’s experience across several African markets, deep knowledge of the bank, as well as his demonstrated strategic and operational vision will be invaluable as Absa firms its position on the continent”.

In February, Absa said it had completed a brand and name change moving away from the Barclays name, which the bank had been associated with for close to 100 years.

In 2016 Barclays Bank, headquartered in London, UK, said it would exit Africa, following a review of its operations on the continent in December 2015.

The review had noted a decline in business across Barclays Africa operations due to a fall in oil and commodity prices and the heavy depreciation of currencies in markets where the bank was operating.

Mr Kalifungwa, a chartered accountant and seasoned organisational leader with more than 24 years of experience in banking, public and private sectors, comes at a time when Absa is repositioning itself to tap into formerly untapped sectors of the African economy key among them SMEs.

He is a fellow of the Chartered Institute of Management Accountants, the Association of Chartered Certified Accountants, Botswana Institute of Chartered Accountants and Zambia Institute of Chartered Accountants.

He also holds an MBA from Herriot Watt University, Scotland and has attended various senior leadership development programs over the years.

Mr Saviour Chibiya, the Absa regional operations managing director, the group will  we will benefit from Mr Kalifungwa’s experience across several African markets, deep knowledge of the bank and his demonstrated strategic and operational vision as we continue to drive our growth strategy in Uganda.