ABSA Bank Uganda: A Significant Contributor to the Ugandan Economy and the Banking Sector

Mumba Kalifungwa, CEO of ABSA Bank Uganda, explains what are the strenghts of the bank. ABSA Bank Uganda is part of ABSA Group, an African financial services group that is listed on the JSE in South Africa and is one of Africa’s largest diversified financial services groups with a presence in 12 countries across the continent.

“ABSA Bank Uganda is part of the ABSA Group of companies with our headquarters based in South Africa with circa 40,000 employees. We are a pan-African bank and we have a presence in twelve African countries. We have representative offices operating out of London and New York which gives us an international presence and allows us to deal with multinationals and other international a partners. In terms of packaging and how we are positioned in the Ugandan economy, the advantages are that we are backed by a group that has strong capital and liquidity base. The product offering that we have is of international acclaim. Franchise in terms of distribution network and channels is quite vast. The technology platforms and digital solutions that we have are some of the things that are real competitive advantages for us. The significance of ABSA Uganda Ltd as an entity in terms of the Ugandan economy and the banking sector is that it is designated as a domestically significantly important bank. It is designated as such by the Regulator. That speaks to the impact that this bank has in terms of contributing to the national economy and the banking sector as a whole”, says Mumba Kalifungwa.

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