Who is Mumba Kalifungwa? Flash Uganda Media looks at his biography, age, wife, family, tribe, achievements, and relationship with Grant Thornton, Absa Bank Uganda Limited, Nazim Mahmood, Association of Certified Public Accountants, Chartered Institute of Management Accountants (CIMA), early life and education of the current Managing Director and CEO of Absa Bank Uganda Limited
Mumba Kalifungwa also known as Mumba Kenneth Kalifungwa is a professional accountant, banker, and corporate executive from Zambia.
He is the current Managing Director and CEO of Absa Bank Uganda Limited, a Ugandan commercial bank.
Early Life and Education
Mumba Kalifungwa was born in Zambia.
He attended local primary and secondary schools before enrolling in university to pursue a bachelor’s degree.
In 2011, he earned a Master of Business Administration from Heriot-Watt University Business School in Edinburgh, Scotland, United Kingdom.
Kalifungwa is also a Chartered Certified Accountant, a designation awarded by the Association of Chartered Certified Accountants in 2007.
In addition, he has taken finance and management courses throughout his career. He studied accounting at the Zambia Institute of Management in 1993.
Career and Professional Work Experience
Long before entering the corporate world, Mumba worked as a salesboy and personal assistant for his father, which taught him to be brave while also falling in love with business numbers.
His banking career began in 1995. He began his career with Coopers and Lybrand, which is now PricewaterhouseCoopers.
After graduating from university, he worked as an Audit Manager for what is now Grant Thornton in Zambia before transitioning to government and becoming a Senior Revenue Accountant at the Zambia Revenue Authority (ZRA) in 2002.
Kalifungwa joined Barclays Bank Zambia as Finance Manager or Deputy Finance Director in September 2005.
He had climbed to the position of Executive Director, Finance at Absa Bank Zambia by September 2012.
After two and a half years in that position, he was appointed Chief Finance Officer (CFO) of Absa Bank Botswana in July 2015.
Mumba Kalifungwa was promoted and relocated to Uganda in April 2020 to become CEO of Absa Bank Uganda, one of the country’s five largest banks.
Kalifungwa took over as CEO and Managing Director of Absa Bank Uganda on 1 April 2020, succeeding Nazim Mahmood, who had served as acting CEO since July 2019.
Achievements and Awards
Mumba Kalifungwa is a Chartered Accountant with over 20 years of experience in both the public and private sectors. He is deeply committed to developing exceptional leaders and creating achievements.
Kalifungwa is a member of the Association of Certified Public Accountants, the Chartered Institute of Management Accountants, the Botswana Institute of Chartered Accountants, and the Zambia Institute of Chartered Accountants.
He has also been a member of the Chartered Institute of Management Accountants (CIMA) Africa Board as of March 2020.
He previously chaired the Zambia Institute of Mass Communication’s board audit committee.
Mumba, who has been CEO of Absa Bank Uganda for three years, is acknowledged for his steadfast leadership of the bank over the last difficult years, which have been fueled by the pandemic and an uncertain global economy but has also seen the firm set new highs across all fundamentals.
Absa Bank has strengthened its position as one of Uganda’s main banks following a historic year in which it earned more than Sh100 billion in profit for the first time.
He has increased the bank’s deposit base by 12.6%, or UGX275.2 billion, from UGX2.18 trillion to UGX2.46 trillion at a compound annual growth rate (CAGR) of 4%.
During this leadership period, lending increased by 17.5%, or UGX233.1 billion, from UGX1.33 trillion to UGX1.57 trillion at a 5.5% CAGR.
Net profit recovered from a dip in 2020 (it fell by 47.9% from UGX78.1 billion in 2019 to UGX40.7 billion in 2020), but has subsequently grown to UGX109.5 billion in 2021 and UGX141.2 billion at the end of 2022, at a CAGR of 21.3% from 2019 to 2022.
Under Kalifungwa’s leadership, the total assets increased by 23.5%, or UGX806.7 billion, from UGX3.43 trillion in 2019 to UGX4.23 trillion at a 7.3% CAGR.
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