If Stanbic Bank Uganda were a person, it would be a 35-year-old Ugandan. Born in 1991, raised in a country finding its economic feet, shaped by hardship and opportunity, and determined to keep pushing forward.
Its journey looks a lot like the life path of many Ugandans who share that same birth year.
Early days
Think back to a child in 1991. It was a tough year. In that year, Prince Badru Kakungulu, the titular head of the Kibuli Muslim faction, died so did Emmanuel Cardinal Nsubuga.
For the local football lovers, 1991 was one of the most controversial years. The local league did not end, and KCC FC was awarded the title with only 75% of the games played. Moses Nsereko, one of Uganda’s greatest footballers, was killed in the year.
Uganda was rebuilding (after the 1987 currency reform), and opportunities were limited. The future felt wide open but uncertain.
These are the grim circumstances under which Stanbic started when Standard Bank Group took over Grindlays Bank’s operations and renamed it Stanbic Bank Uganda. It was a modest beginning.
But its roots went even deeper, all the way to 1906 with the National Bank of India, but the real childhood, the real identity, began in 1991.
Bank becomes a teenager.
Just like a teenager who hits a dramatic growth spurt, Stanbic started to transform in 2002. For those who are old enough to recall, the government privatised Uganda Commercial Bank (UCB), and Standard Bank bought a majority stake. Overnight, Stanbic went from a quiet, medium-sized kid to a national giant with branches in nearly every corner of Uganda.
For a 35-year-old Ugandan, this was like the moment when your world suddenly got bigger, when you left the village, on the back of a Matooke truck for Kampala, or when a first big opportunity set you on a new path.
By 2007, Stanbic became fully private when the government sold its remaining shares and the bank listed on the Uganda Securities Exchange (USE). Then, it was 17 years old. It was the bank’s equivalent of a teenager graduating into adulthood.
The mentorsÂ
Every person who turns 35 can point to people who influenced their life. An uncle here, an aunt there, a friend of your father, etc. Stanbic Bank, too, has had its own mentors. These were the leaders, senior managers who laid the foundation for its solid growth we see today.
There was Kitili Mbathi, the suspender-wearing Kenyan executive who led the bank between 2001 to 2007. Mbathi oversaw the successful acquisition of Uganda Commercial Bank (UCB) and the subsequent Initial Public Offering (IPO) on the Uganda Securities Exchange (USE).
Philip Odera, the bank’s CEO from 2007 to 2015, took over the baton. He helped the bank stabilise after the major UCB merger and transformed the bank into the leading financial institution in Uganda.
Odera was followed by Patrick Mweheire, from 2015 to 2020, the first Ugandan to lead the bank. He brought global experience, cleaned up the loan book, strengthened corporate banking, and accelerated the shift to digital.
After Mweheire, Anne Juuko stepped in. She was the first female CEO of the bank and guided it through the shock of COVID-19. Under her leadership, digital banking took off, and FlexiPay became a nationwide tool for financial inclusion.
Now, we have Mumba Kalifungwa at the helm since 2025. You can say the bank is in a phase of renewal, pushing innovation, widening access, and preparing for Uganda’s next economic chapter.
Hitting 35 with money in the bank
By the time many Ugandans reach 35, they are hitting their stride at work. Stanbic is doing the same, and the numbers tell the story.
In 2024, Stanbic Uganda Holdings made Shs 478 billion in profit, a jump of more than 16 percent from the previous year. Customer deposits also grew by 12.2 percent.
The bank crossed the Shs 10 trillion asset mark for the first time, ending 2024 at Shs 10.4 trillion. Ten years earlier, it was just Shs 3.8 trillion.
In 2023, Stanbic earned a record Shs 412 billion in profit, up from Shs 357 billion in 2022, and assets reached Shs 9.3 trillion.
The bank’s financial achievements can be equated to a 35-year-old who has finally paid off his/her loans, built a home, and secured a stable income.
Going digital
A Ugandan born in 1991 saw the world change fast. Then, there were landlines before we moved to cell phones, and now smartphones. Within this period, Ugandans moved from analogue life to digital everything.
Stanbic, too, has experienced the same shift.
FlexiPay, introduced in 2021, was a turning point. With only a phone number and a national ID, anyone could access financial services. By the end of 2024, nearly one million people were using it. Wallet usage jumped 77% in 2023, and transactions doubled.
FlexiPay now offers savings, small loans, and cross-border payments, supported by more than 16,000 agents across Uganda. Stanbic has also worked with remittance partners and IFAD to cut the cost of sending money home. In 2024, the bank processed over 11,000 remittances worth nearly Shs 30 billion.
For many Ugandans, this is like finally learning how to manage money online, pay bills with a tap, and send money to family without stepping into a banking hall.
Supporting hustlers, women, and farmers
A 35-year-old Ugandan is often juggling responsibilities, supporting family, and helping others grow. Stanbic does the same.
In 2024, it lent Shs 973 billion to small and medium businesses. Another Shs 76 billion went through the Stanbic Business Incubator to help entrepreneurs access finance and learn procurement skills.
Women have been a big focus. Through the Stanbic4Her programme, the bank lent over Shs 94 billion to women-led businesses in 2024. More than 6,700 women have received Shs 173 billion so far.
Agriculture remains close to the bank’s heart. In 2024, Stanbic lent Shs 454 billion to the sector. More than 7,000 farmer SACCOs received Shs 170 billion, reaching over 2.6 million smallholder farmers.
Life has had its problems, too
No 35-year-old has had a smooth life, and the same can be said of Stanbic. It has faced wild exchange rates, inflation, global shocks, and bad loans. Building FlexiPay required heavy investment and customer education. But strong leadership and long-term thinking kept the bank moving.
Stanbic is not just a bank. It is one of Uganda’s biggest taxpayers, paying Shs 427.8 billion in 2024. Its digital systems handled more than Shs 10 trillion in government payments.
Celebrating 35 years
To mark its 35th birthday, Stanbic has launched an 18-month campaign called Keep Growing. It will celebrate the creativity and resilience of Ugandans while pushing digital inclusion, business growth, and support for women, young people, and farmers.
Just like a Ugandan who turns 35 and begins thinking seriously about their legacy, Stanbic is planning for the long term.
It remains the country’s biggest bank by assets and profits, and it is determined to open financial access even wider. In the next years, the bank says it will focus on deeper digital services, sustainable growth, and helping Uganda reach its next economic milestones.
According to the 2024 national census, more than 35 million Ugandans living today were born in 1991 or after. Therefore, Stanbic Bank has grown up with them and struggled through the difficult years.
However, like these Ugandans, the bank appears to be stepping into the future with confidence.
