Bankers’ association picks Michael Mugabi as new chair

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Members of the Uganda Bankers Association (UBA) have elected a new leadership team, bringing in Michael Mugabi, the CEO of Housing Finance Bank Uganda, as chairman.

The election took place at the association's annual general meeting at Serena Hotel, Kampala. Mugabi succeeds Julius Kakeeto, the CEO PostBank who completed his two-year term.

The new executive committee includes several fresh faces from across the sector. Grace Muliisa, CEO of Ecobank Uganda, takes the vice chair role. Sanjay Rughani, CEO of Standard Chartered Bank, becomes honorary treasurer. Robin Bairstow, CEO of I&M Bank, will serve as honorary auditor.

Other members are David Wandera, managing director, Absa (representing Tier 1 institutions), Moyo Nkisolathi, CEO of Brac Uganda (Tier 2 and 3), and Francis Ogwang, country manager of East African Development Bank (development financial institutions).

The changes come as Uganda's banking industry reports solid growth for 2025. Total assets rose 16% to sh61.7 trillion from sh53.3 trillion the previous year. Customer deposits climbed 17% to sh41.7 trillion. Non-performing loans fell to 3.4% from 4.8%, while total comprehensive income reached sh2.17 trillion.

Outgoing chairman Kakeeto noted that the sector has continued to support economic growth amid global and local challenges. The new team steps in as the industry looks ahead to oil production revenues and steady inflation, while watching risks from geopolitics, debt levels, and fiscal policy.

Kakeeto urged a continued push for reforms that encourage investment and keep pace with technology changes. Mugabi and his committee now take over leadership of the association that represents commercial banks and other financial institutions in Uganda.