Mahmood takes over from Jha as Barclays Uganda boss

Rakesh Jha leaves after five years at the helm of Barclays Bank

After five years at the helm of Barclays Bank Uganda, the soft-spoken Rakesh Jha is leaving to try his hand at entrepreneurship in Malawi. He leaves at a time when the bank's ownership has changed with a rebranding exercise currently underway. 

Barclays Bank's profits after tax slipped slightly to sh68.9b in 2018 from sh72b in 2017. The bank, however, maintained that it had registered solid growth of 13% on its balance sheet as its technology innovations gained traction. 

Commenting on his departure, Jha said: "Five years has been more than sufficient time for me to occupy this office. Departing was a personal decision, which was painful to make, but the timing is right for my family, as I pursue my dreams to start something of my own." 

"I am proud of all the achievements we have made," Jha continued. "More so, the increased focus in understanding our customers' needs to ensure they received better value from the solutions we provide. I also appreciate the opportunity to serve as vice-chairman of the Uganda Bankers Association, allowing me to play a pivotal role in the launch of Agency Banking."

He said during his tenure, the bank had made it possible for non-customers to withdraw money from its ATMs in what is dubbed - cash send. He also noted that the bank's internet banking platform was significantly enhanced with mobile wallet, bill payments and international fund transfers. 

Jha to mentor acting CEO

The board has appointed Mian Nazim Mahmood as interim managing director with immediate effect while the appointment for Jha's permanent successor is underway. Over the coming weeks, Jha will work closely with Mahmood to ensure a smooth handover. 

A statement from Barclays notes that Mahmood brings deep financial services experience, having recently served as Retail and Business Banking Director at Barclays Uganda from August 2013 to January 2018. 

Mahmood has previously worked at Citibank and Standard Chartered Bank. He holds an MBA (finance) from Bentley College and a bachelor's degree in business administration from the University of Massachusetts, Amherst in the US.

"With over 20 years of international experience, he has in-depth knowledge of Retail and Wholesale banking portfolios, enterprise risk management, compliance standards, wealth management and managing high performance teams in the digital banking environment," the Bank said.