Days ago, Equity Bank Uganda announced the resignation of its Managing Director, Anthony Kituuka. The resignation took effect on November 28, 2024. However, he remains with the bank for the next 3 months to help in identifying his successor. Now, with the exit of Mumba Kalifungwa, the MD of Absa Bank Uganda, industry players suggest that Kituuka could be heading to Absa Bank as MD. Kalifungwa is the incoming Chief Executive of Stanbic Bank. He starts work on March 1, 2025.
Kituuka
Kituuka has been with Equity Bank Uganda since 2014, serving as Executive Director from 2016 and taking over as Managing Director in November 2022.
Under his leadership, the bank has achieved significant milestones, including reaching a customer base of 2.2 million and amassing customer deposits nearing Shs3 trillion.
Equity Bank Uganda’s loan book is valued at Shs1.7 trillion, while its total assets stand at approximately Shs3.5 trillion.
The bank has also distinguished itself as an industry leader in agency banking, boasting nearly 9,000 Equi-duuka agents and a branch network of 50 locations. Recognized as a Domestic Systemically Important Bank,
Equity Bank Uganda is among the top five banks in various key performance metrics.
Equity Bank Uganda is a wholly owned subsidiary of Equity Group Holdings Plc, a leading Pan-African financial services company listed on multiple stock exchanges.
The group operates in several countries, including Kenya, Rwanda, Tanzania, South Sudan, and the Democratic Republic of Congo, with a commercial office in Ethiopia.
With a market capitalization of USD1.4 billion and an asset base of USD14 billion, Equity Group supports over 22 million customers through a vast network of branches, agents, and digital platforms.
In 2024, Equity Group was named the second strongest financial brand globally by Brand Finance and recognized as the strongest financial brand in Africa by Brand Africa.
Reflecting on his tenure, Mr. Kituuka expressed gratitude to the board, staff, and stakeholders, stating, “I am proud of the time I have served in Equity. I want to thank the Board for their leadership, the staff, and all our stakeholders for their support.
“I wish them well as they pursue the Africa Recovery and Resilience Plan, which aims to impact 100 million customers by 2030.”
Mark Ocitti, chairman of the Board of Directors of Equity Bank Uganda, commended Mr. Kituuka for his dedication and contributions.
“We are grateful to Mr. Kituuka for his trust in the brand and his years of service. We wish him all the best as he embarks on new opportunities.”
