Geoffrey Kihuguru, a distinguished businessman and insurance expert, has been appointed as the new Chairman of the Board of Directors at Uganda Development Bank (UDB).
Kihuguru, who serves as the Chief Executive Officer of Pentad Insurance Brokers, brings a wealth of expertise in finance and insurance to his new role.
His appointment, which took effect on January 2, 2025, was announced by UDB in a statement issued on February 4, 2025. Kihuguru’s career spans over 40 years in the fields of underwriting, marketing, and corporate governance, with 25 of those years spent in leadership roles, including as a Chief Executive Officer.
His experience and leadership are expected to drive UDB’s vision for continued growth and its critical role in Uganda’s economic development.
As the country’s premier development bank, UDB has shown remarkable performance in the Ugandan banking sector, focusing on financing key sectors such as agriculture, manufacturing, and infrastructure.
Over the years, the bank has contributed significantly to the growth of small and medium enterprises (SMEs) in Uganda, providing affordable financial solutions that support the nation’s development agenda.
With Kihuguru at the helm, industry experts anticipate UDB’s influence on Uganda’s economic landscape will continue to expand, contributing to job creation and sustainable growth.
Alongside his new role at UDB, Kihuguru is the current President of the Institute of Corporate Governance of Uganda and serves on the Board of Trustees of Ripple Effect Uganda, further reinforcing his expertise in governance and corporate leadership.
With such seasoned professionals on board, UDB is poised for greater strides in transforming Uganda’s financial sector and fostering national economic development.
In addition to Kihuguru’s appointment, Dr. Theodora Twongyirwe Mondo, a respected academic and engineer, joins UDB as a Non-Executive Director.
Dr. Mondo, a lecturer at Mbarara University of Science and Technology, holds a PhD in Computing from the same University, and a Bachelor of Engineering in Mechanical and Manufacturing Engineering from the University of Leeds (UK).