Uganda’s financial sector, a cornerstone of its vibrant economy, is increasingly being shaped and driven by a formidable cohort of women leaders. In a traditionally male-dominated industry, these powerful ladies are not just breaking glass ceilings but actively spearheading innovation, championing financial inclusion, and charting new strategic directions for institutions that collectively manage significant assets and impact millions of lives across the country.
Uganda’s banking sector, comprising 25 commercial banks, 2 development banks, and 8 Tier 2 and Tier 3 Financial Institutions, recorded total banking assets of Shs54 trillion (approximately USD 14.2 billion) in 2024.
While women constitute over 51% of the total workforce in Uganda’s banking sector, their representation at the executive level has historically been lower, with recent data showing around 24% of CEOs being female.
However, the rising prominence of the women highlighted below demonstrates a significant shift towards more inclusive leadership.
Pioneering Leadership with Women at the Helm
Leading this charge are exceptional women whose strategic acumen, deep expertise, and unwavering commitment are driving robust growth and transformative change. They include but aren’t limited to the following;
Annet Nakawunde Mulindwa – CEO, Finance Trust Bank Limited
As the Managing Director of Finance Trust Bank Limited since 2011, Nakawunde is a veteran in Uganda’s indigenous banking landscape.
With extensive experience in finance and banking leadership, she has meticulously overseen the development and delivery of customer-centric products, particularly those empowering women and youth.
Her passion for best practices in banking and microfinance is matched by a commitment to corporate governance, evident in her service on the boards of key national institutions, including the National Social Security Fund (NSSF), Federation of Uganda Employers, and the Uganda Bankers’ Association.
Nakawunde’s leadership has been instrumental in positioning Finance Trust Bank as a critical player in expanding financial access.
Mona Mugume – CEO, aBi Finance
Mona is a powerhouse in agricultural finance, serving as the Chief Executive Officer of aBi Finance. She has distinguished herself through sustained excellence in strategy formulation and execution, transforming the endowment fund to a current value of USD70 million by consistently exceeding target yield performances. Mona’s ability to articulate a compelling vision for financial inclusion and positive impact has been instrumental in successfully raising significant development funds, including USD18 million.
Beyond her role at aBi, she played a pivotal role in rolling out the Environmental, Social, and Governance (ESG) framework for financial institutions in Uganda, a transformative initiative for the industry.
Her influence extends further through her Board Chairmanship at Stanbic Properties Limited and her positions on the Boards of SBG Securities and Stanbic Uganda Holdings Limited.
Annette Wabunoha Kihuguru – Managing Director, Ecobank Uganda
With over 37 years of profound experience in the banking sector, Kihuguru leads Ecobank Uganda as its Managing Director. Her tenure, first as Executive Director and then Acting MD, has been marked by a remarkable turnaround in the bank’s financial performance.
She has been pivotal in driving profitability, reversing losses, and growing the bank’s total assets. Her strong background in Business Banking, overseeing growth in key portfolios such as Global Corporates, Regional and Local Corporates, International Organisations, and SMEs, positions her as a formidable force in Uganda’s corporate finance landscape. Her impactful contributions extend to previous roles at Barclays Bank Uganda (now Absa Bank), Stanbic Bank Uganda, and the former Uganda Commercial Bank (UCB).
Sarah Arapta – CEO, CitiBank Uganda and Chairperson, Uganda Bankers’ Association
Arapta’s leadership at CitiBank, one of Uganda’s prominent commercial banks, is complemented by her influential role as the UBA.
This dual responsibility places her at the forefront of shaping policy and driving collaboration across the entire banking industry.
Her extensive background includes senior roles as Director of Corporate and Investment Banking at Barclays Bank (now Absa Bank) and Head of Investment Banking at Stanbic Bank, equipping her with a deep understanding of Uganda’s corporate financial needs and a strategic vision for the sector’s growth.
Influential Voices Across the Sector
Beyond these leading CEOs, other powerful women are making indelible marks across various critical financial institutions:
Dr. Patricia Ojangole – MD, Uganda Development Bank
As the head of Uganda’s national Development Finance Institution, Dr. Ojangole plays a crucial role in directing strategic investments into key sectors, aligning financial resources with national development priorities and driving long-term economic transformation.
Veronica Namagembe – MD, Pride Bank
Leading one of Uganda’s significant microfinance deposit-taking institutions, Namagembe is instrumental in expanding financial services to underserved communities, particularly those engaged in small-scale enterprises and rural economies, thereby driving financial inclusion in Uganda.
Josephine Okui Ossiya – Board Member, BoU and CEO, Capital Markets Authority
Ossiya’s dual roles place her at the intersection of monetary policy and capital market development. Her position on the Bank of Uganda Board ensures a female voice in central bank governance, while her leadership at the CMA is critical for fostering a robust and attractive investment environment for both domestic and international investors.
Her diverse experience includes senior finance roles at Bujagali Energy Limited, ATC Ghana Ltd, Eskom Uganda, and Standard Chartered Bank Uganda.
Susan Kanyemibwa – Board Member, BoU and Deposit Protection Fund
Kanyemibwa’s critical roles on the boards of both the central bank and the Deposit Protection Fund ensure strong oversight and consumer protection within the financial system, representing the Governor of the Bank of Uganda.
Beatrice Lugalambi – GM, Corporate Communications and Marketing, Centenary Bank
As a senior executive at Centenary Bank, one of the largest indigenous banks with a strong focus on financial inclusion, Lugalambi shapes public perception and drives market engagement for an institution that serves millions of Ugandans, often in rural areas.
Catherine Poran – Chief Executive, Stanbic Business Incubator
With a focus on connecting individual purpose with organisational goals, Poran’s leadership at the Stanbic Business Incubator directly empowers entrepreneurs, nurturing the growth of small and medium-sized enterprises (SMEs) that are vital for job creation and economic diversification. Under her leadership, SBI supported over 3,000 enterprises in 2024 and extended Shs76 billion in credit to SACCOS across Uganda.
These remarkable women are not just holding high-level positions; they are actively driving the strategic direction, innovation, and inclusive growth of Uganda’s financial sector.
Their collective expertise, vision, and dedication are fundamentally strengthening the nation’s economic backbone, ensuring that financial services are not only robust but also accessible and impactful for all Ugandans.
Their increasing presence at the helm of Uganda’s financial landscape serves as a powerful testament to the talent and resilience of Ugandan women, inspiring future generations to lead and transform the economy.