Mumba Kenneth Khalifungwa is a distinguished leader serving as the Managing Director of Absa Uganda, bringing with him a wealth of experience and a visionary leadership style. His tenure has been marked by significant achievements and contributions to Absa Group’s transformative initiatives, notably the #YourStoryMatters brand promise.
Under Khalifungwa’s leadership, Absa Uganda has witnessed remarkable growth and innovation, solidifying its position as a key player in the banking sector. His strategic acumen and customer-centric approach have been instrumental in driving Absa Group’s mission of empowering communities and fostering meaningful connections with customers.
Background Information on Absa Group and #YourStoryMatters
Absa Group is a leading African financial services provider, operating across 12 countries with a strong commitment to serving its diverse customer base. The introduction of #YourStoryMatters represents a significant evolution in Absa’s brand identity, emphasizing a human-centered approach to banking and a dedication to understanding and valuing individual customer experiences
These initiatives align seamlessly with Mumba Kenneth Khalifungwa’s leadership vision, which prioritizes empathy, innovation, and social impact. By placing customers at the heart of every interaction, Absa Group aims to build stronger connections and contribute meaningfully to the communities it serves.
Interview with Mumba Kenneth Khlaifungwa;
What inspired the creation of Absa Group’s brand promise, #YourStoryMatters, and how do you envision it impacting the African market, particularly in Uganda?
While we are a bank with deep roots in Uganda, this bold repositioning marks a significant point in the bank’s growth and development nearly four years since the launch of the Absa brand in Uganda. This presented an opportunity in our brand’s evolution to evaluate what we want to stand for. We have been doing extensive work since last year when we launched our new corporate purpose of ‘Empowering Africa’s tomorrow, together… one story at a time’ driving a corporate culture that truly reflects the type of bank we aspire to be. It was important that our brand refresh also resonated globally and aligned to our business strategy which is to be more emphatically guided by our customers’ needs. Your Story Matters perfectly captures this spirit and positions us as a bank that values individual customers and wants to be part of their personal and financial narratives in the moments that matter. With this promise, the bank has set a clear trajectory to ensure that Absa’s entire suite of services and offerings lives up to this crucial pivot towards a more human-centred, empathetic banking service ethos across the continent, coupled with a commitment to delivering seamless experiences. With this promise, we aim to challenge the perception of banks being self-serving by offering solutions and services that respond to the real situations customers are facing in their stories every day.
How does Absa Group ensure that #YourStoryMatters resonates emotionally with customers, and what strategies have been most effective in achieving this connection?
We arrived at this repositioning following a detailed review of customer insights, feedback and research spanning multiple markets. In open discussions with our customers, we learned that many view the relationship with their banks as one-sided and that banks are not attuned to customers’ life situations or needs. We left those discussions with a purpose – to create a more symbiotic relationship between ourselves and our customers. Your Story Matters is a promise to our customers to listen to them, elevate their stories and innovate products and solutions that best respond to their needs. It is a declaration of our intent to ensure that our products and services are relevant, intuitive and guided by the needs of our customers. A key component to delivering on this promise is to listen effectively to the feedback our customers have for us, and making the necessary changes to deliver a seamless banking experience.
Can you share a success story that exemplifies the effectiveness of #YourStoryMatters in connecting with customers in Uganda?
While this is still a new brand positioning, ‘Your Story Matters’ is a reflection of who we are as a Pan African bank. We sought from the beginning to uplift and be a part of this great African story. One of the ways this comes to life is this through the initiatives that we actively pursue and support in our communities. Take for example the Absa KH3-7 Hills, which we first launched last year. It is more than a great sporting event. All the proceeds go towards educating the girl child, which is a practical example of our efforts to being an active force for good in everything we do. The initiative was borne out of an understanding that in the Ugandan context, the girl child still faced insurmountable hurdles to access education. That typical African story evoked in us the drive to create a platform that seeks to address that burden. It is one of the ways we are delivering on our corporate purpose of ‘Empowering Africa’s tomorrow, together… one story at a time’, and it is how we tell the Ugandan girl child that her story matters.
Ultimately, our strategic priorities are focused on putting our customers at the centre of everything we do as we seek to deliver seamless and convenient banking solutions. To this end, we continue to invest, innovate and constantly improve our digital experience with the ambition to be our customers’ banking partner of choice. As Absa Bank Uganda, we are proud to be a part of a truly African brand, inspired by the people we serve and determined to make our continent proud.
How does Absa Group differentiate itself from competitors in the region through its customer-centric approach, and what advice would you give to local brands in Uganda looking to emulate this success?
Across four markets, Absa launched Women in Business offerings to directly address the needs of female entrepreneurs, supported by mentorship programmes that have contributed to the performance and sustainability of women-led businesses. Absa’s financial literacy projects and ‘Ready to Work’ programmes continue to ensure that our customers and youth are supported with knowledge in order to be informed, savvy economic actors.
In Uganda, Absa continues to champion environmental sustainability through sustainable lending and last year extended a landmark contract financing facility worth USD 23 million towards cost-effective waste management solutions, reduction of waste to landfill and provision of innovative waste solutions. Poor waste management is one of the most significant challenges facing urban authorities in Uganda today. With an urbanisation rate of 5.1% per annum, Uganda is rapidly urbanising, leading to overcrowding and growth of informal settlements with poor waste management practices. Local companies do not have the capacity, skills and technical standards to manage the country’s waste effectively. Supporting this transaction affirms Absa’s commitment to sustainable lending to companies that contribute to social development goals.
Furthermore, Absa Bank Uganda is committed to doing its part to help restore Uganda’s green cover and has committed to planting one million trees. The bank is committed to supporting environmental conservation initiatives wherever possible and has initiated partnerships with both public and private partners to achieve this. Some notable partners in this conservation effort include the Kampala City Council Authority (KCCA), Ministry of Water and Environment, My Tree Initiative, Uganda Police, Makerere University, Rotary Uganda, to mention but a few.
Looking ahead, what are Absa Group’s long-term aspirations for its brand in Uganda, and how does #YourStoryMatters contribute to achieving those goals?
Our strategic priorities are focused on putting our customers at the centre as we seek to deliver seamless and convenient banking solutions. To this end, we continue to invest, innovate and constantly improve our digital experience with the ambition to be our customers’ banking partner of choice.
In conclusion, Mumba Kenneth Khalifungwa’s insights portray Absa Group as a pioneer in redefining banking in Uganda through a human-centered approach, encapsulated by #YourStoryMatters. The interview reflects Absa’s commitment to making a meaningful difference in the lives of customers and communities, setting a new standard of excellence in the banking industry