In an era where corporate strategy and national economic growth are inextricably linked, the Chief Financial Officer (CFO) has emerged from the shadows of the ledger to become the indispensable co-pilot to the CEO.
This critical evolution was powerfully underscored this week at the unveiling of the CFO Awards Uganda 2025, where Kenneth Mumba Kalifungwa, CEO of Stanbic Bank Uganda, asserted, “The Chief Finance Officer of every company is the ‘Co-pilot of the CEO,’ driving pivotal decisions across investment, financing, dividend policy, and capital allocation.”
As Uganda embarks on its ambitious journey to transform its economy to a staggering US$500 billion within the next 15 years, the strategic acumen of its CFOs is more vital than ever.
They are the architects behind the scenes, ensuring not just financial health, but also sustainable growth, strategic expansion, and the creation of lasting value for some of Uganda’s most powerful and rapidly expanding brands.
Here, we spotlight a selection of these exemplary finance leaders who are defining excellence and driving the nation’s economic engine:
Ronald Makata – Stanbic Bank
Makata holds the vital role of Chief Finance and Value Management Officer at Stanbic Bank. Prior to this, Makata honed his skills as the Financial Reporting Manager at Barclays Bank, bringing a deep understanding of financial oversight and value creation to one of Uganda’s leading financial institutions.
Andrew Musana – Standard Chartered Bank Uganda Ltd.
As CFO and Executive Director of Finance and Administration at Standard Chartered Bank Uganda, Musana brings over 16 years of financial accounting and administration experience, with more than 15 years at a senior level.
A Fellow of ACCA and the Zambia Institute of Chartered Accountants, his extensive expertise in financial strategy and oversight positions him as a critical driver of one of Uganda’s leading international financial institutions.
Stella Musisi Kyakuwa – Housing Finance Bank (HFB)
Kyakuwa, the CFO of Housing Finance Bank, leverages a diverse career that includes a significant tenure as Financial Controller at Standard Chartered Bank.
At HFB, she is central to the bank’s strategic financial health, ensuring robust performance, meticulous analysis, and stringent regulatory compliance in a sector vital for national development.
Jacqueline Kiwanuka – Uganda Electricity Distribution Company Limited (UEDCL)
At UEDCL, Kiwanuka serves as CFO, playing a crucial role in the strategic investment decisions that underpin the growth and expansion of Uganda’s national electricity grid.
Her prior experience at Uganda Clays Limited, National Housing and Construction Company, and ActionAid Uganda has equipped her with a versatile financial acumen essential for driving this critical government entity.
Sarah Bateta Okwi – MTN Mobile Money
As CFO of MTN MoMo since 2022, Okwi leads the strategic alignment of business goals with risk mitigation to ensure regulatory compliance in the dynamic fintech landscape.
She fosters a fintech-centric approach, leveraging her background as Senior Manager Finance Operations at MTN Uganda and MTN Rwanda, and her tenure at Deloitte, to drive growth and profitability in the mobile money sector.
Timothy Musiime – I&M Bank Uganda
Musiime, the CFO at I&M Bank Uganda, is a finance professional with a wealth of cross-sector experience spanning financial services, manufacturing, commercial trade, and consulting.
His leadership roles at Mercantile Credit Bank and Mantrac Uganda Limited, coupled with his time at Stanbic Bank Uganda, equip him to navigate the complex financial terrain and drive I&M Bank’s strategic objectives.
Michael Segwaya – Absa Group (Absa Uganda)
As Executive Director and Chief Finance Officer at Absa Group, overseeing Absa Uganda’s strategic and financial trajectory, Segwaya is focused on fostering robust performance and resilient operations.
Honoured with the ACCA CFO 2018 Award for Finance and Innovation, Segwaya’s commitment to implementing comprehensive financial controls and driving sustainable growth is pivotal for one of Uganda’s major banking institutions.
Andrew Bugembe – MTN Uganda
Bugembe, the CFO at MTN Uganda and a Non-Executive Director for MTN South Sudan and MTN Ghana, is a financial wizard accountable for driving shareholder value, strategic vision, financial goals, and operational efficiencies.
With prior CFO experience at MTN Congo Brazzaville and Lonestar Cell/MTN Liberia, he brings extensive telecommunications finance expertise to one of Uganda’s largest corporations.
Moses Aman – Hima Cement Limited
Aman, the CFO at Hima Cement Limited since 2020, brings over 17 years of international and local experience in strategic finance and transformation.
He has delivered exceptional financial results, including a 48% CAGR in EBIT (2020–2023), and significantly enhanced governance and risk management for Hima and its parent company, Bamburi, with a keen focus on sustainability and business continuity.
Peter Ssenyange – PostBank Uganda Ltd.
As CFO of PostBank Uganda Ltd, Ssenyange is instrumental in propelling one of the country’s fastest-growing brands. He is actively driving the bank’s strategy to expand market share and enhance its position as a key player in financial inclusion and national development.
Robinah Siima – FINCA Uganda Limited
Siima, the CFO at FINCA Uganda Limited, is a highly accomplished financial expert renowned for orchestrating financial brilliance and strategic advancement in competitive markets.
Known for crafting meticulous financial plans, adeptly navigating risk landscapes, and fine-tuning operational efficiencies, Siima is pivotal in ensuring FINCA Uganda achieves its ambitious targets, drawing on her experience from the Electricity Regulatory Authority and Ernst & Young.
Stevens Mwanje – NSSF Uganda
Stevens Mwanje, the powerful man behind the ledger at NSSF Uganda, is an experienced financial professional with a demonstrated history in the financial services industry, spanning customer portfolio management, negotiation, business planning, and risk management.
Awarded CFO of the Year in 2021 by ACCA Uganda and Deloitte Uganda, his exemplary leadership is crucial to the success of the national social security fund.
Shime Baligira – Liquid Intelligent Technologies
Appointed CFO of Liquid Intelligent Technologies in January 2022, Baligira boasts over a decade of experience in financial reporting, budgeting, risk management, taxation, auditing, and finance transformation.
Her career trajectory from Compliant Accountancy and Tax to treasury and financial control roles at Millicom (Tigo) and the International Gorilla Conservation Programme highlights her comprehensive expertise in steering complex financial operations.
These finance leaders are more than just custodians of corporate coffers; they are strategic visionaries, driving innovation, ensuring compliance, and navigating complex economic terrains.
Their expertise and leadership are indispensable in shaping not only the success of their respective organisations but also the broader trajectory of Uganda’s economic prosperity.