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The Government has commended Stanbic Bank Uganda for delivering holistic financial solutions that are transforming lives and strengthening Uganda’s financial ecosystem.
The praise was delivered by Al-Haji Kaddunabbi Ibrahim Lubega, Executive Director of the Insurance Regulatory Authority of Uganda (IRA), during the Stanbic Iftar Dinner held at the Sheraton Kampala Hotel on Tuesday evening. The event brought together leaders from the financial sector, the business community, and members of the Muslim community to reflect on faith, unity, and inclusive socio-economic development.
In his address, Lubega applauded Stanbic for evolving beyond traditional banking to provide integrated solutions encompassing banking, insurance, and investment services.
“Stanbic has demonstrated commitment to supporting Ugandans not only through access to credit and savings products, but also by embracing insurance and risk management solutions that promote financial security and inclusion,” he said.
He underscored the importance of collaboration between banks and insurance providers in deepening financial inclusion and strengthening resilience among individuals and businesses, noting that such partnerships are vital to advancing Uganda’s economic growth agenda.
Lubega further highlighted bancassurance as one of the most transformative developments in Uganda’s financial services industry. He noted that Stanbic was the first bank in Uganda to obtain a bancassurance licence in October 2017, paving the way for 22 other financial institutions to follow suit.
“Insurance, at its core, is a promise to stand with families and businesses during their most challenging moments. Continued innovation is essential, particularly in serving youth, women, and small and medium enterprises, who form the backbone of our economy,” he added.
Lubega also reflected on his longstanding association with the bank, dating back to its days as Uganda Commercial Bank (UCB). He recalled working closely with the institution during his tenure as the first Chairman of the Parliamentary Pension Scheme, where collaboration and international exposure helped strengthen pension fund management practices. Today, the scheme’s portfolio stands in the range of UGX 500 billion to UGX 1 trillion.
He noted that his professional engagement with the bank has continued in his capacity as a regulator, describing Stanbic as a longstanding partner in strengthening Uganda’s financial architecture.
In his remarks, Mumba Kalifungwa, the bank’s Chief Executive, underscored the spiritual and social significance of Ramadan as a period of reflection, generosity, and unity.
Kalifungwa emphasized that this year’s Iftar dinner coincided with Stanbic’s 35-year Positive Impact Agenda, which is committed to advancing five strategic pillars: financial inclusion, job creation, infrastructure development, climate resilience, and corporate philanthropy.
“Through our Positive Impact Agenda, we have earmarked UGX 1 trillion to support local enterprises, deliberately targeting businesses led by women, youth, and farmers. Under our Corporate Social Investment programmes, we have also supported more than 85 medical facilities nationwide and partnered with organisations such as Salam Charity to assist vulnerable communities across various regions of the country,” he said.
Delivering the keynote address, celebrated Islamic scholar Associate Professor Dr. Walusimbi Abdul Hafiz commended Stanbic Bank for its deliberate engagement with faith-based institutions and sustained commitment to social impact.
Dr. Walusimbi praised the Muslim faithful for observing the fast and emphasized that Ramadan is not merely a period of abstaining from food, but also a time to strengthen partnerships that uplift communities. He noted that meaningful collaboration between financial institutions and faith-based organisations can accelerate socio-economic transformation, particularly among vulnerable populations.
He applauded Stanbic’s focus on financial inclusion and the empowerment of women and youth, observing that access to ethical and responsive financial services remains critical to unlocking entrepreneurship within Muslim communities.
He encouraged the private sector to continue aligning business objectives with social responsibility, stressing that sustainable development is achieved when institutions invest in people as much as in profit.
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