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Stanbic Bank Uganda has been commended by government regulators for its role in expanding integrated financial services and strengthening the country’s financial sector through innovative banking and insurance solutions.
The recognition was delivered by Al-Haji Kaddunabbi Ibrahim Lubega during the Stanbic Iftar Dinner held Tuesday evening at the Sheraton Kampala Hotel. The gathering brought together leaders from the financial services industry, members of the business community, and representatives of the Muslim community to reflect on faith, unity, and shared responsibility in advancing socio-economic development.
In his remarks, Lubega praised Stanbic for evolving beyond the traditional role of a commercial bank to offer a wider range of services that combine banking, insurance, and investment products.
He noted that such integrated financial solutions are critical in strengthening financial inclusion and improving economic resilience among Ugandans.
“Stanbic has demonstrated commitment to supporting Ugandans not only through credit and savings products but also by promoting insurance and risk management solutions that enhance financial security,” Lubega said.
The regulator further highlighted the growing importance of bancassurance in Uganda’s financial services sector. He recalled that Stanbic became the first bank in the country to receive a bancassurance licence in October 2017, a milestone that opened the door for other financial institutions to follow. Today, more than twenty banks have since adopted the model, broadening access to insurance services through the banking system.
According to Lubega, bancassurance represents one of the most transformative developments in Uganda’s financial landscape, helping families and businesses manage risks and recover during difficult times.
“Insurance, at its core, is a promise to stand with families and businesses during their most challenging moments,” he said, adding that innovation remains crucial, especially in reaching women, youth, and small and medium enterprises that drive Uganda’s economy.
Lubega also reflected on his long professional relationship with the bank, tracing it back to its earlier days as Uganda Commercial Bank. During his tenure as the first chairman of the Parliamentary Pension Scheme, he worked closely with the institution to strengthen pension fund management practices through international exposure and strategic partnerships. Today, the scheme’s investment portfolio is estimated to range between UGX 500 billion and UGX 1 trillion.
He added that his engagement with the bank has continued in his current role at the Insurance Regulatory Authority of Uganda, where Stanbic remains a key partner in strengthening the country’s financial architecture.
Speaking at the event, Stanbic Bank Chief Executive Mumba Kalifungwa emphasised the deeper meaning of Ramadan, describing it as a season of reflection, generosity, and unity.
Kalifungwa noted that the Iftar gathering also coincided with the bank’s 35-year Positive Impact Agenda, an initiative focused on advancing financial inclusion, job creation, infrastructure development, climate resilience, and corporate philanthropy.
“Through our Positive Impact Agenda, we have committed UGX 1 trillion to support local enterprises, with deliberate focus on businesses led by women, youth, and farmers,” Kalifungwa said.
He added that under its Corporate Social Investment programmes, Stanbic has supported more than 85 medical facilities across the country and partnered with organisations such as Salam Charity to assist vulnerable communities.
Delivering the keynote address, Islamic scholar Walusimbi Abdul Hafiz commended Stanbic Bank for its continued engagement with faith-based institutions and its commitment to community development.
Dr. Walusimbi said Ramadan is not only a period of fasting but also an opportunity to strengthen partnerships that uplift communities and promote social responsibility.
He observed that collaboration between financial institutions and faith-based organisations can play a vital role in accelerating socio-economic transformation, particularly among vulnerable populations.
The scholar also praised the bank’s focus on financial inclusion and its efforts to empower women and youth, noting that access to ethical and responsive financial services remains essential for unlocking entrepreneurship within Muslim communities.
He encouraged private sector players to continue aligning their business strategies with social responsibility, emphasising that sustainable development is achieved when institutions invest in people as much as they invest in profit.
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