Former Employee of Citibank and Standard Chartered Bank, Takes over as Barclays Uganda Boss

By Abdul Rahman Suagibu –

Photo Credit: New Vision Uganda

NEW AFRICA BUSINESS NEWS, Freetown, Sierra Leone- A little over four years as a helmsman of the Barclays Bank Uganda, Rakesh Jha is leaving to try as an entrepreneurship in Malawi. He lives, at a time when the Banks’ ownership has changed with a rebranding exercise currently underway.

Barclays Bank’s profit after tax slipped slightly to Sh 68.9 billion last year from Sh 72 billion in 2017. The bank however retained that; it had registered staunch growth of 13% on its balance sheet as its technology innovations gained traction.

Commenting on his departure, Jha said,

“Five years has been more than sufficient time for us to occupy this office. Departing was a personal decision, which was painful to make, but the timing is right for my family, as I pursue my dreams to start something of my own”.

“I am proud of all the achievements we have made”, Jha continued. “More so, the increased focus in understanding our customers’ needs to ensure they received better value from the solutions we provide. I also appreciate the opportunity to serve as Vice – Chairman of the Uganda Bankers Association, allowing me to play a pivotal role in the launch of Agency Banking”.

He said during his tenure, the Bank had made it possible for non – customers to withdraw money from its Automated Teller Machines (ATMs) in what is dubbed – cash send. He also noted that the Bank’s internet banking platform was significantly enhanced with mobile wallet, bill payments and international fund transfers.

The board has appointed Mian Nazim Mahmood as Interim Managing Director with immediate effect while the appointment for Jha’s permanent successor is underway. Over the coming weeks, Jha will work closely with Mahmood to ensure a smooth handover.

A statement from Barclays notes that, Mahmood brings deep financial services experience, having recently served as Retail and Business Banking Director at Barclays Uganda from August 2013 to January 2018

“With over 20 years of International experience, he has depth knowledge of Retail and Wholesale banking portfolios, enterprise risk management and managing high performance teams in the digital banking environment”, the Bank said.

1.00 United States Dollar = 3,694.65 Ugandan Shillings – July 18/ 2019

For New Africa Business News Abdul Rahman Suagibu Reports,  Africa Correspondent

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