Charles Mudiwa appointed managing director at Uganda’s Dfcu Bank

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KAMPALA – Development Finance Company of Uganda Bank Limited (Dfcu) Bank has appointed Mr Charles M Mudiwa, a Zimbabwean national, as the new managing director, almost three months after Mr Mathias Katamba resigned from the position.

In a notice to shareholders through print media and Uganda Securities Exchange, dfcu indicated Mr Mudiwa would, effective April 11, takeover the role of managing director, replacing Mr William Sekabembe, who was, in January, appointed to the position in acting capacity.

In January, Mr Jimmy Mugerwa, the dfcu group chairman, noted the bank was in the process of identifying a substantive managing director.

In a notice yesterday, dfcu said Mr Mudiwa would bring to the bank more than 26 years of experience in banking, with strong business leadership, success in turning around businesses and increasing business profitability.

He has previously worked as chief executive officer of Stanbic Bank Kenya, Stanbic Bank Zambia and Standard Bank Malawi, amongst others.

He also has a wealth of experience in governance, having served on several boards and was former founding chairman of Liberty Insurance (Zambia) and former chairman of Zambian Bankers Association.

In the notice yesterday, Mr Mugerwa said Mr Mudiwa “is a visionary leader who has led financial institutions in various African economies with remarkable success” noting that he comes at a critical time as the bank seeks to “implement our enhanced customer-obsessed strategy to transform lives and businesses with innovative solutions and empowered people”.

Mr Mudiwa holds a banking certificate from the Institute of Bankers of Zimbabwe, an advanced management programme and certificate in digital transformation and enterprise leadership from Columbia Business School (USA), an honors degree in economics from the University of Zimbabwe.

He also holds a postgraduate diploma in leadership and change management from Leeds Metropolitan University (UK) and a degree in economics with honours from the University of Zimbabwe.

Mr Mudiwa joins at a time when Dfcu has seen an improvement in profit margins, reporting a profit after tax of 30.6 billion Ugandan shillings for the period ended December 2022 from 13.2 Ugandan shillings in 2021, supported by improvements in agency banking, online, mobile, and core banking platforms.