Kenny Fihla-led Absa gets nod to buy Standard Chartered Uganda’s retail, wealth business

Absa Group, the Johannesburg-based financial services provider, led by banking veteran Kenny Fihla, has secured the go-ahead from regulators to take over the retail and wealth operations of Standard Chartered Bank Uganda through its banking unit in the country. 

This move underscores one of the biggest shakeups in the country’s banking scene in years as Absa Group’s unit makes its first retail acquisition in Uganda, adding new clients, products, and branches, giving the bank fresh momentum in a competitive market.

Expanding Absa’s retail reach

Absa Bank Uganda’s takeover of Standard Chartered’s retail and wealth business, expected to close by mid-2026, will give it access to long-standing clients, including high-net-worth customers and stable depositors, along with a seasoned team of relationship managers.

“With this acquisition, we’re strengthening Absa’s position in key African markets and broadening our retail and wealth portfolio,” said Mumba Kalifungwa, Managing Director of Absa Bank Uganda. “It reflects our confidence in Uganda’s long-term growth story and our commitment to a more customer-centered approach.”

Following approval from the Bank of Uganda, Absa will integrate Standard Chartered’s consumer and wealth clients, employees, and assets into its system. The deal, announced in October 2025, expands Absa’s retail footprint and reinforces its presence in East Africa. Both lenders have agreed on a joint transition plan to ensure uninterrupted service for customers.

Impact on Uganda’s banking sector

The acquisition marks a turning point for Uganda’s financial industry. With a stronger retail base, Absa is now better placed to challenge top-tier players like Stanbic Bank Uganda, Equity Bank, and dfcu Bank. It also highlights growing confidence in the country’s regulatory and investment environment.

Across Africa, a quiet shift is taking place. Global banks such as Standard Chartered are streamlining, while African-led lenders, including Absa, Access Bank, and Ecobank, are taking center stage through acquisitions that deepen their regional influence. For customers, the deal could bring better digital tools, wider credit options, and more customized wealth solutions as Absa integrates Standard Chartered’s clients into its network.

Leadership and future outlook

Absa Group, since dropping the Barclays name in 2020, has focused on growing its retail and SME banking units. It now serves over 12 million customers across 10 African markets, strengthening its regional presence under the leadership of Kenny Fihla, who became Group CEO in June 2025. 

Fihla, who spent two decades at Standard Bank, is now leading one of Africa’s biggest lenders into its next phase. Absa’s purchase of Standard Chartered’s retail and wealth units in Uganda is more than just another transaction. The transfer reflects how Africa’s banking map is being redrawn, where regional players are expanding, global banks are refocusing, and customers are set to benefit from a more competitive landscape.