Ugandan economy doing well – Stanbic Bank CEO

Ugandan economy doing well – Stanbic Bank CEO
Stanbic Bank Uganda Chief Executive Officer Patrick Mweheire

A key player in the Ugandan financial system, the Chief Executive Officer (CEO) of Stanbic Bank, Patrick Mweheire, says the economy is doing well and will do better in 2019.

Speaking at the launch of wealth and investment offerings in Kampala on Thursday, Mweheire, who heads Uganda’s biggest bank by assets, said their analytics show that the economy is buoyant and is set to perform even better next year.

According to Mweheire, investments in the oil and gas sector will boost the economy, as well as other infrastructure projects.

At the last announcement of the monetary policy statement for October 2018, the Governor of the bank of Uganda, Emmanuel Tumusiime Mutebile also forecast that the economy is going to perform well.

Meanwhile, Stanbic Bank is opening up various channels through which their clients, big and small, can start investing and growing their wealth.

The wealth value propositions span financial services, fund management, life and general insurance, investment management, health solutions and international products, targeting individuals and businesses.

Mweheire said Stanbic Bank has been offering these wealth creation opportunities in other markets like South Africa and is now opening them up for Ugandans.

Mweheire said growing wealth is not exclusive to the rich, emphasizing that everyone has the capacity and potential to do so.

Mweheire observed that Ugandans have a poor culture of creating wealth that is why the range of products on offer is crucial.

Deon de Klerk, the Head of Wealth for Africa Region at Standard Group, the parent of Stanbic Bank, said the wealth creation products are tailored to meet the various needs of their clients.