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Barclay’s Managing director Rakesh bows out

By Deo Wasswa

After five years of leading Barclays Bank Uganda as Managing Director, the bank has today announced that Rakesh Jha will be leaving the bank.

During his tenure, Barclays Bank Uganda has been at the forefront of introducing the latest banking technology and products for their customers, most notably CashSend, a pioneer product introduced to enable customers send money to non-bank customers using the banks intelligent ATMs.

The bank’s internet banking platform has significantly been enhanced with Mobile Wallet, Bill Payments and funds transfers internationally and to local banks.

Pre-paid cards were also introduced, among many other innovative solutions.

Barclays Bank of Uganda Board Chairman Mr. Swithin Munyantwali said; “The Board recognizes the considerable value that Rakesh has contributed to Barclays Uganda over the past five years. He has worked tirelessly to improve the value of the bank, and we greatly appreciate his efforts.”

“In the five years that he has been at the helm, Barclays Uganda’s profitability has also improved steadily. Even as the bank transitions from Barclays to Absa, we remain confident because he is leaving this company in the hands of strong executives and a team of very talented employees driving performance,” added Mr. Munyantwali.

Commenting on his departure, Mr. Jha said: “Five years has been more than sufficient time for me 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,” Mr. 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.”

The Board has appointed Mr. Mian Nazim Mahmood as Interim MD with immediate effect while the appointment for Rakesh’s permanent successor is underway.

Over the coming weeks, Mr. Jha will work closely with Mr. Mahmood to ensure a smooth handover.

Mr. 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 in-depth knowledge of Retail and Wholesale banking portfolios, enterprise risk management, compliance standards, wealth management and managing high performance teams in the digital banking environment. These have been acquired through directly managing businesses in four emerging market countries with multinational financial services organizations such as Citibank and Standard Chartered Bank spanning across Europe, Middle East, Africa and Asia Pacific.

Nazim holds an MBA (Finance) from Bentley College, in Waltham, MA – USA and Bachelors in Business Administration from the University of Massachusetts, Amherst – USA. USA and Bachelors in Business Administration from the University of Massachusetts, Amherst – USA.

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