Kampala, Uganda | JULIUS BUSINGE | After five years at the helm of Barclays Bank Uganda as Managing Director, Rakesh Jha has left, according to a media release dated July 15.
Insiders say he has left because of personal reasons. During his tenure, the bank was seen to be at the forefront of introducing the latest banking technology and products for customers, most notably CashSend, a pioneer product introduced to enable customers send money to non-bank customers using the banks intelligent ATMs.
The bank says that its 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.
Board hails Rakesh
The bank’s Board Chairman Swithin Munyantwali said the board recognises 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,” Munyantwali said.
He added that 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.”
Commenting on his departure, 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.”
Mahmood interm MD
The Board has appointed Mian Nazim Mahmood as Interim MD with immediate effect while the appointment for Rakesh’s permanent successor is underway. Over the coming weeks, the bank said Jha will work closely with Nazim Mahmood to ensure a smooth handover.
Nazim 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.
Nazim holds an MBA (Finance) from Bentley College, in Waltham, MA – USA and Bachelors in Business Administration from the University of Massachusetts, Amherst – USA.