By Andrew Irumba
Kampala: Managing Director of Barclays Bank Uganda, Rakesh Jha has thrown in the towel after spending only five years in office, this according to a media release dated July 15.
Jha joined Barclays Bank of Uganda from Barclays Bank of Seychelles where he was also the Managing Director and chief executive officer. He joined the bank at a time when Barclays was changing majority ownership from the London-based Barclays Pls to Barclays Africa Group.
Insiders told the Spy Uganda that Jha decided to leave because of personal reasons, though he remained tight lipped.
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.
Swithin Munyantwali the Bank’s Chairperson said, the bank’s board recognizes the considerable value and efforts Jha had 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 the bank is still strong besides 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.”
Meanwhile, the Managing board 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 holds an MBA (Finance) from Bentley College, in Waltham, MA – USA and Bachelors in Business Administration from the University of Massachusetts, Amherst – USA.
Jha as a Managing Director, Barclays Bank of Uganda (since September 2014)
Jha joined the Barclays Bank of Uganda from Barclays Bank of Seychelles where he was also the Managing Director and chief executive officer. He has had a long career in banking serving in different positions across different banks in various countries.
Jha joined at a time when Barclays Bank was changing majority ownership from the London-based Barclays Pls to Barclays Africa Group.
He has increased the use of digital technology in the bank operations and also spearheaded more interactions with bank customers to improve service delivery. Jha hopes that this approach made Barclays Bank more sustainable as it will continue growing alongside its customers in Uganda.
He is active in the banking community, serving on various committees and associations in the sector.
