Rachel Rwakatungu, a seasoned professional in the banking and financial services industry, has taken on the role of Credit Director at Absa Bank Uganda Ltd. With a wealth of experience in business, regulatory risk, and the banking sector, she brings valuable expertise to her new position. Matooke Republic had the opportunity to interview her about her career journey and aspirations.
Who is Rachel Rwakatungu, and what is your professional background?
Rachel is a self-driven individual with a passion for making a positive difference in people’s lives. I am currently the Credit Director at Absa Bank Uganda Ltd. I previously served as the Senior Credit Manager at Stanbic Bank Uganda Limited for 4 years and before that, I worked for 12 years in Standard Chartered Bank Uganda. I also briefly served in Standard Chartered Bank Tanzania and Standard Bank South Africa.
When did you begin your career, and what was your first job?
I commenced my career post-university in 2006, as an Administrative/Accounts Assistant in a start-up pharmaceutical company called NEC Health World Ltd. A year later, I moved into the banking sector where I have been for the last 16 years.
Can you share with us your salary range at your first job?
Shs400,000 per month as an Administrative/Accounts Assistant.
How have you progressed through the ranks?
With my key character trait of being an achiever, I have never compromised on hard work. I always endeavour to give more than 100% of myself in everything I set my mind to. However, as I progressed through the ranks, I also had to get more intentional about my growth and direction and so I merged technical competence with clarity of target direction. I always share my ambitions with the stakeholders that can support my progress. I must say I have been blessed to have had a history of supportive leaders who always selflessly facilitated my advancement.
You are the new Absa Bank Credit Director, what steps did you take to achieve your position, and what skills and experiences helped you get there?
First was developing my technical competence through the execution of my credit functions for over 10 years. I bolstered this through undertaking relevant training and exposure to different geographies like Tanzania and South Africa which enabled me to broaden my perspective. I have also developed my soft skills through training, mentorships, coaching and adopting self-help mechanisms.
However, I also purpose to maintain a growth mindset to remain relevant in the ever-evolving world. Credit is pivotal to the success of any financial institution and because we live in a very dynamic world, at the heart of every decision has to be a well-thought-through recommendation. The lessons learnt from the several wins and losses along my banking journey guide me in this decision.
What are your main goals and objectives in your new role, and how do you plan to achieve them?
My key mandate is to lead Absa Bank’s Credit function, defining credit’s strategic objectives and setting its direction in line with the Group’s strategy. The bank is on an ambitious growth journey and I plan to work closely with my team and stakeholders to facilitate this growth while also exercising strong caution to protect the bank’s returns and grow shareholder value.
What have been some of the biggest obstacles or challenges you’ve faced in your career, and how did you overcome them?
Extending credit support and subsequently losing money can be very challenging. This is always a looming reality in this role and makes the weight of decision-making immense. To overcome this, I always endeavour to operate well within the organization’s guidelines/policies, remain cognizant of inadvertent eventualities and how to minimize their impact and also use a collaborative approach with clients to make and maintain bankable and resilient businesses. The key for me is to always use every experience as a learning block.
What are your career aspirations for the future?
I’d love to serve as an executive leader at the helm of one of the banks in the Ugandan market. Alternatively, I will look to serve in a Development Finance Institution that resonates well with my purpose.
Are there any role models or mentors that you look up to in your professional field?
I have several mentors who I deliberately seek out for guidance. This pot comprises five of my former bosses. My dad also plays a massive role in my drive to make it in my professional life. However, if I was to mention one individual I endeavour to emulate in so many ways, it is the Stanbic Bank CEO – Anne Juuko. She has a supernatural combination of inspiring attributes – driven, intelligent, smart, empathetic, modest, and vulnerable among so many others.
What drives you to perform well in your work, and what motivates you to excel?
I took on an early responsibility mantle. My older siblings and I had to step in and cater for our younger siblings at an early age and hence that drove me hard to succeed. Furthermore, my key defining traits are being a collaborator and an achiever, and with this comes an innate need to work with people to excel.
However, for me, credit is also an exciting function that drives me to serve diligently because I can make an evident difference in people’s lives. Financing people and businesses and watching them grow to their full potential fills me with pride.
Can you recommend any books or resources that have had a significant impact on your career development?
Four key facets that have impacted my development i) Podcasts are a quick win for me as they come in handy at all hours and for all life aspects including educational, current news, motivational, self-development etc. ii) being part of groups that open doors and challenge me to do and be more e.g Girls4Girls and other various networks and forums iii) reading/listening to topical books iv) speaking to thought leaders.
My best reads to date have been i) Successful women think different by Valorie Burton – this enabled me to overcome my perfectionism mentality ii) Atomic Habits by James Clear – for my daily disciplines management iii) Becoming and The Light We Carry both by Michelle Obama – enabling me deal with moments of self-doubt.