Financial service providers in Uganda have been urged to embrace technological advancements to stay competitive and improve customer experience. This call to action comes from Michael Mugabi, the Managing Director of Housing Finance Bank and the Board Chairman of the Uganda Institute of Banking & Financial Services (UIBFS).
Mugabi made these remarks during the 21st East African Banking School Conference held in Kampala. The conference, themed “The Role of Financial Services in Building Sustainable Regional Economies,” highlighted the importance of technology in driving financial inclusion and economic growth.
Mugabi emphasized the significance of adopting digital solutions like mobile money, online banking, and fintech platforms. These technologies, he argued, can significantly enhance efficiency, reduce operational costs, and ultimately, provide a more seamless experience for customers.
“By leveraging digital banking and mobile money, financial institutions can reach a wider audience, particularly those in underserved communities,” Mugabi explained. This aligns with Uganda’s goal of financial inclusion, ensuring everyone has access to essential financial services.
While advocating for technological innovation, Mugabi also stressed the importance of adhering to regulatory frameworks. “Keeping abreast of regulatory changes around financial technology is essential,” he said. “Compliance ensures consumer protection and avoids penalties, allowing institutions to adapt proactively to new regulations.”
Mugabi’s message serves as a timely reminder for Ugandan financial service providers. The financial landscape is rapidly evolving, and those who fail to embrace technology risk falling behind. By strategically integrating digital solutions and maintaining regulatory compliance, Ugandan financial institutions can position themselves for continued success in the ever-changing economic climate.