Financial institutions have been urged to form partnerships that will enable them provide adequate data infrastructure for their clients and also survive in this digital era.
Speaking at the start of the two-day virtual Annual Bankers Conference on Monday, July 26, 2021, the bankers and other financial experts acknowledged that creation of data enabled by a robust technology system is an expensive venture.
“Data-driven strategies will be achieved best through collaboration which means including all critical stakeholders like investors, government, among others. Regulatory support is crucial in realizing the success of data-driven strategies,” said Paul Nel, the Head of Innovation at Experian, a credit reporting company.
“Uganda can transition to the 4th Industrial Revolution through proper policies. Central bank has to play their role in making sure that the regulation is in place and in play and it is enforceable,” he added.
Mr James Onyutta, Managing Director of FINCA Uganda, added that service providers can support financial inclusion in the digital era through partnerships.
“Interoperability of financial infrastructure is critical in helping us solve the problem of customer access to services,” he added.
Mr. Joseph Lutwama, the Director of Programs at Financial Sector Deepening (FSD) Uganda, said partnerships of financial institutions in the era of payments will make it easy for clients to access services from A to B without incurring any costs.
“We want to encourage the growth of digital data patterns in the financial sector, our role is to provide a home for this data, which allows companies like Experian Africa to build analytics that can enable enterprises to leverage and grow,” James Byaruhanga, General Manager at Raxio Data Centre Uganda.
With data centres, we envision Uganda will build local content that is then switched locally. This will lessen the percentage of international content segment and consequently the cost of internet. “Infrastructure should not be a competition. It should be an enabler in the financial system,” he added.
Timothy Musoke, the CEO of Laboremus Uganda, said: “Consumer behavior has changed, adoption of digital services is on the rise as per stats from selected countries following the pandemic and businesses need prepare for traffic which will come through digital channels.
The virtual conference is being held under the theme, “Bend But Don’t Break: How the Financial Sector can thrive in the era of the 4th Industrial Revolution.”
Sarah Arapta, the CEO of Citibank Uganda and Vice-Chairperson of Uganda Bankers Conference, urged all stakeholders to use the conference to harness the opportunities of the fourth Industrial Revolution.
“We would like to highlight the critical role that needs to be played by all stakeholders to harness the opportunities of the fourth Industrial Revolution,” Arapta said
Mr Byaruhanga of Raxio Data Centre Uganda said data integration is the way forward!
“There is need for microfinance to integrate with commercial banking, central bank, FIDA, embracing of block chain & crypto. When these come together that’s when we will maximise leveraging on the 4IR,” he said.
The conference ends on Tuesday, July 27.