Bank of Uganda urges companies to prioritize data governance

Kampala, Uganda – The Bank of Uganda has advised corporate companies to adopt robust data governance measures to mitigate the risk of cyber attacks and data breaches.

Speaking at the inaugural Data Governance Forum in Kampala, Milly Isingoma Nalukwago, Director of Statistics at the Bank of Uganda, emphasized the importance of quality data in ensuring operational efficiency and customer satisfaction.

“Good data governance gives an entity a sustainable competitive advantage,” Nalukwago stated. “Accurate customer data enhances customer satisfaction, while poor quality data can lead to inaccurate insights and costly mistakes.”

Nalukwago advised institutions to automate workflows to improve productivity and warned against the risks of unreliable data, which can result in flawed decision-making, bad loans, low revenue, and court cases.

Goretti Masadde, CEO of the Uganda Institute of Banking and Financial Services (UIBFS), highlighted the importance of data governance in the banking and finance sector. “The ability to handle data accurately and securely is key to gaining a competitive advantage, maintaining trust, and ensuring compliance.”

Solomy Luyombo, General Manager of Human Resources at Centenary Bank, emphasized the role of leadership and employee engagement in creating a successful data governance culture.

The forum, organized by UIBFS, aimed to equip professionals with strategies to navigate regulatory requirements and mitigate data-related risks.