Overview:
Uganda's Centenary Bank boosts digital banking with $15m IT upgrade, prioritizing customer experience and security
Kampala, Uganda – Centenary Bank is investing $15 million in upgrading its core banking IT systems, aiming to enhance digital banking services and maintain its competitive edge.
Speaking at the 62nd CEO Breakfast Meeting organized by the Uganda Insurance Regulatory Authority (IRA), Centenary Bank Managing Director Fabian Kasi emphasized the strategic importance of technology investment.
“The amount of money we spend on technology is quite high, but it is a worthwhile investment,” Mr. Kasi said.
The upgrade will enable seamless digital banking services, streamline transaction processing, minimize errors, and improve data analytics. It will also bolster cybersecurity, protecting sensitive customer data and ensuring regulatory compliance.
Mr. Kasi stressed the critical role of trust and confidence in banking and insurance, citing transparency, ethical practices, and superior customer service as key to building trust.
IRA CEO Ibrahim Kaddunabbi Lubega echoed these sentiments, highlighting the growth of bancassurance as a significant milestone for both sectors.
“The conversation is timely as insurance companies and banks continue to register milestones on the bancassurance product to drive growth for both sectors,” Mr. Lubega said.
Centenary Bank’s investment comes as Uganda’s financial sector continues to evolve, with technology playing an increasingly important role in driving growth and inclusion.