Overview:
Dr. Tumubweinee Twinemanzi, the Executive Director of Supervision at the Bank of Uganda says that banking sector has moved from an era where the biggest threat to a bank would have been robbers walking into the banking hall with a gun to those with fingers and phones.
KAMPALA – The Central Bank has directed commercial banks to pay close attention to risks associated with advancement in technology within the banking sector.
Dr. Tumubweine Twinemanzi, the Executive Director-in-charge of Supervision at the Bank of Uganda, said that the shift of banking to digital channels is creating a revolution in banking fraud, noting that it creates new vulnerabilities.
Dr. Twinemanzi was on Friday, December 16, presiding over the unveiling of Finance Trust Bank headquarters at TWED Plaza, Lumumba Avenue in Nakasero.
“Our focus for the next years is going to be largely on risks that come with relying on technology to provide services,” Dr. Twinemanzi said.
He said the banking sector has moved from an era where the biggest threat to a bank would have been robbers walking into the banking hall with a gun to those with fingers and phones.
Dr Twinemanzi also commended Finance Trust Bank for opening corporate offices in the heart of the centre and said it would help the women-led bank rank among the top banks in the country.
“It is a bold move and speaks to where you want to be in the future. The fact that you are making this bold move almost after we have just come out of the period of uncertainty including Covid and its effects is an affirmation of taking the bank’s vision way beyond just the dream but taking your place within the banking sector in Uganda,”Tumubweine said.
“As long as you maintain the focus on managing the risks that come with growing to becoming better on what you do, in another 38 years from now we will be here looking at a much bigger and credible institution.”
The bank’s board chairperson, Dr. Evelyn Kigozi Kahiigi, said they have invested in technological advancements such as alternative banking channels to safeguard the bank and customers from emerging threats.
“We have implemented systems and controls through sound management practices to safeguard against cyber threats. We will continue to strengthen our resilience in relation to combating cyber threats,” Dr. Kigozi said.
“Whereas we have made tremendous strides in governance, we have deliberately put in place resources to ensure that the environment is preserved as we carry on our business transactions and support the emerging social issues. We shall go a long way in ensuring sustainability, reducing the cost of funding, and creating an environment conducive to further business progression and sustainability,” she added.
The Finance Trust Managing Director, Annet Nakawunde, described the move to the new headquarters as being strategic in their move repositioning the bank for its next phase of growth.
“The decision to relocate our head offices is right because what use to be microfinance customers have since grown to be corporates and they now deserve the service of being corporates,” Nakawunde said.
She added that the previous location in Katwe had now become inaccessible to the regulator, customers, and bank shareholders.
The Finance Trust Managing Director noted that the move symbolizes the bank’s determination to continuously improve its offering to the customers by ensuring that its products and services are accessible in a convenient environment.
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