Michael Atingiego, the Deputy Governor of the Bank of Uganda, has urged the attendees at the Annual Bankers’ Conference to reflect on thought-provoking concepts such as “banking hours.”
The remarks were made as he addressed the gathering under the conference’s theme, “Trends and Innovations in FinTech Changing the Face of Banking and Financial Service.”
He delved into the transformation of conventional banking hours due to technological strides and digitalization, a departure from manual processes and security constraints.
He echoed the sentiments of Bill Gates that people require banking services, not necessarily traditional banks. He cited Jamie Dimon, CEO of JPMorgan Chase, who sounded a cautionary note about the impact of digitalization on the banking industry by proclaiming that “Silicon Valley is coming.”
With a firm grasp on the topic, Atingiego delved into how FinTech has fundamentally transformed financial services. He elaborated on the role of mobile money in driving financial inclusion and the reshaping of payment systems. Moreover, he elucidated how these trends ripple into central banking, using the initiatives of the Bank of Uganda as an example. He highlighted the Bank’s forward-looking endeavors involving big data analytics, cybersecurity, and real-time regulation.
In a thought-provoking culmination, Atingiego recognized the FinTech revolution’s dual nature: it presents growth opportunities alongside challenges like data privacy and regulatory intricacies. A reassurance of the Bank of Uganda’s unwavering commitment to bolstering the economy’s resilience and facilitating sustainable transformation in response to evolving financial landscapes capped off his address.
Atingiego expressed his appreciation for Uganda Bankers Association’s dedication to convening this transformative conference to unpack the forces reshaping the banking and financial sector. His address concluded with a heartfelt wish for a conference brimming with fruitful insights, spirited discussions, and a collective drive towards a future shaped by the innovations of FinTech.
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