BOU warns on bank automation

Dec 18, 2012

Dr. Louis Kasekende the deputy governor of Bank of Uganda has urged Centenary Bank to further automate its operations. At the same time, Dr. Kasekende warned the bank about the dangers that automation brings to clients.

By Vision Reporter

Dr. Louis Kasekende the deputy governor of Bank of Uganda has urged Centenary Bank to further automate its operations. At the same time, Dr. Kasekende warned the bank about the dangers that automation brings to clients.

“The banking environment is quite challenging. You therefore need to focus a lot on controls as a bank, while at the same time going for increased automation to ease services for your clients,” Dr. Kasekende said.

He was speaking during a visit to Centenary Bank, in the company of Justine Bagyenda, Bank of Uganda’s executive director for supervision.

Dr. Kasekende also told Centenary Bank management that he was impressed by the growth and vision of the bank and commended the management team on what he called ‘visionary growth’.

“It is amazing that having grown as big as you have as a bank, still 65% of your revenue comes from microfinance. The opening of your new headquarters has also visibly set a new standard for a great work environment for your staff,” he said.

Centenary Bank is the country’s fifth largest bank by assets, with 56 branches and 124 Automated Teller Machines across the country.

Fabian Kasi, Centenary Bank’s managing director was appreciative for the hands-on supervision from the Central Bank and he said the bank was solidly in support of the Central Bank’s objectives of financial inclusion.

“Financial inclusion, of especially the rural Ugandans is at the core of our mission as a bank. That is what has informed our growth and expansion through the country. The bank is increasingly coming up with relevant and competitively priced products for its clients,” he told the team from Bank of Uganda. Last month, Centenary Bank was awarded Best Primary Dealer for the month of November 2012 by Bank of Uganda.

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