(Agence Ecofin) – In Uganda, banking operations are going digital. A trend that remains a challenge for workers in the sector lacking skills, according to a finding by the Central Bank.
The Central Bank of Uganda (BoU) has called on all financial institutions under its supervision to intensify the training of their staff, particularly in the field of digital finance. At the annual general meeting of the Uganda Institutes of Banking and Financial Services held late last week, John Chemonges, executive director of the BoU, said that human resource training might increase income.
“Staff training is a great opportunity that the institute [UIBFS, Ndlr] should exploit to expand its sources of income, and contribute to a vibrant economic system he said, speaking on behalf of Bank of Uganda Deputy Governor Dr. Michael Atingi-Ego.
To justify the choice focused on digital skills, Mr. Chemonges underlined that the digitization of banking services has enabled the sector to remain relatively stable despite covid-19. However, it has been accompanied by challenges, particularly in terms of skills. It has been observed that workers in the sector are struggling to adapt and follow the changes brought regarding by this digitization.
On the occasion, the Uganda Institute of Banking and Financial Services (UIBFS) was presented as the right place to follow the trainings. UIBFS Director General Goretti Masadde said the institute offers short certification courses and long professional courses culminating in a master’s degree in finance.
In addition, the meeting also made it possible to raise the lack of financial knowledge among users. In this regard, the BoU urged the heads of financial institutions to invest in financial education programs at the national level.
Vanessa Ngono Atangana