BANKS and financial institutions in the country must adopt technology that will enable delivery of quality financial services to the majority of Tanzanians at affordable cost, Central Bank Governor, Prof Benno Ndulu, said yesterday in Dar es Salaam.
“The delivery of quality financial
services is critical given the growing level of competition in a highly
technological and globalized environment,” he said. He was speaking at
the official opening of the 16th East African Banking conference themed
“Sustaining Relevance and Creating Value in a Competitive Financial
services Environment”.
He said that Information and
Communication Technology (ICT) is currently an integral part of
financial services delivery, particularly in enabling more people to
access the service. The technology to be adopted by bankers, he
explained, should also help to transform people’s lives through
provision of loans and save money for future plans.
The Bank of Tanzania chief said that
Tanzania is one of the countries performing well in mobile money
transactions, noting that according to an evaluation conducted by
UK-based organizations, Tanzania is leading in Africa and ranked number
six globally for having more conducive environment for financial
inclusion.
“If banks and other micro-finance
institutions will continue to adopt new technology in delivering
financial services more Tanzanian will have access to the service thus
placing the country in a better position in terms of financial
inclusion” Prof Ndulu said.
He, however, called upon banks and
financial institutions to ensure that all employees undergo training
related to professional ethics and set out systems that will oversee
workers’ integrity to increase efficiency in the sector.
Tanzania Institute of Bankers Executive
Director Casimir Nyoni said that in order to remain relevant and
maintain a competitive edge, banks and other financial services
providers must be creative and adopt appropriate strategies in their
service delivery.
He said the five-day conference brought
together 120 participants from South Sudan, Uganda, Kenya and Tanzania.
The East African Banking Conference has been organised jointly by the
Institutes of Bankers in Kenya, Tanzania and Uganda, Nyoni said.
The major objective of the school is to
raise the level of knowledge, competence, professionalism, integrity,
trust and confidence in delivery of financial services, among the
participants “Employees, employers and experts within the financial
services to bridge the communication gap, promote co-operation,
interaction and networking, exchange ideas and seek solutions to similar
challenges within our respective economic and banking sectors in the
region,” Nyoni noted.
He added that through the conference
participants will update their knowledge on the principles and practice
of modern banking and finance, making them aware of, and appreciate the
wider issues with which they have to deal with and acquiring knowledge
and skills appropriate to cope with their increased responsibilities.
According to the Finscope survey a
number of Tanzanians making use of financial services reached 57 percent
of the adult population of 2013.
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