Experts warn of emerging challenges brought by innovations. FOTOSEARCH
The Deputy Governor of the Bank of Tanzania Dr Bernard Kibesse is rooting for security and privacy of customer information.
Dr Kibesse wants the banking industry to utilise the technology at their disposal to secure customers’ trust.
He
was addressing middle and senior level cadres in the financial services
sector, academia, government and regulatory bodies from six countries
gathered in Arusha to discuss ethics and best practices in digital
banking and finance.
“Trust is the central ethical
pillar for financial service professionals. Much as we handle the money
belonging to other people, we must earn their trust,” he said.
The
annual forum—19th East African Banking School—which seeks to address
emerging challenges and opportunities for fintech was organised by
bankers of Kenya, Tanzania and Uganda. Experts from Nigeria, India and
the US were in attendance.
While East Africans have
been sending and receiving money and loans instantly courtesy of new and
radical transformations in financial services, the executive director
of the Tanzania Institute of Bankers Patrick Mususa warned of emerging
challenges brought by the innovations.
He cited fraud and lack of laws and regulations to control vices.
Gilbert
Om’mbongo, the acting chief executive of Kenya Institute of Bankers,
said the basis for embracing technology should be trust and integrity.
“If the systems perform well, our economies will also grow,” he added.
He said Kenya witnessing cyber crime where bank staff conspire with con artists.
But
by using digital and agent channels to move customers out of banking
halls, banks have extended alternative channels, downsized branch
networks and capacity, thereby eliminating some services from the halls.
Some
of this technology has, however, also introduced some disruptions in
the financial services, sector such as staff reassignment and
redundancy.
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