Convention 2019

11/02/2019

First fully digital bank launched in Uganda

By MARTIN LUTHER OKETCH

KAMPALA. Standard Chartered Bank has launched Uganda’s first fully digital bank.
Uganda becomes the second country in Africa, after Côte d’Ivoire to get a fully digital banking system.
The
system, which allows customers to open up an account using their phones
or computers within a period of 15 minutes without stepping in a
banking hall, comes at a time when banks are leveraging on technology to
recruit new customers.
The system, operated by Standard Chartered Bank was first launched in Côte d’Ivoire in March.

Speaking
at the launch in Kampala, Mr Albert Saltson, the Standard Chartered
chief executive officer, said the system was a key milestone on the
bank’s journey, which underlined its commitment to digitalise.
The
banking sector has both locally and internationally embraced the use of
technology to serve customers fostering convenience as well establishing
a paperless banking industry.
This is expected to match with the
changing environment in banking due to technological advancements taking
place around the world in the banking industry.

Standard
Chartered bank started preparing the way for digital banking in Uganda
way back in 1991 when it started computerised banking in the country.
Mr
Emmanuel Tumusime Mutebile, the Bank of Uganda governor, said it was
important for new innovations to be introduced in the sector, saying:
“Technology represents the future of banking and evolution”.
However,
he said that while innovation has benefits, it “presents associated
risks which if not well managed could have potential out layers”.

moketch@ug.nationmedia.com

Source: https://www.monitor.co.ug/Business/Finance/First-fully-digital-bank-launched-Uganda-/688608-4968454-3cim29z/index.html






 
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