The newly-elected chairperson of Uganda Bankers' Association , Mr Julius Kakeeto, says e-Fraud is one of the major challenges in the banking sector that he believes is on a roll.
While e-Fraud is one thing that bankers keep looking over their shoulders for, one of those they face head-on is the challenge of growing a large base of good borrowers."Credit expansion thrives in an environment of ability and willingness to pay back what you borrow," he says."A good credit culture spurs credit growth."
The banking sector is at the forefront of supporting several pillars of the economy that are detailed in the National Development Plan III - including boosting exports and import substitution, development in transport and energy, as well as tourism. In a sector that is increasingly being driven by advancement in technology and one where banks have to reinvent to compete against several financial digital technologies, investment in ICT will likely continue to define Mr Kakeeto's executive.
"The industry is well positioned to harness these opportunities arising from the increased levels of capitalisation coupled with the digitisation," he says.