Housing Finance Bank MD urges financial service providers to embrace emerging technologies

The Managing Director of Housing Finance Bank, Michael Mugabi who also doubles as the Board Chairman of the Uganda Institute of Banking & Financial Services (UIBFS) has urged financial service providers to embrace rapid technological innovations such as digital banking, mobile money, and fintech solutions to improve efficiency, reduce costs, and enhance customer experience.

Mugabi was speaking at the 21st East African Banking School Conference held recently in Kampala, organised by UIBFS together with the Kenya Institute of Bankers, and the Tanzania Institute of Bankers under the theme “The Role of Financial Services in Building Sustainable Regional Economies.”

Mugabi also urged players to be compliant with the sector rules.

“Staying updated with regulatory changes, for instance, ensures compliance and helps financial service providers to avoid penalty influence and optimally adapt to new regulations proactively,” he said.

He added: “Customers’ expectations are continuously evolving, influenced by global trends and local needs, adding that banks that stay ahead of trends can anticipate and meet these expectations, leading to higher customer satisfaction and loyalty.”

He said, that hosting this conference in Uganda reflects the country’s strides in becoming a central hub for financial thought leadership, knowledge, and innovation while facilitating discussions that will shape the future of banking in the region.

Twinemanzi Tumubweine, the Executive Director, of Bank Supervision at the Bank of Uganda, highlighted the importance of ethics in the banking sector.

“As a sector that buys and sells trust, virtues of honesty, taking responsibility, and intentional thinking are key in maintaining the sector’s integrity,” Tumubweine said.

The conference gathered banking and financial service professionals from across East Africa and beyond to explore the latest trends, challenges, and opportunities shaping the industry.

Furthermore, it provided a platform for networking, knowledge exchange, and professional development, focusing on emerging topics such as Ethics and Integrity in the banking sector, Environment Social and Governance (ESG), Opportunities for Oil and Gas in finance and more.

The EABS conference has over the years fostered collaboration, shared insights on different topics, and drove the growth and sustainability of the financial services sector in East Africa.