The pace of technological innovation and usage by financial institutions for their benefit inefficient business operations and profitability ran into test according to the sector regulator. “The integrity of our financial system, as commercial banks endeavor to play their intermediation role and leverage technology, there is need to backtrace risk management frameworks to close as much as it is possible any loopholes that could be exploited for fraud, mo0ney lending, and terrorism financing.” Said, Dr. Louis Kasekende – Deputy Governor, Bank of Uganda.

The Uganda Bankers’ Association widened its campaign on service delivery around technology platforms in the last three years. “We will use technology and partnerships. We are as we speak now, working with Microfinances, we have engagements with the Telecoms now to use some of their bigger agents to take services to the lowest levels.” Said, Wilberforce Owor – ED, Uganda Bankers’ Association.

Cyber-related crimes most targeting financial institutions had since been rated nearly 10 million dollars approximately 36 billion shillings by reputed audit firm Deloitte in their financial crime survey. “This is something that if we don’t controlled it, we might see the risk by especially Internationals banks and our banks denied correspondent banking. So if you ask me what keeps me awake at night that is one of the biggest issues that keeps many of us within the banking industry awake?” An earlier study in financial crimes across East Africa placed Kenya at 72%, followed by Tanzania at 71% and Uganda at 67%.