Financial institutions

BoU asks financial institutions to step up staff training

The central bank has asked all financial institutions under its supervision to strengthen staff training in order to have qualified and proactive staff serving the general public.

Commercial banking training is any type of course or formal upgrading that gives learners the essential skills for a career in commercial banking or financial management.

Bank of Uganda Deputy Governor Dr Michael Atingi-Ego said industry stakeholders including the Bank of Uganda, commercial banks, mobile network operators and member associations need well-trained staff, especially with skills in digital finance.

“Staff training is a great opportunity that the institute should exploit to expand its sources of income and contribute to a vibrant economic system,” he said in a speech read by the executive director of administration, Mr. John Chemonges, during the annual general meeting. Uganda Institute of Banking and Financial Services meeting at Sheraton Kampala Hotel this weekend.

Dr Atingi-Ego said that the BoU, for its part, has always been committed to promoting the training of staff in all courses considered essential for the promotion of competent and qualified staff capable of adequately managing the financial sector.

“The BoU will continue to support the collective initiatives of all member institutions under the auspices of the UIBFS to create a large pool of qualified and competent personnel in the financial sector,” he said.

Dr Atingi-Ego disclosed that there are various interventions by BoU/Government to revive the economy by introducing many financial products such as agricultural credit facility which will require knowledgeable, skilled and proactive staff to professionally identify and utilize opportunities for the benefit of intended beneficiaries and the economy as a whole.

“Another area that remains of great concern to clients of supervised financial institutions and the public is the subject of financial literacy. Many customers and the public have expressed concerns about limits to accessing the information needed to make informed financial decisions,” he said.

Dr Atintig-Ego said the BoU, along with other stakeholders, was already championing financial education programs at the national level.

“I urge all supervised financial institutions and other stakeholders to join this noble national effort to enlighten consumers of financial services to foster the growth of the financial services industry,” he said.

“Regarding the state of the financial sector, I would like to state that the Ugandan financial sector has remained stable despite the effects of the pandemic and escalating geopolitical tensions, so far. supervised financial institutions are sufficiently capitalized, with good asset quality and liquidity, and are showing profits,” he said.

The Chief Executive of the Uganda Institute of Banking and Financial Services (UIBFS), Mrs. Goretti Masadde, said the institute offers short certificate courses on banking, diploma in vocational course and longer vocational course. term leading to master’s degrees.

“The training we provide is based on the needs of the banking/financial sector as a whole,” she said.