BoU asks financial institutions to step up staff training

The central bank has asked all financial institutions under its supervision to step up staff training in order to have skilled and proactive staff providing services to the general public.

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

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

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“The training of the staff is a great opportunity that the institute should harness to expand its revenue streams 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 of the Uganda Institute of banking and financial services at Sheraton Kampala Hotel over the weekend.

Dr Atingi-Ego said the BoU on its part has always been committed to promoting staff training in all courses considered critical in promoting a competent and skilled staff force that can adequately manage the financial sector.

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

Dr Atingi-Ego revealed that there are various interventions by the BoU/government to revive the economy by introducing many financial products, such as the Agriculture Credit Facility, which will require well-informed, skilled, and proactive staff to identify and professionally utilize the opportunities for the good of the intended beneficiaries and the economy at large.

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“Another area that remains of much concern to the clients of supervised financial institutions and the public is the subject of financial literacy. Many clients and the public have raised concerns about limitations in accessing the necessary information for making informed financial decisions,” he said.

Dr Atintig-Ego said the BoU together with other stakeholders is already championing the financial literacy programmes at the national level.  

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

“Turning to the state of the financial sector, I wish to affirm that Uganda’s financial sector has remained stable despite the effects of the pandemic and the escalation of geopolitical tensions, so far. Overall, supervised financial institutions are adequately capitalized, with satisfactory assets quality and liquidity, and are posting profits,” he said.

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The chief executive officer of the Uganda Institute of Banking and Financial Services (UIBFS), Ms Goretti Masadde said the institute offers short certificate courses on banking, a diploma in the professional course, and longer-term professional course leading to Master's degrees.

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

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