Ugandan Banks directed to slow down on the digital transformation of services

Commercial banks started digitalising services early this year, a move aimed at eliminating physical bank branches that prompted intervention by Government. Banks including Stanbic,Standard chartered and Barclays have been closing some of their branches in favor of digital platforms.However a call was made by the financial sector deepening Uganda executive director, Jacqueline Musiitwa on the launch of the financial inclusion week in Kampala.

Banking is still based on relationships whether we have digital means or not,Banks that fail to find that balance would be set to lose. Financial sector CEO

With The digitisation agenda,banks hope to ride on agent banking to maintain their presence with customers.In a recent statement by Standard Chartered boss Albert R Saltson stated that the bank plans to minimise the physical contact between the bank and its customers since digital banking is the future. Over $1.5 billion (approx shs5.4 trillion) has been invested by Standard chartered in technology to be rolled out over the next three years worldwide.

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According to Stanbic Bank CEO Patrick Mweheire Agent banking aims at providing a bridge between banks and customers whereas with digital banking only requires a customer to register with the platform. Furthermore banks intend to aggressively pursue their digitisation agendas and improve operational efficiency where banks plan to ride on agent banking to maintain their presence with customers.

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