Standard Chartered Bank Lauded for Technological Innovations

Dr. Louis Kasekende

The Deputy Governor of the Bank of Uganda, advice Dr. Louis Kasekende has applauded Standard Chartered Bank for their contribution to the economy, both financially and through technological innovations in the country’s banking sector.

“It (Standard Chartered Bank) is ranked amongst Uganda’s top twenty tax payers and has won a number of awards including Employer of the Year 2013, Best in Corporate Social Responsibility 2014 and Best Consumer Internet Bank 2013, amongst others,” he said.

“As a leader in technological innovations in the banking industry, Standard Charted Bank Uganda was the first bank to introduce ATMs in the country, VISA Electron debit cards, toll free phone banking and other innovations.”

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Dr. Kasekende made the remarks while opening the Supervisory College of Standard Chartered Bank, Africa Region, at Speke Resort Munyonyo on Thursday, November 10th.

The function was attended by the Executive Director Supervision, Bank of Uganda, Prudential Regulation Authority Officials, Host Supervisors of Standard Chartered Bank from the African Region, Directors and Senior Management of Standard Chartered Bank from the African region, staff of the Bank of Uganda among other guests.

Dr. Kasekende noted that “with the achievements and the recent amendments to the Financial Institutions Act, 2004, which allowed banks to engage in Islamic banking, Agent banking and Bancassurance; enormous potential for innovation, growth and financial inclusion in Uganda’s formal financial sector remains.”

He highlighted on the resolution resolution of cross border banking entities saying that Standard Chartered Bank’s strong foot print and existence in the region raises important aspects of cross border banking relationships between home and host regulators.

Commenting on Supervisory colleges, Dr. Kasekende said that they “provide avenues for enhancing information sharing among supervisors, facilitate common understanding of risks in financial groups, promote a shared agenda for addressing risks and vulnerabilities, contribute to improved crisis preparedness.”

Opened in 1912, Standard Chartered Bank has been operating in Uganda for over 100 years, has eleven branches and 28 Automated Teller Machines.


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