Bank of Tanzania tells financial service providers to build customers’ trust amid technological challenges

Monday August 12 2019

Deputy Governor of the Bank of Tanzania Dr

Deputy Governor of the Bank of Tanzania Dr Bernard Kibese speaks to journalists shortly after he opened the 19th East African Banking School in Arusha on Monday, August 12, 2019. With him is Tanzania Institute of Bankers executive director Mr Patrick Mususa. PHOTO|ALAWI MASARE 

By Alawi Masare @AMasare malawi@tz.nationmedia.com

Arusha. Deputy governor of the Bank of Tanzania Dr Bernard Kibese has challenged financial service providers in East Africa to build customer trust in the era of technological growth covering the banking sector.

Dr Kibese who opened the 19th East African Banking School conference on Monday August 12, 2019 said bankers should evaluate how the trust will continue amid incidents of technological frauds which are enabled by the technology.

“Customer trust is actually the core currency of the financial service provider. If that is true, will technology alone secure trust? If yes, how? If no, then what else can the financial service professionals do to continue building this trust? These are some of key questions you will deliberate on,” said Dr Kibese.

The regional annual financial services conference is organised jointly by the Institutes of Bankers of Kenya, Tanzania and Uganda for professionals working in all aspects and facets of financial services.

The conference brings speakers from across Africa, Asia, and a Masterclass facilitator from Kentara Analytics-USA, as well as experts on different topics of digital financing such as digital transformation and its effects on performance for financial institutions; the role and importance of corporate governance in safeguarding ethics; and consumer protection.

Having celebrated the diverse possibilities that recent technological disruptions have introduced to the financial services industry, this year’s meeting focuses on the relevance of ethics and its different applications to the digital age of financial services.

Advertisement

Tanzania Institute of Bankers executive director Mr Patrick Mususa said this year’s conference has brought together participants from technology industry, bankers and other practitioners in the sector to discuss the role of ethics in the banking sector.

“With new and radical transformations happening in the financial services sector in the East African region, this conference discusses emerging challenges and opportunities for fintech as well as possible lessons to be learnt from the wider continent,” he said.