Banks told to keep pace with changes

Tuesday October 05 2021

The Bank of Tanzania Governor, Prof Florens Luoga, speaks during a press conference in Dodoma yesterday. PHOTO | JONATHAN MUSA

By The Citizen Reporter

Dar es Salaam. The Bank of Tanzania (BoT) has urged commercial banks to invest in training their employees so as to keep them abreast with current technological changes and new market dimensions. Gracing the 23rd graduation ceremony for Tanzania Institute of Bankers’ (TIOB) on behalf of BoT Governor, Prof Florens Luoga, the BoT director of Financial Sector Supervision Jerry Sabi, said technological advancements and changing market demand have created the need for highly trained banking professionals.

“Financial institutions must give moral and material support to their employees so that they can acquire professional banking qualifications, which are essential in handling the banking business in an efficient, secure and reliable manner,” said Prof Luoga. In his statement, Prof Luoga said the introduction of new financial products and services like automated teller machines, debit cards, internet banking, mobile banking, digital and electronic payments have increased demand for well-trained, reliable and ethical professionals. Prof Luoga who doubles as Chairman of TIOB’s Governing Council said the integrity of the banking industry relies on the ethical conduct of its professionals. He assured of the collective efforts of the central bank, licenced banks and financial institutions in building the capacity of TIOB as its members and guarantors remain a key contributor to the growing numbers of skilled professional bankers in the country. TIOB Executive Director Patrick Mususa said the institute will continue to improve the electronic learning – including the use of electronic book (e-book) - as an alternative study option for candidates preparing for professional banking examinations.

“The institute has become more accessible through these online study platforms and will continue improving with the ultimate goal of reducing classroom time for all of our programmes,” said Mr Mususa. He said the institute has been working closely with the East African Institutes of Bankers of Kenya and Uganda, the regional partnership that has facilitated knowledge and relevant experience sharing for the development of the banking profession in the region.

TIOB has as well nurtured cordial working relation with the 1997 formed Alliance of African Institutes of Bankers (AAIOB), with TIOB being the founding member and treasurer to Africa’s professional body. The 13-member alliance has developed and adopted a common syllabus on which all members have based their professional examinations since May 2011.

“The alliance aims at promoting internationally acceptable standards of knowledge, skills, competences and conduct in the banking industry across Africa,” said the executive director.

He further said 137 candidates graduated with the highest qualification in the banking industry—Certified Professional Bankers (CPBs)—while eight others were awarded Banking Certificates. The new CPBs bring to over 1,000 the total number of fully qualified banking professionals.