Centenary Bank to invest $15 million in core IT system
Kampala, Uganda | THE INDEPENDENT | Centenary Bank Managing Director, Fabian Kasi, has emphasized the strategic importance of technology investment in maintaining the bank’s competitive edge, as the institution allocates $15 million to upgrade its core banking IT systems.
Kasi, who shared his insights during the 62nd CEO Breakfast Meeting organized by the Uganda Insurance Regulatory Authority (IRA) at Serena Hotel in Kampala, on November 14, highlighted the recurring challenge of high budget requests from the IT department but affirmed the critical value of such investments.
“The amount of money we spend on technology is quite high, but it is a worthwhile investment,” Kasi said, noting that robust IT systems underpin operational efficiency, enhanced customer service, and fortified security.
He said the bank’s planned upgrade will enable seamless digital banking services, allowing customers to access accounts, transfer funds, and pay bills more conveniently—key factors in bolstering customer loyalty. The systems will also streamline transaction processing, minimize errors, and improve data analytics for strategic decision-making.
Kasi emphasized the vital role of cybersecurity in the banking sector, highlighting how advanced IT infrastructure helps mitigate fraud and protect sensitive customer data. He further pointed out that the upgrades will ensure compliance with regulatory standards and position Centenary Bank to adapt to Uganda’s rapidly evolving financial sector.
“These strategic investments reinforce Centenary Bank’s status as a leader in financial innovation and inclusivity,” Kasi said.
Building trust in financial services
Kasi underscored the critical role of trust and confidence in banking and insurance, describing them as foundational to customer relationships and long-term business success. Transparency, ethical practices, and superior customer service, he said, are key to building trust in sectors that manage sensitive financial data.
“In an era marked by increasing cyber threats, a steadfast commitment to security and regulatory compliance reassures customers about the safety of their funds and data,” Kasi added.
IRA CEO, Ibrahim Kaddunabbi Lubega echoed these sentiments, noting that trust in financial systems not only attracts customers but also promotes broader economic stability. He highlighted the growth of bancassurance as a significant milestone for both the banking and insurance sectors, positioning it as a key driver of financial inclusion and sectoral growth.
“The conversation is timely as insurance companies and banks continue to register milestones on the bancassurance product to drive growth for both sectors,” Kaddunabbi said.
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