According to the 2021 third quarter market report of the Uganda Communications Commission (UCC) by the end of September, total internet subscriptions in Uganda crossed the 22 million mark for the first time.
This translates into a broadband penetration rate of 52% and means that one in two Ugandans has an active internet connection.
Dr. Tumubweine Twinemanzi, the Director Supervision at Bank of Uganda believes investing in digital banking services is the right step in the right direction for the banking institutions and their customers.
“Bank of Uganda welcomes the use of technology in enhancing service delivery because it increases efficiency and lowers the cost of access of services for the customer.” Tumubweine told the press on Tuesday.
“The biggest percentage at 75% of our population is below the age of 35. These want 24/7 access to the services you have. They want user friendly but above all products that can be put on their phones. Any product that cannot be put on the phone will have a short shelf life.”
He made the remarks at the Kampala Serena Hotel while officiating as the chief guest at the unveiling of KCB Bank’s three new digital products that will revolutionize banking for its customers.
Tumubweine further commended the commercial bank for having been at the forefront of introducing and developing products that offer the best customer experience via our product and service range in the region.
KCB’s managing director Edgar Byamah reiterated that “With the constant rise and improvement in technology, different sectors have upgraded their services with the adoption of new technologies that are tailored towards offering their customers improved services in a timely and reliable manner.”
“This enhancement reinforces their commitment to offer banking solutions that fit into the lives of its customers,” he added.
Peter Kawumi (Country General Manager Interswitch Uganda), Princess Shamirah Kimbugwe (MD, Pivot Payments), Wilbroad Humphreys Owor (Uganda Bankers Association ED) were among the guests at a function where three digital products (The Online Account Opening service, The friendly Chatbot and the ATM recyclers) were unveiled.
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