NDULU DIRECTS BANKS TO OFFER QUALITY FINANCIAL SERVICES

Central Bank Governor, Prof Benno Ndulu.

Banks and financial institutions in the country must adopt technology that will enable delivery of quality financial services to the majority of Tanzanians at affordable cost, Central Bank Governor, Prof Benno Ndulu, said yesterday in Dar es Salaam.

“The delivery of quality financial services is critical given the growing level of competition in a highly technological and globalized environment,” he said. He was speaking at the official opening of the 16th East African Banking conference themed “Sustaining Relevance and Creating Value in a Competitive Financial services Environment”.

He said that Information and Communication Technology (ICT) is currently an integral part of financial services delivery, particularly in enabling more people to access the service. The technology to be adopted by bankers, he explained, should also help to transform people’s lives through provision of loans and save money for future plans.

The Bank of Tanzania chief said that Tanzania is one of the countries performing well in mobile money transactions, noting that according to an evaluation conducted by UK-based organizations, Tanzania is leading in Africa and ranked number six globally for having more conducive environment for financial inclusion.

“If banks and other micro-finance institutions will continue to adopt new technology in delivering financial services more Tanzanian will have access to the service thus placing the country in a better position in terms of financial inclusion” Prof Ndulu said.

He, however, called upon banks and financial institutions to ensure that all employees undergo training related to professional ethics and set out systems that will oversee workers’ integrity to increase efficiency in the sector.

Tanzania Institute of Bankers Executive Director Casimir Nyoni said that in order to remain relevant and maintain a competitive edge, banks and other financial services providers must be creative and adopt appropriate strategies in their service delivery.

He said the five-day conference brought together 120 participants from South Sudan, Uganda, Kenya and Tanzania. The East African Banking Conference has been organised jointly by the Institutes of Bankers in Kenya, Tanzania and Uganda, Nyoni said.

The major objective of the school is to raise the level of knowledge, competence, professionalism, integrity, trust and confidence in delivery of financial services, among the participants “Employees, employers and experts within the financial services to bridge the communication gap, promote co-operation, interaction and networking, exchange ideas and seek solutions to similar challenges within our respective economic and banking sectors in the region,” Nyoni noted.

He added that through the conference participants will update their knowledge on the principles and practice of modern banking and finance, making them aware of, and appreciate the wider issues with which they have to deal with and acquiring knowledge and skills appropriate to cope with their increased responsibilities.

According to the Finscope survey a number of Tanzanians making use of financial services reached 57 percent of the adult population of 2013.

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