This archive report was first published on 20 August 2019.
On August 20, 2019, the Deputy Governor of the Bank of Tanzania, Dr Bernard Kibesse, addressed a gathering of financial services professionals, academics, government officials, and regulatory bodies from six countries in Arusha, Tanzania.
Dr Kibesse emphasized the need for the banking industry to prioritize customer trust, stating that 'trust is the central ethical pillar for financial service professionals.' He noted that banks must earn the trust of their customers, who entrust them with their money.
The annual East African Banking School forum, which brought together experts from Kenya, Tanzania, Uganda, Nigeria, India, and the US, aimed to address emerging challenges and opportunities in fintech.
While digital banking has enabled East Africans to send and receive money instantly, the executive director of the Tanzania Institute of Bankers, Patrick Mususa, warned of emerging challenges, including fraud and the lack of laws and regulations to control vices.
Gilbert Om'mbongo, the acting chief executive of the Kenya Institute of Bankers, emphasized the importance of trust and integrity in embracing technology, stating that 'if the systems perform well, our economies will also grow.'
