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Stanbic half year net profit up 40% to Shs 134bn

Going digital

The bank is progressively going digital in offering services to customers.

In the first six months of this year, branch transactions accounted for less than 15% of the bank’s total transactions, meaning the bank is executing 85% of the transactions on digital channels which includes agent banking.

Mweheire said digital banking is significant in that it enhances the customer experience by providing a 24/7 digital platform for customers to execute their day-to-day banking wherever and whenever they want.

It also reduces the cost of doing business and enhances efficiency as it is of no value queuing in branches to execute low value transactions such as paying utilities or school fees.

This comes as Bank of Uganda continues to urge sector players to use technology and come up with innovations that can lower their operational costs and hence lower interest rates.

Speaking at the third Uganda Bankers Association conference in Kampala on July 16, Bank of Uganda Governor Emmanuel Tumusiime Mutebile said that through automation and adoption of new technologies for delivering financial services, it is possible for banks to reduce their operating costs, and pass on the savings to borrowers through reduced lending rates.

Going forward, Mweheire said the priority for the bank will continue to focus on strengthening its propositions by providing solutions that meet clients’ needs and help them achieve their aspirations.

“We will continue this focus into the second half of the year through customising services, focusing on meeting client service level agreements, delivering client journeys and transforming the bank into an organisation that is future ready,” he said.

Mweheire said that Uganda’s economy remains strong with robust growth across many sectors.

He said with the GDP growth of 6%in fiscal year 2018, means that “we have really turned the corner with even more positive momentum poised for 2019.”

He said as a bank, they are seeing a rebound in key sectors of manufacturing, construction, agriculture, personal borrowing and trade.

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