KAMPALA, UGANDA – Experts in the banking industry have called on bankers across East Africa to prioritize professionalism and integrity in their operations. The urgent need for ethical practices in the sector was highlighted at the 21st East African Banking School (EABS) Conference, which took place in Kampala on Tuesday.
Industry stakeholders emphasized the importance of transparency and accountability in banking operations, citing a decline in public trust in the sector.
Dr. Tumubweine Twinemanzi, Executive Director Supervision, emphasized the need for banking professionals to adhere to ethical standards.
“The banking industry is built on trust, and ethics and integrity are essential components of that trust,” Dr. Twinemanzi said. “As regulators, we are committed to promoting a culture of ethics and integrity in the financial services sector.”
The Bank of Uganda’s emphasis on ethics and integrity comes at a time when the financial services sector is facing increasing scrutiny over issues such as money laundering, fraud, and other unethical practices. By promoting a culture of ethics and integrity, the regulator aims to restore public trust and confidence in the banking industry.
“Ethics and integrity are not just moral values, but also essential for the stability and soundness of the financial system,” Dr. Twinemanzi added. “We urge all banking professionals to uphold the highest standards of ethics and integrity in their daily operations.”
“There is a need to bring back trust in the financial services sector,” said Ms. Goretti Masadde, CEO of the Uganda Institute of Banking and Financial Services (UIBFS). “We cannot copy what other sectors are doing; we need to lead by example and bring back a sense of ethics in the country.”
Mr. Patrick Mususa, Executive Director of the Tanzania Institute of Bankers, stressed the urgent need to restore public trust in the sector, which is essential for sustainable economic growth. “As institutions, we have a role to ensure that we align the code of ethics across financial institutions and banks to provide reliable services,” he said.
The conference, organized by UIBFS in collaboration with the Kenya Institute of Bankers and Tanzania Institute of Bankers, brought together industry players to discuss themes such as the role of financial services in building sustainable regional economies. Experts emphasized the importance of ethics in shaping organizational culture and maintaining trust.
Mr. Peter Gitau, Head of Membership and Partnership at the Kenya Institute of Bankers, noted that ethics define individuals and institutions, and that a lack of ethics can lead to reputational damage. Mr. Michael Mugabi, Managing Director of Housing Finance Bank, called on financial service providers to stay ahead of industry trends and enhance strategies to meet evolving customer needs.
The conference also highlighted challenges such as fraud and cybersecurity threats, emphasizing the need for proactive risk management strategies. Mr. Francis Yiga Banalekaki, Head of Audit at Diamond Trust Bank, stressed the importance of robust risk management systems to mitigate these threats.
In his keynote address, Mr. Mugabi Michael, Board Chairperson of UIBFS, emphasized the role of the conference in fostering dialogue, innovation, and strategic partnerships within the banking sector. “This conference reflects our nation’s strides in becoming a central hub for financial thought leadership and innovation,” he said.
The conference provided a platform for industry players to share knowledge, network, and develop professionally, with a focus on promoting integrity and ethical practices in the banking sector.
