Ugandans urged to embrace digital banking to spur country's economic growth
By Joseph Mulangira
In the era of digital revolution, financial experts and banking leaders are advocating for a widespread adoption of digital banking opportunities as a means to minimize risks associated with handling cash and to propel economic growth.
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This push for digitalization is not only seen as a safer alternative but also as a catalyst for seamless transactions and the advancement of e-commerce.
Chief Executive Officer of I&M Bank, Robin Bairstow, emphasizes the transformative power of digital banking, stating,
"Digital banking can enable the economy to grow and hasten the development of e-commerce."
As the landscape of financial services evolves, experts like Bairstow stress the importance of embracing innovative technologies to keep pace with the changing dynamics of the financial sector.
Financial expert Joseph Fetaa underscores the role of digital banking in steering economic growth.
Fetaa asserts that by minimizing reliance on physical cash, digital banking can create a more secure and efficient financial environment for individuals and businesses alike.
Suleiman I. Kiggundu, Jr., an investor in the financial sector, highlights the collaborative efforts between Mastercard and financial institutions to foster digital banking.
The partnership aims to drive e-commerce growth and enhance the overall digital banking experience for customers.
Looking ahead, a forecast report indicates that online banking penetration in Uganda is expected to reach 15.66% in 2028.
Additionally, credit card penetration is projected to amount to 4.68%, signaling a significant shift towards digital financial transactions in the coming years.
As the digital landscape continues to expand, the call for customers to embrace digital banking opportunities becomes more critical
