Which plans does Centenary Rural Development Bank have in order to remain relevant in future?
Dr. Simon Kagugube: The future of banking will be facilitated by mobile technology and the internet, I agree. However, whatever innovations in jazzy products that come, they must be in a context where people’s money is safe and people have confidence that it is safe. The principle purpose of a bank is the traditional one of keeping people’s money safely and to intermediate (to use this money to lend to people who can use it to develop the economy). If you introduce all sorts of products without ensuring that your risk management is completely solid and robust, you run the danger all the time of loosing people’s money and it does not matter how innovative you are, people will definitely lose interest in you, and the regulator won’t let you continue. Banking is all about trust, and that has not changed. At Centenary Bank, we’re investing in technologies and platforms that support new innovations, without compromising on trust i.e. confidentiality, security and accessibility to finance. T
