The Bank of Uganda has revealed that it is currently leveraging capacity of big data analytics to adopt recent financial technology on real-time banking regulation and supervision.
Speaking at this year’s Annual Bankers’ Conferences held in Kampala, Dr. Michael Atingi-Ego, the deputy governor Bank of Uganda said the move will also help improve economic modeling and forecasting for monetary policy and market operation.
He has meanwhile cautioned members of the public to remain extra alert regarding cyber security as the new Fintech conveniences have vulnerabilities that increase data risk.
“IT security, therefore, becomes increasingly important because the new convenience comes with increasing risks as cybercriminals exploit the vulnerabilities in the digital system to breach defences and gain unauthorised access to valuable data which is now considered the new oil,” Atingi-Ego said.
The two-day conference which kicked off today is running under the theme, “The trends and innovations in the Fintech space, changing the face of banking and financial services”.