The executive director private sector foundation Uganda (PSFU) has advised graduates from the Uganda Institute of Banking and Financial Services (UIBF) to offer more financial services other than credit for the economy to grow.
Speaking during the institute’s 7th graduation ceremony recently, Mr. Gideon Badagawa said despite the vital role that credit financing plays in growing small and medium enterprises (SMEs), bankers also need to overcome other challenges that stagnate growth.
He cited lack of appreciation of insurance by SMEs, whose role is to mitigate uncertainties and risks that are dangerous to any business.
“……everyone is crying out for money. When we talk about financial services, it is not only about money. There are many other things that it constitutes like insurance and others beyond money that are vital for the private sector to thrive,” he said.
He added that the onus is upon the graduates to educate the private sector to gain access to financial products. He emphasized that it is through soft skills that they will apply knowledge acquire from the Institute.
Soft skills, according to Mr. Badagawa, are common knowledge that cannot be learnt in a classroom and boost a graduate’s relevance to the economy, for example: decision making, critical thinking and cognition.
Speaking on behalf of the Governor Bank of Uganda, the director financial stability at the Central Bank, Mr. Charles Abuka, challenged the graduates to embrace technology as theire are many financial innovations in the pipeline.
He noted that consumer preferences of high expections of speed and cost consciousness, fast-moving technology developments and changing regulations are the key drivers behind financial innovations.