DTB Uganda bagged two awards in a virtual summit organized by Finnovex East Africa

During the event, DTB Uganda won an award as the best bank championing payments while our very own MD; Mr. Varghese Thambi was recognized for his outstanding contribution to Fintech initiatives.

Finnovex as a brand resonates and revolves around the best and the next innovations that enable excellence. The Finnovex Awards have been constituted to recognize and appreciate the efforts of various individuals, institutions and service providers in the field of financial infrastructure security.

Keeping in mind that Financial Services and Innovations are important to East Africa’s Economic growth, the Finnovex East African summit will act as a driver in creating a roadmap within the new normal so as to recover from the aftereffects of the COVID-19 pandemic. This will in return help us emerge stronger to not just the expected levels of innovation and excellence but to supersede them.

The event focused on the roles of banking and non-banking institutions, financial organizations, investment firms, fintech companies and other stakeholders in developing inducements to the paradigm shift in this sector.

During the two day event, our MD; Mr. Varghese Thambi held virtual a presentation on Building a Cashless Economy & Online Payments and there after held a panel discussion about the same topic.

Mr. Thambi highlighted that much as the COVID-19 pandemic had come along with so many pitfalls, it came along with digital transformation across many spheres of life which is a plus.

During his panel discussion, he predicted that the digital transformation may help in reducing some of the traditional bureaucratic processes that banks follow such as signing multiple forms for account opening among others

Speaking at the summit, our MD encouraged the general public to opt for Digital Banking channels such as mobile banking, internet banking, Agent Banking and Cards (DR & CR) in order to minimize physical visits to the branches in these unprecedented times in the face of COVID-19.

During his panel discussion, he as well cautioned that much as we want to embrace digital transformation, we should pay maximum attention to Cyber Security which has to be aligned to the digital landscape. Keenly noting that the Fraudster are equally or working more to compromise the digital channels.

The panel as well deliberated on the aspect/need of MNO to be under regulated community similar to Financial Institutions; it is evident that the common factor between the two industries is movement of monies which is underlined by KYC / AML requirements.