of uganda to enforce licensing requirements and good corporate governance practices, as well as to evaluate the efficacy of existing risk management frameworks of the supervised financial institutions. the bank of uganda shall continue to execute this mandate. as i conclude, i would like once again congratulate standard chartered bank to on unveiling this revolutionary digital initiative. thank you all for listening to me and wish you a great evening prof. emmanuel tumusiime - mutebile governor, bank of uganda

pressures that increasingly manifest in the banking sector, both today and tomorrow. the evolution and increasing sophistication of customer tastes and preferences must be met by anytime - anywhere functionality. in order to respond appropriately to these needs, financial institutions must design financial service products and solutions that contain these same features. financial currently, digitalization provides institutions the ability to collect customer centric information, apply advanced data analytics thereto, and subsequently design and make available relevant financial products. with the development and roll out of digital banking solutions like mobile banking, internet banking etc., financial institutions operate as virtual agents on behalf of their consumers, enabling flexibility in the conducting of bank transactions. and with digitalization, comes increased speed of transaction processing and turn - around time. it is therefore self - evident that new digital banking innovations will continue to emerge, and gain prominence in customer service delivery. i am glad that standard chartered bank has recognized this trend and has embedded digitalization in its strategy as reflected by the continued implementation of innovative banking solutions. indeed, standard chartered bank was awarded the best “ digital bank for africa ” by the “ digital impact awards for africa ” in 2017, an attestation that the bank is determined to offer the best in class banking solutions through digital platforms. i wish to reiterate that while innovations such as the one being launched today accrue benefits to the financial institutions and customers, they also present associated risks, which if not well managed have the potential to outweigh the benefits. it is my prayer, and part of their prudential obligation, that supervised financial institutions including standard chartered bank uganda ltd, continuously review, enhance and improve their risk management programs ; especially with respect to the emergent risks inherent in digital banking business solutions. ladies and gentlemen, i wish to remind you that the bank of uganda through its monetary policy mandate is committed macroeconomic to environment fostering to a stable enhance the stability and soundness of uganda ’ s financial sector. as was highlighted in the monetary policy statement for december 2018, the economy is projected to grow by 6. 5 % in the financial year 2018 / 2019, an indication of a brighter economic outlook for business. i therefore urge standard chartered bank that in the pursuit of your strategies, keep in mind the opportunities that will accrue from the promising economic prospects. the central bank as a regulator, will continue to enhance its supervisory capacity and abilities in order to facilitate and maintain financial sector stability. the financial institutions act 2004 empowers bank