can be used to conduct group presentations, learning videos or programmes. as you all know, uganda ’ s financial sector has registered positive developments over the last five years. while applauding these positive developments, it is necessary to learn that such achievements have in turn raised new managerial challenges of instituting prudent risk management systems necessary to match the complexity of risk profiles that have emerged in the financial institutions. operational risk, which largely occurs on account of lapses in systems and processes, is increasingly posing serious managerial challenges, hence calling upon financial institutions to institute comprehensive risk management framework. i am sure that the establishment of barclays university will definitely go a long way in promoting training opportunities for developing strategies and techniques of combating infiltration of unscrupulous practices into the financial sector. bank of uganda therefore most heartily congratulates barclays bank of uganda limited on this auspicious occasion of launching barclays university in uganda. it my sincere hope that over time, the learning facilities at barclays university could be tapped by other financial institutions in uganda as a way of enhancing the development of risk management skills that is very vital in fostering safety of depositors ’ funds and stability and soundness of the financial system as a whole. with those few remarks, it is now my singular privilege to declare barclays university in uganda open.

emmanuel tumusiime - mutebile : mobile money and the economy opening remarks by mr emmanuel tumusiime - mutebile, governor of the bank of uganda, at the workshop on “ the economics of mobile money ”, kampala, 12 february 2015. * * * representatives of the private sector stakeholders, academicians, policy analysts and practitioners, ladies and gentlemen. good morning. i would like to begin by welcoming everyone to this conference on the economics of mobile money and to welcome especially all those who have made the effort to come here from abroad to share with us your experience and expertise. i am sure that it will prove to be a very interesting and fruitful conference, and will prove valuable to you whatever your field of work. i would also like to thank the international growth centre and the united nations capital development fund for joining with the bank of uganda to organize the conference. i would also like to thank everyone who has prepared presentations for the conference. although the issues which we will debate at this conference clearly have global relevance, holding it here in east africa is particularly apt, because this region has been at the forefront of the mobile money revolution over the last six years. the rapid growth of mobile money in east africa is a phenomenon which has few precedents in the history of finance and banking and which has implications which are likely to prove profound, for the financial sector, for business, for the general public and for public policy. trying to understand what these implications might be provides the motivation for this conference, which brings together academics, practitioners from industry and policy makers. in the four sessions which will follow we will hear and discuss both the results of academic research and the views of industry professionals. mobile banking has already had a major impact on broadening access to basic financial services in east africa. the benefits in terms of financial inclusion will themselves have important economic consequences, for business and household welfare. but i think that we are probably still only at the beginning of the transformation which mobile banking will create in our economy and society. in the rest of these remarks i will highlight what i think are some of the key issues which we need to study and debate if we are to better understand the changes which mobile money will bring about and their implications. the first and probably most complex issue i want to highlight is the impact that mobile banking will eventually have on traditional banking. for more than a century, finance has been dominated by a traditional banking model in which customers hold deposit accounts in banks and