James Ratemo
2 April 2008
Nairobi — Banks should adopt the latest technologies to remain relevant or else be overtaken by mobile phone operators, experts have said.
This was said at a meeting of banking technology experts in Nairobi aimed at providing the region's banking community with in-depth briefings on latest technology systems.
Opening the conference on Tuesday, Information Minister, Mr Samuel Poghisio, said IT is transforming the sector to increase competitiveness at the national and international level.
"Banks need to speed out their roll outs of accessible and affordable banking services through the innovative application of ICTs before they become entirely overtaken by the mobile operators, " he said.
Themed "Sharing knowledge and Best Practices in Banking across East Africa," The conference, last held in Nairobi in February last year, is also focusing on banking and microfinance services for the un-banked majority.
"The recent tragic events in Kenya make it all the more important for Kenya's business community to tap into latest international trends in banking technology, learn from peers from throughout Africa and internationally and think about how they can apply them in developing the country's financial sector to world-class levels," said Mr Sean Moroney, chairman of the conference sponsor, Aitec Africa.
Poghisio said mobile phone operators have set the pace and shown how rural areas can be engaged in the economy.
He said: "So the challenge is there for our banks to follow this example and find new and innovative ways to bank the unbanked, to provide farmers, peasants and juakali entrepreneurs with the low cost services they need."
British High Commissioner to Kenya, Mr Adam Wood, said Britain is ready to reboot Kenya's economy after post-election destruction.
He urged political leaders to undo the current stalemate and restore investors' confidence. "This week's banking conference matters to the financial sector and to Kenya's image. It will help in restoring the confidence of businesses and investors and to show that Kenya is open for business," said Wood.
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