Bank Governor calls for increased supervision
African bankers have been urged to upgrade their supervision in a bid to keep up with technological developments.Emanuel Tumusiime Mutebile, Governor of the Bank of Uganda, explained financial products in the continent are becoming increasingly sophisticated, Daily Monitor reports.
As a result, supervisors will have to be alert to the potential risks posed by these products, he stated, speaking at the opening of a workshop called African Approach to the Implementation of International Standards for Banking Supervision and the Base Capital Framework in Kampala last week.
According to the publication, new technology and commercial banking innovations are presenting fresh challenges for those working in the sector.
Mr Mutebile, whose organisation is owned by the Ugandan Government and aims to provide a sound financial system for the country, said: "Central Banks should refocus supervision on systemic risks and develop appropriate policies to mitigate risks."
He added that "macro-prudent measures" will help to protect against "wider risks".