EAST African countries introduced various reforms including liberalization of the financial sector about two decades to sustain their economic growth.
The countries namely,
Before the liberalisation, central banks in the region were custodian of code of conduct and professionalism standards, plus controlling some macroeconomic fundamentals like pegging foreign exchange rates.
The liberalisation increased the number of banks and competition in the region. In
But the competition has created a shortage of skilled labour, unfair practice to some bankers trying to make super profit by overcharging customers, mishandling them plus fraud.
"Competition in the market has redefined banking business in the world including the East African region,"
The legal expert says modernity adds salt to injury because of technological advancement coupled with the changing customer demands who now need "made to fit" products.
"This poses a big challenge on professional ethics in modern banking," he says. "Professionalism in the banking sector no longer exists because an engineer can become a CEO in a bank," he says.
He says that worries are that marketing and sales units are becoming the most prominent function, but their roles are driven by specialists who lack in-depth understanding of banking business.
On combatting fraud,
"Most banks want to hire ready made IT experts instead of trainingall their employees," he said. From Page i Nevertheless, bankers in the region have seen the shortfall and want to correct the situation sooner than later, in a bid to salvage ethics and professionalism among them.
They said the bloc needs universal banking code of conduct and standardise professional ethics, which an employee should understand and sit for an examination before one is certified as a banker.
This was also among the resolutions the bankers reached during the five-day
To avoid the vice,
They should be governed by professional associations," Mr Kibirango, former governor of
"In the absence of this document, there is no adherence," Mr Anjichi says, adding that "working in a bank does not qualify one to be a banker. Examinations should be introduced for one to pass and certified as a banker," he says.
He says that being an accountant or a lawyer or economist is not an automatic ticket to become a banker. "Doctors have to do internship or lawyers have to pass law school, bankers should emulate the same," he says. The meeting drew over 100 delegates.
Hispanic #1 Breaking News for Entrepreneurs, Professionals and Small Business Owners - HispanicBusiness.com
OCTOBER 31, 2014
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