SADC central banks urged to invest in ICTs
By: Timothy Kasonde
Central banks from the Southern Africa Development Community (SADC) region must continue investing in Information and Communication Technologies (ICTs). This is according to Bank of Zambia (BoZ) Deputy Governor Tukiya Kankasa 'Mabula, who explained the important role ICTs play in the banking sector.
Noting that there has been a rapid evolution of ICTs that has played a significant impact on the world's economies, she said that technological innovations had speeded processing and transmission of banking information.
Speaking at the opening the 13th SADC ICT forum at Zambezi Sun hotel in Livingstone, Dr Kankasa-Mabula said the result of technological innovations in the banking sector had seen substantial reduction in transaction time with a wider global networking.
She said the SADC region had registered significant developments and advancement in payment systems, website development and banking supervision. She explained that the key objectives of the central banks would only be realised with a sound implementation of the ICT solutions. "ICTs play a strategic role in the daily operations of our central banks in SADC. The rapid evolution of ICTs has been exerting a profound impact on the world's economies," she said.
SADC central banks have collaboratively undertaken the ICT governance implementation using the Control Objectives for Information and related Technologies (COBIT) project. The conference also looked at the solutions available for the implementation of Business Continuity Planning (BCP).
She noted that BCP and ICT management resources were critical to the operations of the central banks.
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