Analysis of electronic banking in Uganda : a case study of Centenary Bank
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The purpose of the study was to analyze the state of electronic banking in Uganda taking a case study of Centenary Bank. The objectives of the study were to identify the E-banking channels, establish factors that hinder access and usage of E-banking and identify strategies that can be adopted to boost the usage of E-banking platforms. The study adopted a cross sectional survey with a population of 5,621 people comprising of bank customers and the ICT persons as key informants, from which, a sample of 365 was extracted to fill the self-administered questionnaires. A descriptive analysis in conjunction with factor analysis was used to summarize the data. The study findings indicate that in spite the fact that the percentage number of people holding phones has increased and that they can transact from the comfort of their beds (Mobile Banking), majority of the respondents mostly use the automated teller machines (ATM). Results from factor analysis, indicated that the unstable network makes E-banking very unreliable hence limiting a large number of people from using it. Furthermore, using factor analysis findings, there is need to extend power to all parts of the country and improve internet connectivity by installing masts to ensure stable network. This is because most of these channels need power and internet to operate efficiently. The study recommends that with the increasing visibility of financial technology, (fin-tech), banks should invest more in creating awareness about the existing electronic banking platforms and usage. In addition, the financial institutions should ensure maximum protection of the population’s data and information and reduce cases of hackers. This will boost the confidence and trust of individuals thus attracting many into accessing and using the E-banking platforms.