CENTRAL BANK OF UGANDA REVAMPS INFORMATION SYSTEMS TO SUPPORT GROWTH
Uganda’s Central Bank has chosen Oracle to help the growth of its operations. With the growth of the Banks activities, it found itself with several isolated legacy information systems, which presented to the Bank a number of challenges: lack of integration of systems, information duplication and redundancies, complex interfaces which provided limited functionality. Also certain applications were old and therefore not compatible with new information technology and support services for existing systems were not guaranteed.
The Central Bank of Uganda’s successful implementation of the financial modules of Oracle E-Business Suite has set the Bank on a course towards growth and banking best practice. The implementation of the inventory, purchasing, order entry and the banks recurrent & capital budget modules took just four months to complete and was managed by the Consulting division of Oracle African Operations, and a team from the Bank of Uganda.
According to the Bank of Uganda (BOU), there was a requirement for an integrated system that could provide a high level of automation and support best practices. The Banks need to plan for future growth and compliance to statutory requirements meant that a number of its financial systems had to be re-engineered, says Mr Magued Mahmoud, Head of Oracle African Operations consulting division.