University of Belize Launches Banking and Financial Institute
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- February 14, 2023
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The University of Belize officially launched the Banking and Finance Institute which offers certification courses and training programs in the field of finance. This is the university’s third operational institute and it is geared at assisting a plethora of financial organizations such as banks, credit unions, insurance companies, and real estate firms in equipping its staff with the skillset and knowledge needed to excel in the field. Giovanna Moguel was there for the launch and has the following report.
Giovanna Moguel for Love News: The University of Belize launched the Institute of Banking and Finance (UB IBF). This is the university’s third operational institute and it is geared at assisting several financial organizations such as banks, credit unions, insurance companies, and real estate firms in equipping its staff with the skillset and knowledge needed to excel in the field. UB’s President, Dr. VINCENT Palacio says this institute located right at home will make it more convenient and cost-effective for participants.
Dr. Vincent Palacio, President, University of Belize: “We continue to try to be relevant and provide service for national development and here we have a situation where we have a clientele, a certain sector to get certified in training in courses related to banking and finance they would have to leave the country. So what we did we established this institute the UB Institute of Banking and Finance where these persons can do the training right here in Belize.”
Giovanna Moguel for Love News: To achieved this feat, the University partnered with several accredited agencies from abroad to implement the necessary courses in Belize. The UB IBF has been invited to be a member of the National Anti-Money Laundering Committee. Also, the International Financial Services Commission has provided financial support as well as insights into Belize’s Financial Sector. Dr. Palacio says the UB IBF will also facilitate a series of research that will provide policymakers with the relevant analytical data to make sound decisions.
Dr. Vincent Palacio, President, University of Belize: “No longer will we have these walls around the university. There are several initiatives that we’re embarking on including research. We’ve established our research office so we have a research director again looking at relevant research. We just launched our analytical lab where we provide lab service for the country so we’re being very outward in what we do.”
Giovanna Moguel for Love News: The Minister of State in the Ministry of Finance, Christopher Coye, says that the establishment of the UB IBF will significantly contribute to the development needed for human capital which will operate in the financial sector and promote growth.
Christopher Coye, Minister of State, Minister of Finance: “Belize is not very diversified in its economy. You always hear about tourism being or representing as much as 44% of the economy and then the focus on building agriculture which is also important for food security purposes but what else ? What else can be a significant part of our economy ? And that’s where immediately we have to search. Of recent over the past couple years the BPO sector has really emerged as a material component of our economy and it’s growing at an almost exponential rate but we don’t want to move from two to three sectors we want to have it even more broader. So the financial services sector I think is where there is opportunity both in terms of an economic sector in its own right but also in terms of enabling access to cheaper credit and having the financial literacy at the same time to understand how do you enhance and improve your access.”
Giovanna Moguel for Love News: The institute will be headed by a full-time coordinator whose office will be located in the Gian Ghandi Building in Belize City. The first course will begin March 30. Giovanna Moguel for Love News.