Uganda has registered an increase in the number of adults who have access to formal financial services growing from 28 percent in 2009 to 54 percent as of 2013.
According to the governor bank of Uganda the increase has been attributed to the 2011-2016 financial inclusion project which was a milestone to financial literacy, consumer protection guideline plus mobile money and agent banking guidelines.
But in order to increase financial inclusion, ministry of finance and bank of Uganda has launched a 5year financial inclusion strategy to bridge the gap
A FINSCOPE report of 2013 indicated 31percent of Ugandans entirely relied on unregistered financial services while 15 percent still remain excluded from all types of financial services.
Governor Bank of Uganda Emmanuel Mutebile noted that the 5-year strategy aspires to reduce financial exclusion from 15 percent to 5 percent by 2022.
“The 5 pillars that we have put in place will help the different working groups prepare implementation plans,” Mutebile said.
As of 2013, growth of formal financial institution was at 20 percent and they have a target of 50 percent by 2022. More so increase formal saving from 19 percent as of 2013 to 50 percent by 2022.
The national financial inclusion strategy of 2017-2022 will move on a vision of making it easy for all Ugandans to have access and use a broad range of quality and affordable financial services which will help ensure their financial security with women, youths and children being the priority group of people they are targeting.
‘There is need to increase the percentage of women who feel they understand financial services available to them, David Kalyango, ED finance BOU said.
Norbert Mumba the deputy executive director of the alliance for financial inclusion in his speech at the launch noted that despite the success progress registered by Uganda in fostering financial inclusion, the next phase of implementation is more crucial.
‘If Uganda is to achieve all the set objectives to enhance sustainable development high support is needed from all sector key in Uganda’s economy.”
He adds that driving financial inclusion doesn’t mean they should lose sight on financial stability mandate.