The Bank of Uganda (BoU) has launched a mobilization drive in Tororo aimed at addressing challenges related to commercial banks, agent banking, and mobile money services.
The initiative seeks to enhance financial literacy and consumer protection across the country, responding to growing concerns from bank users.
The campaign, which features entertainment to attract public engagement, drawn significant attention from the district local residents.
Many took the opportunity to voice their frustrations over banking policies, particularly regarding unexplained deductions and high service charges.
Jane Abbo, a businesswoman at Tororo Central Market, recounted how she lost a portion of her savings without a clear explanation.
"I saved shs4 million, only to discover later that it had reduced to shs3 million. When I inquired, they told me it was because of bank charges, yet I was saving for my children's school fees," Abbo lamented.
Similarly, Eric Okoth expressed frustration over losing his savings of shs500,000 .
"Why is there a service fee if the bank is already using our savings? We deserve interest instead of deductions," Okoth said.
Many residents echoed concerns over high interest rates and the lack of consideration for the economic hardships faced by customers when issuing loans. Others admitted they had resorted to saving money on mobile phones rather than in banks due to fears of unfair deductions.
"I was saving little by little to fight poverty, but when I needed my money, it was gone. What’s the point of banking?" a disgruntled trader questioned.
In response, Jonah Waiswa, Head of Stakeholder Engagement at the Bank of Uganda, reassured residents that their concerns were being heard.
"We want to cultivate fairness and ensure people feel comfortable using banks. We know that accessing financing without banks is difficult, which is why we step in when there are problems," Waiswa explained.
The central bank's initiative aims to empower the public with financial knowledge, helping them navigate issues related to banking services while promoting transparency and trust in the financial sector.
As the campaign continues across the district, Bank of Uganda officials remain committed to addressing public concerns, fostering financial literacy, and ensuring fair banking practices nationwide.