Bank of Uganda Unveils Strategy for Mobile Financial Transactions of Government Securities

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Bank of Uganda Unveils Strategy for Mobile Financial Transactions of Government Securities
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The Bank of Uganda (BOU) has disclosed details of its ten-year National Financial Inclusion Strategy, spanning from 2017 to 2028, aimed at facilitating government securities transactions through mobile financial services.

This initiative, known as the "Okusevinga" policy, seeks to enhance financial inclusion at the grassroots level, aligning with the objectives outlined in the National Financial Inclusion strategies.

Deputy Governor of the Bank of Uganda, Michael Atingi-Ego, emphasized the significance of leveraging mobile financial transactions for government securities.

Atingi also highlighted collaborative efforts with the Ministry of Finance to implement decisive policies aimed at mitigating the adverse effects of inflation.

Speaking at ABSA's Economic Forum for the 7th Africa Financial Markets Index, Uganda's performance in terms of the macro-economic environment, market depth, and local investments was lauded for its positive trajectory.

Out of the 28 countries assessed in the region, Uganda secured the 4th position with a commendable 63% score, according to the ABSA Africa Financial Markets Index.

Mumba Kalifungwa, Managing Director of ABSA, applauded Uganda's progress in financial markets, acknowledging the country's strides in fostering a conducive economic environment.

Moses Ogwapus, Commissioner of Financial Services at the Ministry of Finance, echoed this sentiment, affirming Uganda's commitment to enhancing financial inclusion and market accessibility.

As Uganda charts its course towards greater financial inclusivity and market development, initiatives such as the National Financial Inclusion Strategy and collaboration between regulatory bodies and financial institutions are poised to drive sustainable economic growth and prosperity.

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