Bank of Uganda has expressed concern over what it called the careless handling of banknotes by members of the public, warning that practices such as folding money during church offerings are damaging currency that is expensive to produce.
Deputy Governor Prof Augustus Nuwagaba raised the concern during an engagement with cultural, religious, and political leaders in Masindi, where the central bank sought to strengthen public understanding of its mandate and gather feedback from stakeholders.
“Our interest is to tell you what our mandate is, but also listen to you. We need to be united to grow the economy. You know the slogan of Liverpool for people that support football: you will never walk alone. As a united country, it’s easy to develop and reach middle-income status,” he said.
Prof Nuwagaba said Bank of Uganda takes pride in maintaining currency stability and low inflation, but warned that public behaviour was contributing to unnecessary wear and tear on banknotes.
He singled out conduct in places of worship, saying folding money during offertory undermines the quality and lifespan of currency notes.
“Mostly people that go to church, they pick out the money then fold it. What are you hiding? God is seeing how much you are putting there. You may fold it once, then keep it. We need to develop the habit of respecting the value of these notes. The cost of printing is very high, and that is taxpayers’ money,” he said.
The deputy governor also cautioned the public against engaging with unlicensed financial institutions, urging Ugandans to rely on regulated banks for financial services and support.
“It’s rare for banks to support those who intend to start. It’s good to go to the bank when you have a business, then you can be supported. When you get money before starting, the chances of misusing it are high,” he said.
He added that commercial banks are designed to support established businesses rather than provide start-up skills, encouraging entrepreneurs to approach financial institutions with structured plans.
Leaders in Masindi, including Buruli County MP Ronald Akugizibwe Aled, praised the central bank for maintaining economic stability, noting that inflation has remained relatively low even during the post-election period.
“It’s rare that you come out of elections and have no inflation. During that time, we give out money to the owners who are the voters, but we are proud of Bank of Uganda as people of Masindi and the country,” he said.
Masindi District Chairperson Cosmas Byaruhanga called for the establishment of a Bank of Uganda regional branch in the Bunyoro sub-region, saying it would improve access to financial guidance and services.
“Most people knew Bank of Uganda for printing notes, but there are even loans for women, business, and also guidance on dealing with commercial banks that normally overcharge us out of ignorance. Let’s have a branch here where we can always easily run to,” he said.
The engagement formed part of Bank of Uganda’s broader public outreach efforts aimed at strengthening financial literacy, improving compliance, and reinforcing trust in the country’s monetary system.