Uganda has recorded a steady improvement in financial inclusion, with the proportion of persons aged 15 years and above who own active bank accounts rising from 6.0% in 2021/22 to 8.1% in 2024/25, marking a 2.1 percentage point increase, according to the Uganda Bureau of Statistics (UBOS) Uganda Harmonised Integrated Survey covering 2021/22, 2023/24 and 2024/25.
While the increase appears modest in percentage terms, analysts say it carries wider economic significance because it reflects gradual movement of more Ugandans into the formal financial system, which is central to savings mobilisation, credit access, and investment activity.
The findings point to gradual progress in access to formal financial services, although a large section of the population remains outside the traditional banking system, relying instead on informal saving groups or cash-based transactions.
The report shows that beyond bank account ownership, access to broader banking services has also improved. The proportion of individuals aged 15 years and above who had access to bank services increased from 10.7% in 2021/22 to 13.4% in 2024/25, reflecting a 2.7 percentage point growth over the three-year period.
This improvement is particularly important for the wider economy because access to banking services goes beyond holding an account.
It enables households and small businesses to access loans, build credit histories, and participate in formal economic activities that support job creation and enterprise growth.
Experts say this expansion, even if still limited, signals a slow but important shift in financial behaviour, especially among low- and middle-income earners who are beginning to interact more consistently with formal financial institutions.
Despite the growth in formal banking, mobile money continues to dominate Uganda’s financial landscape.
According to UBOS, the proportion of persons aged 15 years and above who accessed mobile money services rose significantly from 34.4% in 2021/22 to 47.7% in 2024/25, representing a sharp 13.3 percentage point increase.
This surge is economically significant because mobile money has become the primary entry point into financial services for millions of Ugandans, especially in rural areas where bank branches are scarce and transaction costs are high.
It also plays a key role in daily commerce, remittances, and emergency financial support.
The report further indicates that usage of banking services is also on the rise. The proportion of individuals aged 15 years and above who actively used a bank increased from 8.5% in 2021/22 to 10.9% in 2024/25, reflecting a 2.4 percentage point improvement.
Economists argue that active usage is a more meaningful indicator than ownership alone because it shows real engagement with the financial system. In practical terms, it means more people are not only opening accounts but also saving, transacting, or borrowing through formal channels.
Financial sector analysts say the combined growth in bank usage, mobile money adoption and access to financial services points to a slowly expanding financial ecosystem, driven largely by digital innovation, agent banking networks, and regulatory reforms aimed at deepening inclusion.
However, the data also reveals that financial exclusion remains significant. Despite improvements, the majority of Ugandans still rely on informal financial systems or remain entirely unbanked, particularly in rural areas where income levels are low, employment is informal, and financial literacy remains limited.
This exclusion has broader economic implications. Without access to formal banking, households are more vulnerable to shocks such as illness, crop failure, or job loss, while small businesses struggle to scale due to lack of credit history and limited access to affordable loans.
Analysts argue that the widening use of mobile money services is helping bridge this gap by offering affordable, accessible and flexible financial solutions. The integration of mobile money with formal banking systems has also made it easier for users to send, receive and save money digitally, creating pathways into the formal economy.
The UBOS report suggests that Uganda’s financial inclusion progress is closely linked to the expansion of mobile telecommunications infrastructure, increased smartphone penetration, and government efforts to promote a cash-lite economy.
These factors have reduced transaction barriers and made financial services more accessible than ever before.
Financial sector stakeholders say the next phase of inclusion will depend on strengthening the link between mobile money platforms and formal banking institutions, improving financial literacy, and reducing the cost of banking services for low-income earners.
Economists also note that while mobile money has significantly expanded access to financial services, formal bank account ownership remains critical for long-term savings, credit access, investment and macroeconomic stability.
A stronger banking base helps deepen capital formation and supports more structured economic growth.
As Uganda continues to modernise its financial sector, the challenge remains to convert high mobile money usage into deeper engagement with formal banking systems, ensuring that more citizens move from basic access to full financial participation.
The report ultimately underscores a mixed but improving picture: steady growth in financial inclusion, strong dominance of digital financial services, and persistent gaps in formal banking access that continue to require targeted policy interventions to ensure inclusive economic growth.