The Ministry of Finance, in collaboration with the Financial Ombudsman Services, has officially launched the Nshuti Financial Consumer Advisory Center (NFCAC) — a landmark initiative designed to empower Ugandans with the knowledge and tools needed to make sound financial decisions.
Launched in Kampala, the NFCAC aims to bridge the gap between consumers and financial service providers, especially in an era of rising concerns over exploitative lending and complex financial agreements.
Speaking at the launch, Moses Kaggwa, the economic advisor at the Ministry of Finance notes that is a great initiative that will not only protect consumers from exploitation but will also enable them make informed decisions before, during and after accessing credit.
"This is a significant milestone in promoting financial inclusion and access to justice for Ugandans. The public now has an avenue to table their issues and get redress and solutions" said Mr. Moses Kaggwa.
The center is expected to serve multiple key functions:
Offer independent, professional financial advice to consumers before they enter into legally binding financial contracts
Handle and resolve financial complaints and disputes from the public
Provide ongoing financial education to Ugandans through workshops, media campaigns, and advisory clinics
Dr. Theopista Ntale, National Director of NFCAC, emphasised the great need to sensitise the public on how better financial decisions can be taken.
"We must move from reactive responses to proactive education. Financial literacy is the first step toward financial justice." Theopista remarks
The center has been well received by various stakeholders. Issa Ssekitto, Chairman of the Kampala City Traders Association (KACITA), called the launch “long overdue”, citing a need for such an institution to protect traders from predatory financial practices.
"Nshuti is very timely and much needed especially for us the traders. If you went to downtown today, many people are still disgruntled over the unfair deals and contracts which even led to many of them losing assets" Issa remarked.
Legal voices, however, caution that consumer protection also requires individual responsibility as David Mpanga, a renowned lawyer and financial advocate notes
"While the center will offer support, Ugandans must still read and understand every financial agreement they sign. Knowledge is power and protection."
As the NFCAC begins operations, officials say public sensitisation will be a key focus, ensuring that people from all walks of life especially in rural areas know where to go for financial help before it's too late.
The initiative represents a major step toward financial empowerment, accountability, and justice, laying the groundwork for a more resilient and financially literate Uganda.