Finscope registers rise in Ugandans using financial services

The Finscope survey that measures the population's financial inclusion levels indicates that in 2023, 81 percent of adult Ugandans use financial services that are either formal or informal.

In 2018, the report said 77 percent of Ugandans were using financial services.

The survey has attributed this increase to financial technology and products that meet customer expectations.

According to the 2023 survey data on financial inclusion a sample space of 24.6 million people who are 16 years of age and above was considered.

And of that, 14 percent use bank services, 54 percent don't use bank services but have other formal services, 13 percent don't have formal services but use informal services whilst 19 percent are financially excluded.

The reports further indicating that seven out of 10 Ugandans are operating on personal budget deficits.

According to Patrick Oketa, the executive director of Financial Sector Deepening Uganda, there has been an upward shift in h of the population earning money from salaries, wages and providing services.

"Finscope has for 15 years been promoting financial access and enhancing the capacity of the population especially those in the micro, small and medium enterprises though different initiatives so that the earnings of people including women and everyone in the employment sector benefits and achieve financial inclusion which explains an upward trajectory," Oketa said.

Over the last five years formal financial inclusion is higher v men and urban settlers while Informal inclusion higher amongst women and rural settlers.

The 2023 survey is the fifth Finscope that provides insights on financial inclusion.