Word from the Governor

Promoting financial inclusion is a strategic objective of the Bank of Uganda. Financial inclusion entails enabling the bulk of the population to access a range of financial services which are appropriate for their needs. The Bank’s strategy for promoting financial inclusion is built around four pillars:
  • Pillar 1: Financial Literacy
  • Pillar 2: Financial Consumer Protection
  • Pillar 3: Financial Innovations (e.g. Mobile Money and Agent Banking)
  • Pillar 4: Financial Services Data and Measurement
This document sets out a strategy for the first pillar, financial literacy. Financial literacy is relevant for everyone in a modern society regardless of income level, education, age, rural or gender: For example, everyone needs to understand how to draw up and live within a budget, to understand why and how to save, to borrow responsibly and to avoid becoming over-indebted, to make informed choices between different financial products and services, and to plan ahead for old age. Unfortunately, many people in Uganda do not have the knowledge, skills and confidence to be able to do these things. As a result, many of those who could afford to save do not do so, many people are heavily over-indebted and many people are not benefiting from financial products and services which could help them to lead more prosperous lives. This provides the motivation for the Strategy for Financial Literacy in Uganda.

The successful implementation of the financial literacy strategy is not only in the interests of the consumers of financial services. The Government also stands to benefit from a population that is financially capable and therefore more productive, financial institutions benefit from increased uptake of financial services and the economy as a whole will benefit from a deeper and broader financial system.

A wide range of stakeholders have come together, under the leadership of Bank of Uganda, to develop the financial literacy strategy, guided by the principles of sustainability, feasibility and cost effectiveness. I am very encouraged by the commitment that all of the stakeholders have shown towards strengthening financial literacy and by the willingness of so many to play a role in the development and implementation of the strategy. The work to develop the strategy has been supported throughout by the German Development Cooperation, through GIZ. I am very grateful to all those who have contributed to date, for their interest and their input. I look forward to their continued contributions, and I urge any stakeholders who have not yet participated to join with us in working to secure a more financially literate population empowered and equipped to make prudent choices on their personal finances.
+256-414-253-840
financialliteracy@bou.or.ug
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