Monitoring and Evaluation under the Strategy

Financial literacy activities need to be monitored and evaluated. Monitoring and evaluation will enable assessments on whether an activity has been successful. It will provide important insights for future activities and will enable implementers to learn from each another. It may also play a role for attracting future funding as funders will be eager to know that their funding will reach its objectives.

The complexity of the Strategy (multitude of implementers, multitude of approaches and multitude of target groups) and the general difficulty of measuring behavioural change will make a rigorous and comprehensive evaluation of the entire Strategy impossible.

To strike the balance between rigour and practicality, a multi-layered approach, based on four building blocks, will be used:

4 building blocks of Monitoring and Evaluation (M&E)

Overall Data colection (and sharing) regarding activities implementated, people reached, lessons learnt, etc.
Monitoring and evaluation of individual activities by implementers: To support you in monitoring & evaluating your financial literacy activity, we have developed a monitoring & evaluation guidance. This is included here.

Overall data collection: BOU is collecting information from implementers including on the major activities implemented, the number of people reached, the impact measured (if any) and lessons learnt from testing. This information will help BOU to get an understanding of what is going on and inform our activities to support those engaged in financial literacy (e.g. developing supporting material or connecting stakeholders). Where appropriate, we will share the lessons learned to stakeholders generally.

Rigorous impact evaluations of selected activities: Rigorously evaluating an activity is very costly and requires specific technical expertise which is not commonly available among implementers. Various organisations which specialize in impact testing might, however, be willing to partner with implementers under the Strategy. We encourage implementers to seek opportunities for rigourous impact assessments as and when they arise. GIZ, MMU and DIW are currently conducting a RCT.

.Overall impact at the country level: The FinScope survey 2013 contains a number of financial literacy-related questions. When the survey is repeated in future years, this will provide some indication of broad-based changes in financial literacy among the Ugandan population since the previous survey.

Copyright © 2013 This website is part of the Strategy for Financial Literacy in Uganda, supported by Bank of Uganda