The Independent Uganda: You get the Truth we Pay the Price
Kampala, Uganda | THE INDEPENDENT | The acting Governor Bank of Uganda (BOU) Michael Atingi-Ego has urged savers in the country to always entrust their savings to regulated financial institutions only.
“The only way to preserve and grow the value of your money is to earn a return greater than inflation. To do this, save your money in formal and regulated financial institutions, such as commercial banks, credit institutions, and microfinance deposit-taking institutions, which the Bank of Uganda regulates,” he said as the country marked the 2023 Financial Awareness Month and celebrated the World Savings Day in Kampala on Tuesday..
The Uganda Institute of Banking and Financial Services (UIBFS) together with the Uganda Bankers Assocication commemorated the day by bringing together key finance players and stakeholders, financial sector regulatory institutions and financial service providers at Sheraton Hotel.
According to the Financial Capability Survey (FCS) 2020, only 20.4% of Ugandans save to meet specific life goals, such as retirement, education, or other long-term goals.
Experts at #WorldSavingsDay2023 share insights on how financial institutions nurture a savings culture. Their words bloom, urging us to save, reminding us that a penny saved is a penny earned. As the saying goes, “Don’t just bank on luck, invest in savings!” pic.twitter.com/xeMKlGJ69G
— Uganda Institute of Banking & Financial Services (@ibfsUg) October 31, 2023
@ibfsUg‘s CEO, Mrs. @gomasadde, and @ugbankers‘ Chair, @AraptaSarah, conclude the #WorldSavingsDay2023 Season 4 at Sheraton Hotel by presenting certificates to participating organizations and individuals, sealing it with a flourish. pic.twitter.com/Hlu16tKP61
— David Soita Masinde. (@davimasinde) October 31, 2023
Today we commemorate #WorldSavingsDay. Set yourself some goals; start with the little you have; be consistent; be patient and allow your money to grow; make sure you save with a regulated financial institution – you don’t want to be the victim of a #PonziScheme…#StartToday
— Martin A. Nsubuga (@urbra_ceo) October 31, 2023
In response, he said, the BoU has undertaken proactive measures to promote financial inclusion and improve financial literacy, including in rural areas delivered in local languages, emphasizing savings among other financial services. BoU also continues to train financial literacy trainers in rural areas and conducts financial literacy radio shows in local languages.
Discussions on savings at the Sheraton event Tuesday invovled key stakeholders; the Deposit Protection Fund (DPF), UIBFS, several Uganda Bankers Association members including DTB bank; and Uganda Retirements Benefits Regulatory Authority (URBRA).
“It is important for DPF to associate with the savings because because we appreciate that a substantial proportion of the money kept by depositors in financial institutions, constitute their savings. We therefore encourage the public to save their money in regulated financial institution,” said Patrick Ezaga of DPF.
DTB CEO Varghese Thambi, asked players to encounter new financial challenges like cyber fraud through financial awareness.
