The Independent Uganda: You get the Truth we Pay the Price
Kampala, Uganda | THE INDEPENDENT | Key stakeholders of the Ugandan financial ecosystem have agreed to concrete steps to boost financial inclusion in the country.
This commitment was announced at the end of a 2-day Scale2Save event in Kampala entitled “Building resilience and economic empowerment for women and youth” which brought together 100 participants. Both the event and a call to action focused on the key drivers of financial inclusion such as customer-centricity, the potential of digital finance and sustainable business models.
Michael Atingi-Ego, Bank of Uganda’s Deputy Governor, described the current state of high financial exclusion of women and youth in the country during his keynote speech at the event.
“When you consider these observations about our lived reality, you start to see the imbalance that Scale2Save is attempting to address here today. This extent of financial exclusion of women and the youth tantamount to trying to balance a three-legged stool on one leg. This is unsustainable in a country that is working towards socio-economic transformation”, he said.
“I am pleased to participate in this event because the Bank of Uganda shares the objective of democratising access to and empowering the users of financial services, not least by championing the National Financial Inclusion Strategy, and through our strategic plan and operations. But like the multi-legged stool, it will take the contribution of all stakeholders and partners to bring about universal financial inclusion,” added Atingi-Ego.
Scale2Save is a six-year programme working six African countries including Uganda.
The knowledge sharing event, an initiative of World Savings and Retail Banking Institute (WSBI), brought together Scale2Save members, the Ugandan Bankers Association (UBA), Financial Sector Deepening Uganda (FSDU), The Association of Microfinance Institutions of Uganda (AMFIU), The Financial Technologies Service Providers Association (FITSPA), and the Mastercard Foundation.
In a joint call to action, the members stated that, “We are ready to work with all stakeholders to demonstrate the commitment of the industry, particularly in times of shocks. We are also ready to continue making contributions to the empowerment of low-income customers to seize economic opportunities, build resilience and, ultimately, have a better life.”
Weselina Angelow, Scale2Save Programme Director, presented some of the key lessons learned during the last years implementing financial inclusion initiatives in Uganda.
Scale2Save will also partner with Centenary Bank, FINCA Uganda and BRAC Uganda Bank.
