Implementation of the National Financial Inclusion Strategy

Finance Minister Matia Kasaija chaired a meeting of the steering committee for the implementation of the national financial inclusion strategy (2023-2028) to review progress made.

The Committee is comprised of the Governor Bank of Uganda and Executive Directors of Financial Intelligence Authority, Uganda Microfinance Regulatory Authority, Insurance Regulatory Authority, Uganda Retirement Benefits Regulatory Authority, Capital Markets Authority and National Identification and Registration Authority.

The aim of this strategy is to provide universal access to quality, affordable and sustainable financial services for all Ugandans. The target of the strategy is to achieve at least 85% financial inclusion by 2028.

Kasaija said this target is critical for building a resilient financial sector and also driving Uganda's broader economic growth.

According to the latest Finscope Survey 2023, overall financial inclusion has reached 81% with more Ugandans having access to financial accounts, use of digital payment systems and credit to support their livelihoods and businesses.

The challenges identified to be hindering progress which must be addressed include: low levels of savings, limited access to affordable credit and development finance as well as high lending rates.

The Minister called upon Ugandans to embrace Gov't programs aimed at improving financial inclusion such as PDM, Emyooga and GROW.