Mobile Money Drives Financial Inclusion


Bank of Uganda Deputy Governor, Dr Lois Kasekende, delivered a keynote address at the launch of the Finscope Uganda 2018 Report this morning.

In his speech, Dr Kasekende said, “The percentage of the adult population with access to formal financial services has more than doubled since 2006. However, formal sector financial inclusion is dominated by the use of mobile money, which provides only a limited range of financial services, largely payments and the opportunity to save money on the mobile phone. 

Only 11 percent of the adult population use a commercial bank or micro deposit taking financial institution and only 3 percent of the adult population who borrow money do so from a commercial bank.

These findings suggest that the focus of public policy should be to try and broaden the range of financial services to which the population has access.”

 

Read his full speech here



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