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BoU Releases Framework for Financial Literacy, Financial Consumer Protection in UgandaThe National strategic and inclusive Framework report entitled ''Towards an Effective Framework for Financial Literacy and Financial Consumer Protection in Uganda'' was launched by the Bank of Uganda Deputy Governor, Dr. Louis Kasekende,
on the 15th of April, 2011 at the National Workshop on Developing a National Strategy for Financial Literacy in Uganda at Protea Hotel, Kampala, Uganda.
The report was commissioned by the Bank of Uganda (BOU) and the Deutsche Gesellschaft fuer Internationale Zusammenarbeit (GIZ) and the approach followed was national, consultative and fully participatory in mapping out current arrangements, actors and initiatives in the fields of financial literacy and financial consumer protection; defining key elements of a strategic framework to strengthen financial literacy and financial consumer protection in Uganda; and providing a roadmap for implementing this framework and to further strengthen collaboration and coordination between the various actors.
The report finds that there needs to be a bold and significant step change in both financial literacy and financial consumer protection in Uganda. In other words, what is needed is a major strengthening of both financial literacy and financial consumer protection, rather than merely a series of incremental improvements, to take financial literacy, financial consumer protection and financial inclusion to the next level.
The report recommends that a national strategy for financial literacy is developed and implemented and that this initiative is led and coordinated by Bank of Uganda, working in partnership with a wide range of stakeholders. An effective financial literacy strategy will need, among other things: the active engagement of a broad range of partners; use of a wide range of delivery channels and methods; clear, simple and compelling messages; high quality resources; programmes for Training of Trainers; the integration of personal finance education into schools curricula, rolling out financial education programmes, ‘adoption’ of schools, colleges and universities by financial services providers, and making prudent and productive personal finance management a way of life.
On financial consumer protection, recommendations have been developed which should apply across all financial sectors and be enforceable by the regulators. Mainly, it is recommended to develop concrete requirements for financial services providers to disclose key information clearly, fairly and on a timely basis. It is further recommended that a proportionate regulatory regime – covering both prudential and financial consumer protection issues – should be established for Tier 4 institutions.
The report concludes with the leadership and coordination role to be provided by the Executive Director under the Governor’s Office, Bank of Uganda; the ‘Next Steps’; and a roadmap for implementing the recommendations made in the report to take Financial Literacy and Financial Consumer Protection to the next, bold and significant level.
For the detailed report, please click on the link below.
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