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Strengthening Financial Inclusion is one of the initiatives in Bank of Uganda’s Strategic Plan 2012 to 2017. Bank of Uganda is in the process of implementing various initiatives to improve financial inclusion in Uganda as a response to financial innovations, gaps in financial education, financial consumer protection issues, opportunities in the context of financial innovations, financial deepening issues as well as issues of access and quality of financial services.
On the supply side, despite the growth of the financial sector over the last decade, access to formal financial services still remains relatively limited. This is particularly the case in rural areas, where a significant proportion of services are delivered by informal or semi-formal providers, with limited linkages to the formal financial sector. In recent years, technological innovation has begun to provide unprecedented opportunities to rapidly and sustainably advance financial inclusion. Enabling regulatory solutions are necessary to ensure that innovations can thrive in a sustainable and safe manner.
On the demand side, where people lack the skills or the information to make informed financial decisions, those people are prevented from unlocking their full economic potential and are much more vulnerable to financial shocks. This also prevents growth in the financial markets as (potential) consumers do not take up financial products or are more likely to default on their loans.
These challenges require well-balanced and targeted responses. Without stifling innovation, Bank of Uganda aims to provide appropriate responses to these challenges – by creating an enabling environment as well as guidance and support to stakeholders engaged in the financial sector, so that financial inclusion activities can thrive.
To this end, Bank of Uganda has established the Financial Inclusion Project under the leadership of Supervision Function. The Financial Inclusion Project is built upon four pillars:
- Pillar 1: Financial Literacy
- Pillar 2: Financial Consumer Protection
- Pillar 3: Financial Innovations
- Pillar 4: Financial Services Data and Measurement
Some Figures on Financial Inclusion in Uganda
Table 1: Financial Services Usage/1
|2006 (%)||2009 (%)|
|Financial Services Usage||57||72|
|Financial Services Usage by Location|
1/Percentage of the population aged 18 and above
Table 2: Financial Services Penetration/2
|Year||No. of Access Points||Access Points per 10,000 adults (National)|
2/Bank of Uganda Supervised Financial Institutions
More information is available here.
- Central Bank Rate (CBR)
|October 2018||December 2018|
|October 2018||November 2018|
|Food Crops & Related Items||-3.4||-3.3|
- Exchange Rates
- December 11, 2018
- Financial News Report
|November 28, 2018||December 05, 2018|
|T/Bills (91 days)||10.99||10.80|
|T/Bills (182 days)||12.30||12.00|
|T/Bills (364 days)||12.75||12.75|
|T/Bonds (2 years)||15.25||15.25|
|T/Bonds (3 years)||16.79||16.79|
|T/Bonds (5 years)||16.75||16.75|
|T/Bonds (10 years)||17.20||17.20|
|T/Bonds (15 years)||17.50||17.50|
- Commercial Bank Rates
|September 2018||October 2018|
|Time Deposit Rate||9.68||9.72|