Ugandans have been urged to embrace the pillars of financial literacy in their daily lives as a pathway to personal financial wellbeing and as a contribution to Uganda’s broader social, environmental, and economic stability.
The call was made during the commemoration of World Savings Day (WSD) held at Serena Hotel Kampala, an event which also marked the launch of Uganda’s Annual Banking and Financial Services Awareness Month.
Under this year’s theme, “Sustainability and Personal Finance: Save, Protect and Grow,” the Bank of Uganda (BoU), in collaboration with Uganda’s Bankers Association, the Uganda Institute of Banking and Financial Services, and other financial sector regulators and stakeholders, organized the celebration to spotlight the essential role of financial literacy in achieving sustainable development.
During the event, Mrs. Goretti Masadde, CEO of the Uganda Institute of Banking and Financial Services (UIBFS), emphasized the importance of using resources wisely, reminding Ugandans that resources are finite. As part of the Savings Day commemoration, she used an umbrella as a symbol of resilience, underscoring that resilience is essential to protect and grow one’s savings in any situation.
“As we celebrate World savings day, we are talking about the fact that resources are finite. So we are saying, use the resources well. We’ve used the symbol of an umbrella. We are saying, Save, protect what you’re saving, protect your assets, every time you walk out of your house and you pick the umbrella, it is you picking the umbrella, making sure, first you have a goal, you know where you want to go, and you know you want to get there in a particular time, that’s the planning. And you know you want to get there, well, you don’t want anything, rain or shine sunshine, to get you off your board. That’s what we mean.” She said
Mrs. Masadde emphasized the “Save, Protect, and Grow” campaign, encouraging people to adopt a culture of saving. She also urged them to invest in skills development for economic empowerment and financial growth.
“Sometimes people think that they are going to prosper from other people’s pockets. No, it is your personal life. It is your personal umbrella. And that’s what we are talking about in the Grow. You can grow your skill. You may not be earning much, but you can grow your skill. You can go back to school. You may be a poor parent, but you can train, you can educate your children that is also sowing a seed, knowing that later in life they will not be a burden to you that is investing and that is growing.” She added.
Dr. Tumubweine Twinemanzi, Executive Director of National Payments at the Bank of Uganda who was the Chief gest highlighted the importance of Ugandans saving, protecting, and growing their finances through a more intentional practice of financial literacy. He noted that this approach not only promotes individual financial stability but also strengthens resilience within communities, creating a foundation for sustainable economic growth.
“For savings to truly make an impact, it’s fundamental for individuals to align savings with specific financial goals. By doing so, achieving these goals becomes a pathway to gradual and steady improvement in both personal and household financial well-being,” he said.
He explained the Bank of Uganda’s efforts to promote a culture of purposeful saving, encouraging people to always save with a clear goal in mind.
“According to the FinScope Survey 2023 report, 60% of Ugandans actively
save however 39% and 14% save with the purpose of meeting regular expenses and unexpected expenses, respectively.” He added.
Dr. Michael Mugabi, Board Chair of the Uganda Institute of Banking and Financial Services, emphasized that by raising awareness, they can bring financial literacy and empowerment to all Ugandans.
“We need to extend it to wider section of our people that have been left out, and for us to do that neatly, awareness becomes important, knowledge becomes quintessential, we can do this if we purpose. I think the purpose begins with these conversations” he added.
Mr. Wilbrod Humphreys Owor, the Executive Director, Uganda Bankers Association, emphasized that personal finance and sustainability requires discipline and resilience especially in the area of savings, it requires correct balancing of sources of finance and avoiding too much debt especially if the activity does not generate immediate cashflows. It involves the ability to adapt to changing dynamics & trends including new skills required to cope and above all having a good & solid social support network.
The Financial Services Awareness Month (BFSAM) 2024 aims to raise awareness and improve attitudes towards financial services and products, ultimately promoting better financial behaviours among individuals and
