KAMPALA: As January comes to a close, Ugandans are being urged to prioritize saving in order to achieve their financial goals and secure long-term prosperity. This call was made by Israel Arinaitwe, Head of Personal Banking at Stanbic Bank Uganda.
Arinaitwe highlighted the importance of saving before spending, referencing the timeless wisdom of economist Adam Smith, who in The Wealth of Nations stated: “The development of an economy depends on the stock of its capital.” He believes this principle is one every Ugandan should adopt while striving for better lives for themselves and future generations.
In an exclusive interview, Arinaitwe discussed this philosophy within the context of Stanbic Bank’s new campaign, Keep Growing. More than just a corporate slogan, he explained, the campaign serves as a national call to action.
“At Stanbic, we believe Uganda is our home, and we are committed to driving its growth. The Keep Growing campaign is directly tied to our purpose of fostering national progress,” he shared, urging especially young people to adopt a mindset of continuous improvement.
Central to this vision of progress, Arinaitwe stressed, is the importance of cultivating a strong culture of saving. He explained that saving is one of the most fundamental steps an individual can take toward improving their life. Drawing from Adam Smith’s economic principles, Arinaitwe reiterated that the economic development of a country, an economy, or an individual hinges on the accumulation of capital—capital that is built through consistent saving.
“If you want to live a better life, saving is crucial because it allows you to build the future you envision,” he stated.
However, Arinaitwe emphasized that saving is not just for the wealthy. It is a practice that can benefit anyone with the right mindset, regardless of income level. The challenge, he noted, is overcoming the common misconception that saving should come after spending.
“The problem is that many people think they should save whatever is left after spending. But that’s usually nothing,” he pointed out.
To illustrate the right approach, Arinaitwe shared a nostalgic example from older generations. “When dinner was being prepared, a mother would first set aside a portion for the children’s breakfast the next day, before serving the meal. That’s how saving works,” he explained. “You must set aside a portion before you think about spending it.”
In Arinaitwe’s view, saving serves as a springboard for productivity, providing the financial foundation needed to acquire essential resources—whether money, tools, or land—that can transform one’s circumstances. He encouraged young people, in particular, to be intentional about saving.
“If you’ve started a business, keep building it. If not, I encourage you to start one. And if you’re employed, save a portion of your income. You’ll need it for future opportunities, especially to expand your business,” he advised.
Arinaitwe also highlighted the growing reach of financial inclusion in Uganda, noting that digital platforms and agent banking have made it easier than ever to open a bank account.
“Banks have literally come to our doorstep,” he said. “Through your phone or an agent, you can now open a bank account and start saving.”
Despite these advancements, Arinaitwe pointed out that about 30% of Ugandans still keep their money at home, where it earns no returns. He urged the public to take advantage of secure, interest-bearing savings accounts.
“Your money is safe in a bank, and it grows over time,” he said. “When you save in an account that earns interest, your money starts to multiply.”
In addition to traditional savings, Arinaitwe highlighted Stanbic Bank’s investment options, including unit trusts, which allow clients to earn returns through money market funds.
“The best thing in life is not working for money, but having money work for you,” he remarked, encouraging young people to explore investment opportunities such as unit trusts, treasury bills, bonds, and property. He noted that Stanbic Bank also helps clients develop commercial properties, enabling them to generate income from land and rental investments.
“We’re here to help our clients generate more, keep more, and grow their wealth,” he added.
Arinaitwe’s message extends to parents as well, urging them to start saving for their children as early as possible.
“You can begin a child’s saving journey from birth. We offer child accounts that earn interest, setting them up for a secure future,” he said. “This initiative is part of our broader vision to help all Ugandans keep growing.”
Finally, Arinaitwe reminded clients to protect their financial security by safeguarding their personal information.
“Ensure your account details are secure, and if you notice any suspicious activity, report it immediately. As a bank, we guarantee the safety of your assets, and we’ll continue to protect them,” he assured.
