Financial literacy has been recognised as a critical factor in improving the quality of life and enhancing financial inclusion in Uganda. One of the most important roles of Bank of Uganda is to ensure consumers make informed financial and economic decisions that ultimately drive economic growth.
In this regard, Bank of Uganda has spearheaded the development and implementation of a Strategy for Financial Literacy in Uganda. The rationale behind the Strategy has been to:
- provide focus, drive and momentum
- encourage the development of high quality resources
- encourage the use of simple, clear and compelling messages
- reduce the risk of duplication and unintended gaps
- enable partners to learn from each other
- encourage the active participation of a wider range of stakeholders
During this process, the Bank of Uganda has engaged more than 150 stakeholders – including government bodies, banks, media, consumer organizations, private sector associations and NGOs. This structured consultative process aimed to mobilize the expertise and resources of a broad range of organizations, developing a strategy founded on the principles of cost-effectiveness, cooperation, sustainability and feasibility.
The development of the Strategy has been supported by the German Development Cooperation through GIZ and guided by a high-level Financial Literacy Advisory Group comprised of influential decision makers drawn from the public, private and NGO sectors.
The process culminated in the launch of the Strategy on Friday 16th August, 2013, by the Minister of Finance, Planning and Economic Development, Hon. Maria Kiwanuka. The Financial Literacy Website was also launched at this event.
Strategy for Financial Literacy in Uganda
The Strategy for Financial Literacy in Uganda recommends priority activities through five major channels, or “strands”:
Financial Education in Schools: Incorporation of FL into the secondary school curriculum as part of the overall reform of the curriculum, as well as into the primary school curriculum through the development of supplementary materials and teachers’ trainings; extension of extra-curricular FL activities.
Financial Literacy for the Youth: Incorporation of FL into university exit courses and training of community FL mentors who incorporate FL into the activities of already existing youth clubs and associations.
Financial Literacy and Rural Outreach: Provision of FL trainings to rural communities, capitalizing on existing trainings and trainers. Dissemination of FL messages via a variety of community channels, such as community radios, community parliaments, and many more.
Financial Literacy in Workplaces, Clubs & Associations: Improving FL at formal workplaces through presentations and trainings, as well as presentations being held to informal workers through their associations.
Use of Media for Financial Literacy: Development of a lively and vibrant website dedicated to FL; engagement of newspapers and magazines