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:
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.
The Strategy for Financial Literacy in Uganda recommends priority activities through five major channels, or “strands”: