Majority of Ugandans have little or no knowledge on how to manage their finances, according to the FinScope survey recently conducted by Financial Sector Deepening Uganda (FSDU).
As a way of improving and increasing the levels of Financial Literacy in Uganda, the Uganda Institute of Banking and Financial Service (UIBFS) on Tuesday launched the Banking and Financial Service awareness campaign dubbed ‘Your Money can; Be Money Smart.’
While launching the month long campaign at Sheraton Hotel in Kampala, the former Bank of Uganda Deputy Governor and the current Board chairman UIBFS Dr Louis Kasekende said that in order the campaign to be successful, financial services providers need to be relevant not only to their current clients but also reach out to other people across all demographic dividends to widen the scope of financial inclusion in Uganda.
“The Banking and Financial Services Awareness Month is not only important for the financial services sector but also the entire economy because it is for everyone who cares about financial inclusion,” said Dr Dr Kasekende.
The initiative is aimed at stimulating prudent financial behaviour, is timely given the adverse effect of the Covid-19 lockdown on the income of individual, families as well as businesses.
According to the Chief Executive Officer (CEO) of UIBFS Goretti Masadde, the awareness month’s key message shall revolve around key pillars such as; Personal Financial Management, Savings, managing loans, Investment, Insurance, Planning of retirement, Digital Finance and Careers in Banking and Finance.
“We need to open up opportunities in the banking sector for both employment and financial inclusion. This awareness month will exhibit professional career opportunities or paths within the industry and avenues for entry, learning and advancement. It will also draw participation from commercial Banks, Microfinance Institutions, Insurance Companies, Foreign Exchange Bureaus, Fintech companies, Regulatory bodies, Financial Education Practioner, Licensed Financial Planners and Advisor and other key Financial sector players,” she said.
The initiative is also targeting the youth, adults and senior citizens, secondary schools and university students, current and prospective employees in banking and financial services and the General public.
Meanwhile, the awareness month will run from 9th November-11th December 2020 and during this period, providers of banking products and service i.e Bankers, Insurers, Accountants, Regulatory Agencies and trainers will be connected with users and consumers.
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