Uganda’s Minister of Finance, Planning and Economic Development, Mr Matia Kasaija has urged Ugandan citizens to vigorously engage in saving their funds, a move he said would end the government’s borrowing from foreign banks.
Mr Kasaija said on Monday that if 10% of Ugandans open up accounts in various banks on which to save money, the government would be borrowing from local banks, or Ugandan individuals directly, as opposed to foreign banks.
He made the remarks during a ceremony to celebrate World Savings Day, which took place on Monday morning at Sheraton Hotel Kampala, where he was the chief guest.
The ceremony was organised by the Uganda Institute of Banking and Financial Services in Uganda, and attended by various dignitaries, heads of banks and financial institutions.
“You have to save some money. The money you acquire, either from trade or farming, the elderly who have children who give you money, don’t use it to the point of bankruptcy. Keep some, in preparation for what might happen tomorrow.
Even if you die and leave this money……..you can make a will and instruct others that my money remained in a specific bank and therefore use it wisely,” remarked Mr Kasaija, and added;
“As your minister of Finance planning and Economic development of this country, I like investing money and instead of going to borrow abroad, I will borrow from you……”
The chairman of the Uganda Bankers Association and also DFCU bank chief Mr Mathias Katamba also used this opportunity to call upon all Ugandans to save the little money they acquire from various sources, so as to fulfil their goals and objectives in life.
“Being able to save does not mean you earn a lot. Whatever you get, don’t spend it all on eating, clothing and leisure. You should apportion some little money, save it in a certain bank, such that it enters our banking system. That money is always available and it is instrumental in giving loans to other individuals, who intend to invest in trade. So the prosperity of this country relies on its citizens being able to save their money in banks, putting aside our traditional ways of saving” said Mr Katamba.
On the sidelines of the conference, bankers converged for their annual sports bonanza, in which they took part in various competitions that were all swept by UGAFODE microfinance MDI.
UGAFODE won an online quiz, freestyle video presentation, an online chess event and a 21days fitness challenge.
They won the overall 2021 bankers sports trophy with 225 points. NCBA bank came second with 215 points, while DFCU bank emerged third with a total of 210 points.
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