FSD Uganda2024 Annual Report Letter from the Executive Director
FSD Uganda’s 2024 reflections: Setting the stage for a more equitable financial sector
As I reflect on the year 2024, I see it as a pivotal moment for FSD Uganda. It was a year where we paused to take stock of our 2021–2026 strategy. We also evaluated Uganda’s progress in advancing financial inclusion through the FinScope 2023 Survey. These insights helped us refresh our programmatic strategy. This process was not just about measuring milestones. It was about rethinking how we can be more intentional and impactful in the next phase of our work.
State of financial inclusion
We were pleased to note that, according to the FinScope 2023 Survey, financial inclusion in Uganda has increased to 81 percent of adults up from 77 percent in 2018. However, this overall progress masks a concerning trend: a growing gender gap between women and men in access to and use of formal financial services. Addressing this disparity will be a key focus area in our new strategic period (2025–2029).
In 2024, we deepened our focus on women-led MSMEs through the MSE Recovery Fund, reaching over 100,000 enterprises of which 71 percent were women-owned or led. In 2025, our focus will shift more intentionally toward young women entrepreneurs. This direction is closely aligned with Uganda’s National Financial Inclusion Strategy II (2023–2028), which prioritises promoting gender-inclusive finance and enhancing youth financial inclusion.
From insights to action
One of the most powerful insights from 2024 came from our Gender Norms Diagnostic Study in the Busoga sub-region. The study revealed that beyond product design and delivery, social norms such as the belief that women should not have financial privacy from male family members continue to limit women’s autonomy and access to credit. These insights are shaping our approach: from working with men to address the norms, supporting gender-intentional product design, to financial and digital literacy programs that empower women to make financial decisions.
We also recognised that deepening financial inclusion in Uganda requires enabling businesses to scale, thereby creating jobs and driving economic growth. Through our Deal Flow Facility (DFF), we contributed towards addressing a persistent financing gap for growth-stage enterprises by supporting investment readiness and facilitating access to long-term, flexible capital. So far four businesses successfully have raised capital worth over USD 6 million. Looking ahead, we will use deal-closure facilitation as a catalytic tool to help more businesses secure the funding they need to grow.
Our new location
At the close of 2024, we also relocated our offices, moving from Plot 7A, John Babiiha (Acacia) Avenue to Plot 20B, Kawalya Kaggwa Close, Kololo.
As we close out 2024, we do so with clarity, humility, and renewed focus. The insights gained this year through research, program delivery, and engagement with partners have sharpened our understanding of where we are making the most difference and where more effort is needed.
As we roll out our 2025–2029 strategy, we remain committed to building an inclusive financial system that works for all, especially for women, youth, smallholder farmers, refugees, and underserved communities.
On behalf of the entire FSD Uganda team, I extend my sincere appreciation to our board, funders, partners, and stakeholders for your continued support. We look forward to working together to deliver an even greater
Sarah Y. Byabazaire
Ag. Executive Director
