FSD Uganda2025 Annual Report Letter from the Board Chair
From access to impact: a decade of shaping Uganda’s financial system
In this report, we reflect on a defining moment for FSD Uganda. The year 2025 marks both the close of a decade of learning and the transition into a new strategic phase.
Ten years ago, financial inclusion in Uganda was largely defined by access. Many Ugandans, especially in rural areas, operated outside the formal financial system. Digital financial services were still emerging. Mobile money was growing, but its use was limited.
Today, the landscape has changed. Financial inclusion has expanded significantly. Mobile money and digital payments are now part of everyday life. New actors, including fintechs and platform-based models, are reshaping service delivery. Regulatory frameworks have matured.
These shifts have created a strong foundation. Yet they also highlight a deeper challenge. Increased access has not always translated into meaningful usage, resilience, or improved financial health.
Over the past decade, FSD Uganda has adapted to these changes. Our work has evolved from expanding access to strengthening how markets function.
Positioning for scale
In 2025, we refreshed our strategy and extended it to 2029. We prioritised interventions that address structural constraints and create pathways for scale.
This included strengthening market infrastructure, improving coordination across actors, and supporting models that deliver long-term value beyond pilots.
Strengthening evidence and influence
As the system evolved, the role of evidence became more important. The establishment of the Research and Insights function reflects a deliberate shift in how we contribute.
Impact will not come from implementation alone. It will come from combining delivery with strong evidence and clear insights that inform decisions across the ecosystem.
In this context, thought leadership is central to our role. By generating and sharing credible evidence, we can influence policy, guide investment, and support market actors to make better decisions. This is critical for those shaping Uganda’s financial future.
Looking ahead
The next phase of financial inclusion will be defined by how effectively systems deliver value to users.
Our focus is clear: strengthen what works, address what constrains progress, and ensure that financial inclusion translates into improved livelihoods.
None of this would have been possible without the support of our funding partners, including the Gates Foundation, the European Union, and the Mastercard Foundation. We also acknowledge the valuable collaboration of government, regulatory, and private sector partners, including the Bank of Uganda and the Ministry of Finance, Planning and Economic Development, as well as the many organisations that continue to contribute to a more inclusive financial system in Uganda.
We remain committed to building a financial system that works for all Ugandans.
Emma Mugisha
Board Chair
