Financial Sector Deepening Uganda (FSD Uganda)•Articles by: Martin Agaya

Author: Martin Agaya

IRA Regulating for Innovation – Case study

IRA Regulating for Innovation – Case study

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    The enactment of a new Insurance Act, which came into operation in early 2018, expanded the Insurance Regulatory Authority (IRA)’s mandate from market soundness and consumer protection to also include market development. As part of this new mandate, the IRA is committed to encourage and facilitate innovation in its market. However, encouraging innovation may introduce new risks, thereby leading to conflict between the different mandates. To strike the right balance, the IRA recognised that it needed to update some of its existing supervisory processes and regulations, plus introduce new tools to steer its interaction with the market.

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    Financial Inclusion for Refugees Case Study in Uganda

    Financial Inclusion for Refugees Case Study in Uganda

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      To credit Henry J. Leir Institute – The Fletcher School of Law and Diplomacy

      During a year that most of the world has spent locked indoors, we should remember that 1% of the world’s population has been forced to flee their homes due to conflict or persecution. This is roughly 79.5 million people. 26 million are refugees, and almost half are under the age of eighteen. Nearly three-quarters of displaced persons are hosted by neighboring countries, which often are in need of help themselves.

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      Financial Sector Deepening (FSD) Uganda partners with the Capital Markets Authority (CMA) and the European Union (EU) to establish first-of-a-kind Deal-Matching Facility in Uganda

      Financial Sector Deepening (FSD) Uganda partners with the Capital Markets Authority (CMA) and the European Union (EU) to establish first-of-a-kind Deal-Matching Facility in Uganda

      The innovative partnership has been established with the aim of making medium-to-large Ugandan companies attractive to investors

      Tue. June 8th, 2021, Kampala: Financial Sector Deepening (FSD) Uganda is launching a Deal Flow Facility (DFF) to increase investment in medium to large companies in Uganda.

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      Lessons for building resilience through inclusive financial services

      Lessons for building resilience through inclusive financial services

      How the financial lives of Ugandans have changed to respond to the effects of the Covid-19 crisis

      By Jimmy Ebong and Diana Ngaira

      FinScope 2018 showed that 75% of Ugandans did not have enough money to pay for living expenses, prior to the COVID-19 crisis. They have small amounts of savings and 23% who coped by working more when facing financial hardship would not be able to work during the lockdown.

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      Highlights: Impact of COVID-19 on the economic resilience and financial behaviour of Ugandans

      Highlights: Impact of COVID-19 on the economic resilience and financial behaviour of Ugandans

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        FSD Uganda partnered with the Ministry of Finance, Planning & Economic Development and undertook a COVID-19 tracker survey which traced the impact of COVID-19 on livelihoods, financial behavior, and social responses of Ugandans. The phone-based survey was conducted in 5 waves between April and September 2020.

        Similar surveys were conducted by the FSD Network in Kenya, Rwanda, South Africa, Nigeria, Zambia, and Ghana. The COVID-19 Tracker explored composite data sets from across the continent.

        This highlights document is based on an analysis of data from the five waves of the tracker survey and presents insights on how the pandemic continues to affect Ugandan adults across several domains.

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        FI4R Diaries Round I Insights: Linking Refugees to Formal Financial Services

        FI4R Diaries Round I Insights: Linking Refugees to Formal Financial Services

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          By The Financial Inclusion for Refugees (FI4R) team

          Financial services are an important avenue for refugees to save money, access loans, and manage life shocks. However, many of them struggle to access finance because of legal barriers, lack of identity documentation, lack of credit history in their new locations, or collateral as security. Despite the challenges they face in accessing formal finance, refugees have found ways around financial exclusion. They save in savings groups, borrow informally, and receive remittances. As part of a financial diaries[1] study started in September 2020 by BFA, we spoke to 48 refugee households in Uganda to understand their financial lives over the course of a year. This blog shares the initial insights from the financial diaries research in Nakivale and West Nile refugee settlements.

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          Unlocking the Potential of Uganda’s Housing Value Chain Through Strategic Partnerships and Collaboration

          Unlocking the Potential of Uganda’s Housing Value Chain Through Strategic Partnerships and Collaboration

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            By Jimmy Ebong and Maria Nkhonjera
            Uganda’s Financial Sector Development Strategy (FSDS) estimates the country’s housing deficit to be 1.6 million units, with an annual requirement between 180,000 and 210,000 units. Given rapid rates of population growth and urbanisation, a widening housing need may overwhelm cities in the near future. Uganda has the third highest population growth rate in Africa (at 3.6%), while the country’s urbanisation rate is projected to be 5.6% per annum. Urban households are expected to grow to 3.8 million in 2025, from 2.9 million in 2020 – a 31% increase. Uganda’s urban areas are therefore poised for a rapid increase in households, implying a huge demand for adequate, affordable housing. Only 44% of the urban population own their dwellings[1], while the 2018 FinScope Survey indicates 19% of adults aspire to acquire a house.

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            Regulating for Innovation Supervisory Toolkit

            Regulating for Innovation Supervisory Toolkit

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              The fast-paced changes in the financial sector are primarily driven by innovation and advancements in technology. Proactive engagement with the market will help policy makers and regulators build their understand of trends and allow them to effectively assess the opportunities new technologies present against any emergent risks.

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              Director, Deal Flow Facility

              Director, Deal Flow Facility

              Job Title: Director, Deal Flow Facility
              Location: Kampala, Uganda
              Reports to: The Executive Director
              Supervises: Investment Analyst and Enterprise Relationship Manager
              Application Deadline: March 15, 2021

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              COVID-19 and access to agricultural finance in Uganda

              COVID-19 and access to agricultural finance in Uganda

              During August and September, Wellspring Development Capital and Sofala Partners conducted a “rapid diagnostic” on the impact of COVID-19 on agricultural finance in Uganda, on behalf of Financial Sector Deepening Uganda (FSDU). We consulted more than 85 experts and practitioners across the country, from those involved in farming and agro-processing, to traders and exporters, commercial banks, NBFIs, SACCOs, regulators, development partners, and more. We would like to express our sincere thanks to those who took the time to share insights with us.

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              Cooperatives as Engines of Transformation

              Cooperatives as Engines of Transformation

              By Anthea Paelo

              Cooperatives continue to be an important engine for economic productivity and growth in countries like Uganda. They play a critical role in mobilizing savings, increasing access to credit, and facilitate various activities along production value chains, including procurement, storage and distribution. Where, for example, a farmer might find it challenging to access a tractor to plough his fields, or credit to purchase seeds, as a part of a cooperative he can access these inputs more readily and at much better terms. It is perhaps for this reason that as of January 2020, agricultural cooperatives numbered over 9,000, double the number just twelve years ago1.

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              Insurance Innovation Dialogue; Opportunities in the time of COVID-19

              Insurance Innovation Dialogue; Opportunities in the time of COVID-19

              By The FSD Uganda Team

              The Insurance Regulatory Authority (IRA) of Uganda, in partnership with FSD Uganda and the Innovation Village, hosted an interactive virtual workshop on 19th November 2020, to discuss the opportunities and challenges to innovation in the Ugandan insurance market.

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              Government to Person (G2P) Payment Guidelines

              Government to Person (G2P) Payment Guidelines

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                Financial Sector Deepening (FSD) Uganda is the country’s leading institution on financial inclusion and inclusive financial market development. FSD Uganda provides technical assistance and catalytic grants to enable innovation and scale.

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                Market Research on Unsecured Lending for MSMEs

                Market Research on Unsecured Lending for MSMEs

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                  Micro, small, and medium enterprises (MSMEs) (including smallholder farmers) struggle to access formal credit due to a lack of collateral and poor record keeping preventing them from making productive investments.

                  FSD Uganda works to build inclusive credit market infrastructure to address the retail and business credit gap. FSD Uganda commissioned a study about unsecured lending to MSMEs in high density markets in Kampala, aimed at understanding the demand and supply challenges in accessing working capital. Examples of high-density markets include: Owino, Nakawa and Kalerwe markets.

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                  Strengthening the effectiveness of Uganda’s consumer protection framework

                  Strengthening the effectiveness of Uganda’s consumer protection framework

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                    An assessment of credit cost disclosures
                    There is a need to promote trust in the financial sector by putting robust consumer protection measures in place – this will help protect lower-income borrowers from poor market conduct and bridge the credit gap in the market.

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                    Empowering refugees and host communities through financial inclusion

                    Empowering refugees and host communities through financial inclusion

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                      Background: Financial Inclusion for Refugees (FI4R) project

                      Uganda hosts one of the largest refugee populations in the world with approximately 1.1 million refugees settled in urban centres and 28 refugee settlements across the country. And while the number of adult Ugandans accessing formal financial services continues to grow, primarily driven by mobile money services, the figures are much lower in refugee settlement communities. According to FinScope 2018, overall financial inclusion stood at 78% for adult men and 77% for adult females in Uganda. In contrast, only 13% of refugees surveyed in Bidi Bidi Refugee Settlement recently were able to access formal credit, with most of them depending on informal groups, which have their limitations, to meet their financial needs.

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