Synopsis:

At a strategic level, FSD Uganda’s digital economy interventions on policy, legal, and regulatory reforms are designed to enhance regulations and policies, ultimately supporting a more equitable and accessible financial landscape to provide an enabling environment for the underserved.
As such, in 2017, FSD Uganda collaborated with the Bank of Uganda and the Ministry of Finance, Planning and Economic Development to develop Uganda’s first National Financial Inclusion Strategy (NFIS). With the conclusion of the initial strategy in September 2022, work quickly began on its successor, NFIS II, which spans from 2023 to 2028 and was launched in November 2023.

The need for these strategies stems from the multifaceted nature of financial inclusion, which requires strategic partnerships, regulatory enhancements, and targeted outreach efforts. NFIS serves as a comprehensive roadmap that guides stakeholders in implementing effective and efficient actions to improve financial inclusion. These roadmaps are crucial as they provide a structured approach to achieving national financial inclusion goals.
A key principle of the NFIS is that “what gets measured gets done.” Therefore, the strategies incorporate robust monitoring and evaluation mechanisms to ensure that progress is tracked, and objectives are met. This evidence-based approach allows for prioritisation and better resource allocation, leading to more comprehensive and impactful expansion of financial services.

The development of NFIS II was informed by an evaluation of NFIS I, which provided valuable insights and benchmarks. Additionally, NFIS II’s key performance indicators have been updated based on the latest 2023 FinScope Survey data, ensuring that the strategy reflects current realities and emerging trends.

In 2017, FSD Uganda collaborated with the Bank of Uganda and the Ministry of Finance, Planning and Economic Development to develop Uganda’s first National Financial Inclusion Strategy (NFIS). With the conclusion of the initial strategy in September 2022, work quickly began on its successor, NFIS II, which spans from 2023 to 2028 and was launched in November 2023.

The need for these strategies stems from the multifaceted nature of financial inclusion, which requires strategic partnerships, regulatory enhancements, and targeted outreach efforts. NFIS serves as a comprehensive roadmap that guides stakeholders in implementing effective and efficient actions to improve financial inclusion. These roadmaps are crucial as they provide a structured approach to achieving national financial inclusion goals.
A key principle of the NFIS is that “what gets measured gets done.” Therefore, the strategies incorporate robust monitoring and evaluation mechanisms to ensure that progress is tracked, and objectives are met. This evidence-based approach allows for prioritisation and better resource allocation, leading to more comprehensive and impactful expansion of financial services.

The development of NFIS II was informed by an evaluation of NFIS I, which provided valuable insights and benchmarks. Additionally, NFIS II’s key performance indicators have been updated based on the latest 2023 FinScope Survey data, ensuring that the strategy reflects current realities and emerging trends.