Shifting the Regulator Mindset in Uganda

Shifting the Regulator Mindset in Uganda

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    Uganda has made, and continues to make great strides in regulation. Perhaps most notably is the development of regulatory experiment (or sandboxes) – a cutting edge approach designed to allow fintechs to try new innovations without disrupting the existing financial ecosystem.

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    Mapping Regulatory Behavioral Biases to Innovation in Financial Services

    Mapping Regulatory Behavioral Biases to Innovation in Financial Services

    By Joseph Lutwama and Kim Kariuki

    Technology advancements in the last two decades have resulted in a chain reaction of innovations in financial services never experienced in this generation. Whereas previously financial services would only be accessed in big, tall and intimidating bank branches, now a financial transaction can be completed in just under a minute without stepping into a bank branch or even talking to a banking relationship manager across the counter.

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    Report on Banking and the Status of Financial Inclusion in Uganda

    Report on Banking and the Status of Financial Inclusion in Uganda

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      This report aims to give an overview of the Ugandan banking sector and the potential opportunities that exist to increase the banked population. The information generated by the FinScope Uganda survey, conducted in 2018, provides the basis for this report’s analysis.

      Information presented in all tables and figures are obtained from analysis of FinScope 2018 dataset.

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      Finscope Uganda 2018: Banking & Financial Inclusion Infographics

      Finscope Uganda 2018: Banking & Financial Inclusion Infographics

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      Report on Informal Financial Inclusion in Uganda

      Report on Informal Financial Inclusion in Uganda

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        Efforts to increase formal financial inclusion in Uganda are faced with significant challenges which are both supply and demand side in nature.

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        Analysis of status of financial inclusion for women and youth in Uganda

        Analysis of status of financial inclusion for women and youth in Uganda

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          Money management, planning and the safe building of assets are core components of a larger set of economic and social skills needed to achieve a sustainable livelihood. In recent years, there has been a growing recognition of the obstacles women and young adults face in developing these abilities. Financial service providers (FSPs), however, are still failing to meet the needs of these sections of society. In the process, they are missing out on the potential benefits of developing the female and young adult economy.

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          Report on Uptake of Insurance Services in Uganda 2018

          Report on Uptake of Insurance Services in Uganda 2018

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            The findings of the FinScope survey conducted in 2018 show that formal insurance uptake in Uganda is at 1%. Current insurance penetration in Uganda is also estimated at 1%. The low level of formal insurance uptake is attributable to public mistrust, low public awareness and a narrow insurance product range – especially for low income earners.

            Uptake of formal insurance was 6% in Kenya, 9% in Rwanda and 15% in Tanzania. This means that uptake of formal insurance in Uganda is the lowest in the region.

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            Rethinking Insurance uptake in Uganda: Why legacy models aren’t enough

            Rethinking Insurance uptake in Uganda: Why legacy models aren’t enough

            By Joel Muhumuza(FSDU) and Protazio Sande(IRA)

            It’s midnight and Muzeeyi Bizibu and his wife are meant to be asleep because they have to wake up at 5am to go to work. However, Muzeeyi Bizibu’s chest is yet again bothering him. He can’t seem to breathe well and is having coughing fits. It might be pneumonia.

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            Insurance Innovation: Needs, Gaps and Opportunities

            Insurance Innovation: Needs, Gaps and Opportunities

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              Presentation at the Innovation Forum and FSDU Insurance Challenge Fund Launch – Kampala, 10 December 2018.

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              Finscope Uganda 2018: Informal Financial Inclusion Infographics

              Finscope Uganda 2018: Informal Financial Inclusion Infographics

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              Finscope Uganda 2018: Gender and Financial Inclusion Infographics

              Finscope Uganda 2018: Gender and Financial Inclusion Infographics

               

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              Digital Finance Can Transform Agriculture

              Digital Finance Can Transform Agriculture

              By Former Communications Officer

              Advances in Technology could be the solution to smallholder farmers’ access to financial services in Uganda. Take Enid Nimusiima, 42 years old, a member of Mushanga Savings and Credit Cooperative Societies (SACCOs) in Sheema District, in Uganda.

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              FinTech in Uganda: Implications For Regulation

              FinTech in Uganda: Implications For Regulation

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                FinTech holds great potential for both financial inclusion and economic development in a wider sense. Digital financial solutions have been expanding access and reach to consumers, especially the unbanked and under-banked. They have been significantly lowering the costs of providing financial services, making it possible to serve the base of the pyramid in a more profitable way. Fintechs have also enabled new business models that offer expanded services to customers and continue to generate new revenue streams for financial service providers.

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                Digital Payments: Unlocking the Formal Economy for Small Businesses

                Digital Payments: Unlocking the Formal Economy for Small Businesses

                By Joel Muhumuza (Former Manager, Financial Services)

                Like many developing countries, Uganda is a cash economy. This is particularly true for the transportation sector. Boda-Boda’s or motorcycle taxis dominate private transportation in Uganda, particularly in major towns like the capital city – Kampala. Until recently, boda-boda drivers in Uganda’s cities and towns acquired customers by standing alongside busy roads close to where people might need transport. With the increased penetration of smartphones and the emergence of companies like SafeBoda, an app based ride hailing company for motorcycle taxis – the dynamics of demand and supply have changed, with drivers now able to accept passenger requests from anywhere within a certain catchment area. Thus matching demand and supply more accurately.

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                FinScope 2018: The case for a deeper and more inclusive financial sector in Uganda

                FinScope 2018: The case for a deeper and more inclusive financial sector in Uganda

                The FinScope Survey is often conducted to respond to a lack of information regarding the need for financial services. The study is designed to determine how individuals 16 years or older (i.e. adults) manage their money and the extent to which they use financial services to do so. The study also enhances monitoring changes in levels of financial inclusion over time. The 2018 FinScope survey was conducted in 316 Enumeration Areas, and 3002 adults responded. The weighted FinScope data represents an adult population of 18.6 million Ugandans.

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                How sandboxes can help the rural poor borrow, contribute to growth

                How sandboxes can help the rural poor borrow, contribute to growth

                According to Uganda’s National Household Survey 2016-2017, eight out of every 10 Ugandans reside in rural areas, with the majority engaged in agriculture, while those living in urban areas are mostly involved in the trade and service sectors.

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