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.

Bitcoin, Tulip Mania and the need to dwell with knowledge

Bitcoin, Tulip Mania and the need to dwell with knowledge.

As I write this on the 20^th of December 2017, 1 Bitcoin (BTC) is worth $ 18,969.33. Exactly one month ago, 1BTC was $ 7,773.30 ¹. That’s a gain in value of 144% or 5% per day. Even more astounding, it was worth about $1,000 at the start of the year and less than a dollar back in 2011. Suffice to say, you are more than likely to hear everyone talk about this at your Christmas day party.

Why you should care about financial inclusion

Starting Monday 30^th October for one week, people all over the world are going to celebrate Financial inclusion. According to Center for Financial Inclusion the focus will be on exploring how new financial products and partnerships are empowering customers. While all of this is going on, I imagine the first question anybody would ask, as I often do, is this: Honestly, why should I care about financial inclusion? Here are 4 reasons why:

Financial inclusion is vital to end Uganda’s poverty

By Jacqueline Musiitwa,
Former Executive Director, Financial Sector Deepening Uganda

The poverty level in Uganda is shockingly high.  According to the Uganda Bureau of Statistics in the 2016/17 Household Survey, about 27% or 10 million people are poor. Although there are many ways to climb out of poverty, access to and usage of financial inclusion is one of the critical.  The Survey also found that about 33% of Ugandans keep money at home or a secret place.  That is the most common way people save money.  This is followed by Village Savings and Loans Associations at 16%.  With such a high number of people excluded from formal financial services, it is hard for them graduate from one income level to another.

Financial Inclusion Week 2017 – FSD Uganda Symposium on Financial Inclusion

On October 30, 2017, as part of Financial inclusion week running from 30 October to 3 November 2017, FSDU held its first Symposium on Financial Inclusion at the Kampala Serena Hotel. The Symposium was a success attracting over 150 high profile stakeholders from the financial sector in Uganda. The theme for this year’s global financial inclusion week, was “New Products, New Partnerships and New Potential”.

Why collaboration and not competition, is key in improving financial services industry in Uganda

The financial services industry – banks, mobile network operators, insurance providers and others – have historically sought to work independently in achieving their profitability goals. With the recent global and regional influx of Fintechs – companies that leverage technology and innovation to compete in the financial services marketplace – this industry is getting significantly more competitive. Working collaboratively with fintechs, these bigger and more traditional financial services providers stand to improve their ability to respond to established and emerging challenges to growing their customer numbers and improving their bottomline performance.

Consumer Protection: Is your Money Safe?

By Joseph Lutwama
Former Policy, Legal and Regulatory Specialist, Current FSD Uganda Director of Programs

Can my money ever be safe? Can I trust the bank to keep my money safe? I am sure at some point in your life you have asked yourself these questions when deciding where to keep your money. Five out of every ten adult Ugandans keep their money at home in a “safe place”. Only 5 out of 100 adult Ugandans actually keep their money in a commercial bank.