Guest blog – Harnessing the power of data to create relevant products and services for consumers

Guest blog – Harnessing the power of data to create relevant products and services for consumers

The 2019 Financial Inclusion Week themed Financial Inclusion: For What? Is being recognized globally between October 21 and October 25. The Financial Inclusion Week (FIW) is aimed at getting stakeholders to revisit their fundamental purpose and renew efforts to achieve financial inclusion. FSD Uganda will share a series of reflections from our technical experts and stakeholders. Today, we hear from the Uganda Communication Commission about opportunities that exist to protect and empower consumers through information…

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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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    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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        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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          Solar Energy Lighting Up The Way To Financial Inclusion

          Solar Energy Lighting Up The Way To Financial Inclusion

          By Peter Kawumi (Former Manager Competitive Strategies)

          Increased access to solar energy by rural households and small businesses will drive demand for formal credit in the developing world.

          Off-grid solar energy solutions are taking off. For the over 1 billion people living without electricity, the ability to use technology to access cleaner energy over time can be life-transforming. In sub-Saharan Africa, most people lack access to electricity. This limits their opportunities to education, business growth and presents significant health risks. Grid electricity remains an expensive resource for many – especially the rural poor.

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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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          FinScope Uganda 2018 Survey Report

          FinScope Uganda 2018 Survey Report

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            The FinScope 2018 survey was designed to determine how individuals 16 years or older (i.e. adults) manage their money, the extent to which they use financial services to do so, and to monitor the changes in levels of financial inclusion over time.

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