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.

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.