Financial literacy has been recognised as a critical factor in improving the quality of life and enhancing financial inclusion in Uganda. One of the most important roles of Bank of Uganda is to ensure consumers make informed financial and economic decisions that ultimately drive economic growth.
In this regard, Bank of Uganda has spearheaded the development and implementation of a Strategy for Financial Literacy in Uganda. The rationale behind the Strategy has been to:
During this process, the Bank of Uganda has engaged more than 150 stakeholders - including government bodies, banks, media, consumer organizations, private sector associations and NGOs. This structured consultative process aimed to mobilize the expertise and resources of a broad range of organizations, developing a strategy founded on the principles of cost-effectiveness, cooperation, sustainability and feasibility.
The development of the Strategy has been supported by the German Development Cooperation through GIZ and guided by a high-level Financial Literacy Advisory Group comprised of influential decision makers drawn from the public, private and NGO sectors.
The process culminated in the launch of the Strategy on Friday 16th August, 2013, by the Minister of Finance, Planning and Economic Development, Hon. Maria Kiwanuka. The Financial Literacy Website was also launched at this event.
The Strategy for Financial Literacy in Uganda recommends priority activities through five major channels, or “strands”:
Financial Education in Schools: Incorporation of FL into the secondary school curriculum as part of the overall reform of the curriculum, as well as into the primary school curriculum through the development of supplementary materials and teachers’ trainings; extension of extra-curricular FL activities.
Financial Literacy for the Youth: Incorporation of FL into university exit courses and training of community FL mentors who incorporate FL into the activities of already existing youth clubs and associations.
Financial Literacy and Rural Outreach: Provision of FL trainings to rural communities, capitalizing on existing trainings and trainers. Dissemination of FL messages via a variety of community channels, such as community radios, community parliaments, and many more.
Financial Literacy in Workplaces, Clubs & Associations: Improving FL at formal workplaces through presentations and trainings, as well as presentations being held to informal workers through their associations.
Use of Media for Financial Literacy: Development of a lively and vibrant website dedicated to FL; engagement of newspapers and magazines and radio to increase their FL content, as well as the use of social media.
The financial literacy core messages are a set of simple, tried and tested messages, responding specifically to what someone needs to know to manage his/her personal finances effectively. The concept behind the development of the core messages is that hearing the same, or a very similar, message three times will always have more effect than hearing three different messages once. The core messages were developed in consultation with a broad range of organisations and cover the following areas:
All stakeholders are encouraged to make use of the core messages. This will help to ensure that the messages used in financial literacy programmes are tried and tested. It will also help to ensure that people receive similar, and consistent, messages from a variety of sources.
The core messages are also available in local languages and can be accessed via the Financial Literacy Website.
If you are interested in financial literacy and wish to receive further information on the Strategy and/or contribute to its implementation, please contact us via firstname.lastname@example.org.
Strategy for Financial Literacy in Uganda
Financial Literacy Core Messages
BOU Financial Literacy Website