By Our Reporter
The government has set a financial target to hit at least 80% rate of financial inclusion by 2027.
A finscope study shows that between 2019 and 2020, almost six in 10 Ugandan adults (57%) could access financial services through formal/regulated or informal, deposit-taking financial institutions.
Ramathan Ggoobi, the permanent secretary said that Uganda’s financial inclusion measured by holding a money account now stands at 60% and as the mobile phone and integration to financial technologies continue growing
“According to World banks index data base, the share of Ugandans with access to a financial account either with a formal institution or a mobile money provider has risen from 59% in 2017 to 66% in 2021. Uganda’s target is to increase the number to 80% by 2027.” Said Ramathan Ggoobi, the permanent secretary.
To achieve the target, Michael Atingi Ego, the Deputy Governor, Bank of Uganda said that the bank has set initiatives that will help Uganda get to the target.
“The Back will pursue the following initiatives.
A. Is going to develop the capacity of it’s staff to take advantage of immerging technologies like artificial intelligence, dictate analytics, Machine learning, cyber security to enhance it’s role in costs and price stability, financial system soundness as well as financial systems and payments development.” He said
Adding that the bank is to implement the adoption of provisory technology which will enhance regulatory over side of the financial institution.