Uganda’s progress in financial inclusion was discussed at Bank of Uganda’s Financial Inclusion Forum in Kampala. The Forum, which brought together a wide range of public and private stakeholders, serves as an annual platform to monitor progress, share lessons, and strengthen collaboration in advancing financial inclusion in the country.

The most recent  Global Findex report shows that access to formal financial services in Uganda rose from 66% in 2021 to 73% in 2024, driven by mobile money adoption.

“The transformative power of mobile money, the spread of SACCOs, agency banking, and targeted programs such as the Parish Development Model (PDM) and the Presidential Initiative on Wealth and Job creation (Emyooga) are all anchored on an enabling legal and regulatory environment,” said Bank of Uganda Deputy Givernor, Prof. Augustus Nuwagaba. “These milestones have opened doors for millions of Ugandans, who are now part of the money economy.”

“Progress in financial inclusion has mainly come through major programs like PDM, Emyooga, and GROW, sectoral financing initiatives, banking reforms, and microfinance regulation,” said the Minister of Finance Planning and Economic Development (MoFPED), Hon. Matia Kasaija. “There is now a need to double national savings, achieve 100% formal financial inclusion by 2040, and mobilize resources to support the Ten-Fold Economic Growth Strategy toward a USD 500 billion economy.”

“Financial inclusion, alongside education, is a key equalizer for socio-economic transformation,” said MoFPED Permanent Secretary, Ramathan Ggoobi. “While Uganda’s progress to 81% inclusion and 68% formal usage is commendable, urgent action is required to close gender gaps, design people-centered products, mainstream green finance, strengthen consumer protection, and leverage digital innovation to achieve our goals.”

“While access to formal financial services has risen, formal banking usage has declined, and the gender gap widened to 14%,” cautioned Andrew Kawere, Director of Bank of Uganda’s National Payment Systems Department. “As we edge closer to the mid-term review of the National Financial Inclusion Strategy 2023–2028, addressing ID challenges, linking informal and formal services, and promoting financial literacy will be critical to achieving universal, inclusive, and resilient financial access.”