Bank of Uganda Deputy Governor Michael Atingi-Ego spoke at the launch of the National Financial Inclusion Strategy 2023-2028, held at the Four Points by Sheraton Hotel, Kampala on 30 November
The minister of finance, honourable Matia Kasaija, guest speaker Dr Alfred Hannig, and distinguished guests, good morning to you all.
It is a privilege to welcome you to the launch of the second National Financial Inclusion Strategy (NFIS II), covering the period 2023 to 2028. We are honoured that our honourable minister of finance, planning and economic development (MoFPED) has graced this event. We are grateful for your leadership in the approval of the NFIS II.
Special recognition goes to our esteemed guest speaker, Dr Alfred Hannig, executive director of the Alliance for Financial Inclusion (AFI). AFI funded the first NFIS (2017–2022), facilitated its midterm review, and supported the Financial Inclusion Capability Survey in 2020.
The NFIS stems from the Maya Declaration adopted by AFI members at the 2011 Global Policy Forum in Mexico, where Uganda pledged to make measurable commitments to financial inclusion, including the implementation of an NFIS.
In Mexico, we made bold commitments to put access to finance at the centre of our development agenda, and the NFIS has led to some commendable progress. Today, we mark a milestone in our shared mission to advance financial inclusion and empowerment in Uganda.
Financial inclusion has emerged as a cornerstone of global development, driving progress towards the Sustainable Development Goals (SDGs) and broader aspirations. Financial inclusion is central to lifting low-income and marginalised households out of poverty by expanding access to basic financial services.
These services enable individuals and communities to participate fully in the economy, build resilience to shocks and promote inclusive growth.
Financial inclusion contributes to monetising the economy from subsistence agriculture, alleviating poverty, eradicating hunger, promoting health and advancing gender equality.
Together, guided by our collaborative first NFIS, we have broken down barriers and opened doors to transformative financial services for millions of Ugandans. New regulations have enabled agent banking to flourish, bringing banking services to villages.
Government services can now be accessed digitally, thanks to e-verification and e-payment gateways. And landmark legislation such as the National Payment Systems Act and the Security Interest in Movable Property Act have laid critical legal foundations.
The results speak for themselves: the number of financial access points per 100,000 adults has quadrupled, giving many Ugandans the tools to manage their income and expenses, build assets and seize opportunities. The gender gap in account ownership has almost disappeared. And digital finance has taken off, empowering women in particular.
Even in the depths of an unprecedented pandemic, we saw the acceleration of a new digital culture taking root as Ugandans increasingly relied on mobile money, cards and online payments. Covid-19 showed us that great adversity often contains the seeds of innovation.
Our progress is a testament to the power of partnership, visionary leadership, and patient collaboration. As you know, Uganda’s third National Development Plan (NDP III) underscored the need to expand access to financial services through digital channels, recognising their potential to drive financial inclusion. Accordingly, the second NFIS echoes this focus, placing digital financial services at the forefront of efforts to increase the use of financial products and services.
NFIS II was crafted with critical stakeholders, including the MoFPED and other MDAs, financial services regulators, and development partners. The Bank of Uganda (BoU) was retained as the secretariat to ensure effective coordination.
NFIS II is aligned with the BoU’s strategic plan (2022-2027), with initiatives to foster financial inclusion through digital financial services, effective regulatory frameworks, adequate infrastructure, partnerships, innovation, and consumer protection. It also emphasises the soundness and resilience of the financial system.
NFIS II envisions “universal access to and use of a broad range of quality and affordable formal financial products and services, delivered in a responsible and sustainable manner.” Five key pillars have been identified to realise this vision:
- Tackling financial exclusion and access barriers
- Increasing the use of affordable, quality financial products
- Empowering financial consumers through protection and education
- Promoting an inclusive green financial market
- Promoting gender-responsive financial services.
At the heart of NFIS II is a deep-rooted commitment to empowering underserved segments, including women, smallholder farmers, forcibly displaced persons, youth, MSMEs, rural dwellers and people with disabilities. We recognise their unique challenges and are committed to tailoring financial solutions to meet their specific needs.
Much has been achieved through the first NFS, but our work is far from complete. Too many Ugandans still lack access to basic financial services. Usage, not just access, must be our guiding star in the future. With NFIS II, we aim to do just that over the next five years.
With NFIS II (2023-2028), we reaffirm our commitment to financial inclusion, empowering individuals and driving economic growth through affordable, quality financial services.
NFIS II prioritises expanding access to savings, credit, insurance, remittances, pensions, investments, and Islamic banking products and services.
By broadening access and lowering barriers, promoting digital and women-centred solutions, strengthening financial capability, and catalysing green investment, we can make financial services work better for all Ugandans — especially those still on the margins.
As it is written in Proverbs 15:22, “Without counsel, plans fail, but with many advisors they succeed.” In that spirit, let our ambitious plans for NFIS II succeed through partnership, collaboration, and a relentless focus on people.
The success of NFIS II hinges on the power of partnership. We are grateful for the unwavering support of the Ministry of Finance, Planning, and Economic Development; development partners, especially Financial Sector Deepening Uganda and Alliance for Financial Inclusion; the financial sector, and, most importantly, the Ugandan people.
What we achieve together over the next five years will shape lives and livelihoods for generations to come.
Thank you all for the vision, leadership, and commitment that has brought us here today. I urge you to join us in making NFIS II a resounding success. Together, we can create a financially inclusive Uganda where everyone can prosper and contribute to a brighter future.
And I look forward to all that we will accomplish in the journey ahead.
Thank you for your attention.
God bless.
