Issued by: WMC Africa
With January coming to an end, Ugandans have been urged to prioritise saving in order to achieve their long-term financial goals. This advice came from Israel Arinaitwe, head of personal banking at Stanbic Bank Uganda.
Arinaitwe emphasised the importance of saving before spending, noting that economic development,whether for a country or an individual, depends on building capital through saving.
Speaking about Stanbic Bank’s Keep Growing campaign, he said: “At Stanbic, we say Uganda is our home and we drive her growth. Keep Growing is tied to our purpose of ensuring that we continue growing the country.”
Central to that growth, Arinaitwe said, is cultivating a strong savings culture. He added that saving is not just for the wealthy, but within the reach of anyone.
“The problem is that people in our communities think you save what is left, yet that is wrong because after spending, there is usually nothing left,” he observed.
To illustrate the right approach, he used the example of older generations, who would set aside the children’s breakfast for the next day before serving dinner.
“That’s what saving is,” Arinaitwe said. “Before you think of spending money, you first put away a portion for saving. Saving is not only for those with big salaries.”
He encouraged young people to be intentional about saving. “If you have started a business, continue building it. If you haven’t, I urge you to start. And if you are employed, please save some money because you will need it in the future.”
Arinaitwe also highlighted the growing reach of financial inclusion in Uganda. Thanks to digital platforms and agent banking, opening a bank account is now easier than ever.
Despite these advances, Arinaitwe revealed that about 30 per cent of Ugandans still keep their money at home, where it earns no interest. He urged the public to take advantage of secure, interest-bearing savings accounts.
In addition to traditional savings, Arinaitwe highlighted Stanbic Bank’s investment options, such as unit trusts, which enable clients to generate returns through money market funds.
“The best thing in life is not you working for money, but money working for you,” he said, encouraging young people to consider investment options such as unit trusts, treasury bills, bonds, and property. He noted that Stanbic supports clients by developing commercial units, enabling them to earn from land and rental investments.
Arinaitwe’s message even extends to newborns, urging parents to start saving for their children as early as possible. “You can begin a child’s savings journey from birth because we have a child account that earns interest,” he said.
He also reminded clients to safeguard their financial information by keeping passwords secure and reporting any suspicious activity.
