15% of adult Ugandans in abject poverty-confirms BoU

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About 3 million adult Ugandans or 15% of the total adult population are extremely poor, don’t have a single coin or are financial excluded according to the Bank of Uganda.

The BoU while launching the National Financial Inclusion Strategy Structure in Kampala said 16.8 million Ugandans or 80% of adult Ugandans who are projected to be 21 million do not have a bank account.

“52% use non-bank formal institutions like mobile money, only 2% subscribe to a certain insurance, 33% not heard of mobile money while 44% not using mobile money. 43% save and invest with informal savings groups and 51% save at home,” said Emmanuel Mutebile the Bank of Uganda Governor.

The National Financial Inclusion Strategy Structure will have five objectives of developing the credit infrastructure for growth, reducing financial exclusion and access barriers to financial services, building out the digital infrastructure for efficiency, deepening and broadening formal savings, investment and insurance usage and empowering and protecting individuals with enhanced financial capability.

EA business week

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