The number of Ugandans with access to financial services has jumped in the last two years by over 20% according to a recent study.
The study conducted by South African based company Finscope, found that many more Ugandans can access and use both formal and informal financial services
According to the 2018 financial inclusion survey, the number of Ugandans adults with access to both formal and non-formal financial services has increased from 57% in 2006 to 78% currently.
This report found that 57% of Ugandans (10.6 Million adults) use digital payment services whereas 55% send money to others in various parts of the country and 82% of these use Mobile money services.
At least 28% of adult Ugandans, the study found, use digital systems to pay for goods and services whereas 6% of the total adult population use it for paying bills.
Protazio Sande who headed the survey team pointed out that the findings reflected a good representation of the Ugandan population as the samples were drawn carefully and certified by UBOS.
Sande expressed Finscope’s commitment to work with banks to ensure that they develop products which may attract more customers since financial inclusion is the key to financial growth.
Despite the rosy findings of the report, there are fears that government’s recently introduced tax on mobile money transactions is likely to reverse the progress in financial inclusion.
Mr Sande re-echoed this fear, noting that people with small businesses in rural areas will be most affected.
At the launch of the report at Serena Hotel in Kampala, Mr Keith Muhakanizi the Finance Ministry Permanent Secretary, in his message delivered by Henry Mbaguta; assured bankers and stakeholders that government is working on a number of reforms aimed at improving the banking sector in the country.
Mr Louis Kasekende the Deputy Governor Bank of Uganda called upon all the key players in the banking sector to ensure that they increase on the financial literacy campaigns especially in rural areas so that they may get more customers in those areas.