DFCU Bank Plans to Boost Financial Literacy in Uganda

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The Development Finance Company of Uganda (DFCU) Bank is undertaking a literacy campaignin abid to boost saving and investment amongst the country’ population.

The Uganda-based lender this week held the second edition of an event titled ‘Battle for Cash’ in which industry coaches, banking sector stakeholders and representatives from financial services group, PricewaterhouseCoopers (PwC) participated.

“The reason why we are always broke is that we make unwise financial decisions. 95% of Ugandans spend more than they earn and that should bother us,” explained Isaiah Kizito from IFE Consultants is one of the top management consultancies in the country.

Denis Yekoyasi Kakembo, a Partner at legal services firm, Cristal Advocates was on a panel of experts at the event that discussed means of achieving sustainable business growth at the event, which was organised by the DFCU Bank for its customers in Kampala, Uganda.

DFCU said in a statement that the bank was pleased to have Isaiah Kizito from IFE Consult take the Investment Clubs in attendance through the discussion of the evening: ‘Why smart people make mistakes with their money’.

“Sometimes our bad financial decisions comes from the fact that we get so blinded by what we want and then we end up losing focus. We make myopic decisions and then we suffer with regret after failing,” Kizito told attendees and participants at the event.

DFCU’s move is not the first initiative to focus on financial literacy in the country.

Many stakeholders from Uganda’s banking sector have been working to educate consumers in a bid to grow the financial services industry, while also promoting social and economic development in the East African nation.

According to the Bank of Uganda, yet another lender, financial literacy has been recognised as a critical factor in improving the quality of life and enhancing financial inclusion in Uganda.

“One of the most important roles of Bank of Uganda is to ensure consumers make informed financial and economic decisions that ultimately drive economic growth,” the Bank said in a previous statement.

In this regard, Bank of Uganda has spearheaded the development and implementation of a Strategy for Financial Literacy in Uganda. The rationale behind the Strategy has been to encourage the development of high-quality resources and encourage the active participation of a wider range of stakeholders, among other things

During this process, the Bank of Uganda has engaged more than 150 stakeholders – including government bodies, banks, media, consumer organizations, private sector associations and NGOs.

“This structured consultative process aimed to mobilize the expertise and resources of a broad range of organizations, developing a strategy founded on the principles of cost-effectiveness, cooperation, sustainability and feasibility,” the lender explained.

Also, this past July, the Uganda Revenue Authority and the country’s Ministry of Gender, Labour and Social Development, held a financial literacy seminar for young people as part of the government’s ‘Skilling Uganda’ initiative.

 

The conference, held in collaboration with two other institutions, Centenary and Stanbic Banks, targeted hundreds of young people in the country.

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