Overview
Financial Inclusion (FI), which refers to access and usage of appropriate financial services, continues to play an integral role in the realization of inclusive and sustainable growth. It is vital for economic and social development of a country.
According to the National Financial Inclusion Strategy 2017-2022, Financial Inclusion has be defined as having access to and using a broad range of quality and affordable financial services which help ensure a person’s financial security.
Bank of Uganda Roles
Bank of Uganda’s mission is to “foster price stability and a sound financial system”. The Central Bank’s role in ensuring financial stability includes the following;
- Formulating macroprudential policies aimed at mitigating systemic risks to the Ugandan financial system;
- Undertaking continuous financial sector surveillance to identify potential systemic risks and conducting stress tests to determine the resilience of the system to plausible shocks and disruptions;
- Oversight of payment systems;
- Ensuring a good level of preparedness to manage a financial crisis. The Bank has developed a crisis preparedness and management framework as well as different types of support measures.
- The supervision and regulation of individual supervised financial institutions (commercial banks, credit institutions, microfinance deposit taking institutions, foreign exchange bureau and credit reference bureau) to ensure safe and sound financial institutions.
- Enhancing the efficiency of financial markets.