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.

Financial Literacy

Following the successful implementation of the first Strategy for Financial Literacy 2013-2017, , Bank of Uganda has spearheaded the development of the second Strategy for Financial Literacy in Uganda 2019-2024. The Strategy for Financial Literacy is a roadmap of actions and agreed upon steps by the public and private sector to achieve a set of defined financial literacy objectives. The vision is that Ugandans have the knowledge, skills and confidence to manage money well.

The goals for the Strategy are to:

a) Improve the ability of the population to manage their money well;

b) Equip the population with knowledge and skills to protect themselves against risks and fraud;

c) Strengthen mobilisation and cost-effective use of resources to promote financial literacy;

d) Broaden the diversity and quality of initiatives that drive financial literacy;

e) Improve institutional cooperation among stakeholders in promoting financial literacy;

f) Set in motion a process of increased self-awareness, skill development, and appropriate attitudinal change for individuals to strengthen positive mindsets towards money generation and management;

g) Conduct research and strengthen monitoring & evaluation of financial literacy initiatives; and

h) Harmonise the national financial literacy initiatives / programmes with those of East African Community (EAC) Partner States.

Strategy for Financial Literacy in Uganda

The Strategy for Financial Literacy in Uganda focuses on  five priority strands / groups which are:

  1. Youth
  2. Women
  3. Work Place
  4. Rural Outreach
  5. Special Interest Groups (namely; Children below 15 years old, People with Disabilities (PWDs), Forcibly Displaced Persons / Refugees and Digital Financial Technology)

Core Messages

The financial literacy core messages are a set of simple, tried and tested messages, responding specifically to what someone needs to know to manage his/her personal finances effectively. The concept behind the development of the core messages is that hearing the same, or a very similar, message three times will always have more effect than hearing three different messages once. The core messages were developed in consultation with a broad range of organisations and cover the following areas:

  • Personal Financial Management
  • Savings
  • Loans
  • Investments
  • Insurance
  • Planning for Old Age
  • Making Payments
  • Financial Services Providers
  • Financial Consumer Protection

All stakeholders are encouraged to make use of the core messages. This will help to ensure that the messages used in financial literacy programmes are tried and tested. It will also help to ensure that people receive similar, and consistent, messages from a variety of sources.

The core messages are also available in local languages and can be accessed via the Financial Literacy Website.

Engagement in Financial Literacy Activities in Uganda

If you are interested in financial literacy and wish to receive further information on the Strategy and/or contribute to its implementation, please contact us via financialliteracy@bou.or.ug.

Useful Resources/Links

Strategy for Financial Literacy in Uganda
Financial Literacy Core Messages
BOU Financial Literacy Website