Uganda 2013 FinScope III Report: Unlocking Barriers to Financial Inclusion in Uganda
Over time Uganda's financial sector has continued to record positive changes, such as in the level of financial development, increased competition and improved efficiency in the financial system. There have also been deliberate efforts by government to strengthen financial inclusion. With these advances, it is important that an assessment is done to explore the extent to which such developments have translated into improved financial access to the adult population. This FinScope survey has been carried out in Uganda to provide a basis for monitoring the nation's progress - in terms of demand, access and use of financial products/services. It was found that there has been remarkable overall improvement in financial inclusion in Uganda since 2009. However, this improvement was registered mainly in the non-bank formal sector largely driven by the introduction and growth in mobile money services. If mobile money is excluded, formal financial inclusion in Uganda remains low in comparison to countries like South Africa, Namibia, Swaziland and Kenya where similar FinScope surveys have been carried out. Some policy actions suggested include, among others: maintaining macroeconomic stability; spatial targeting to promote financial inclusion; promoting broad-based growth; and financial education and information dissemination.
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