Uganda Launches New Financial Literacy Strategy to Boost Savings and Inclusion

Digital financial literacy is another major priority, reflecting the growing use of mobile money and other electronic financial services across Uganda.

The Government of Uganda, through the Bank of Uganda, has launched a new Strategy for Financial Literacy (2026–2031) to help citizens manage their money, make informed financial decisions and build stronger economic security. Developed with support from the International Labour Organization (ILO), the strategy focuses on improving financial knowledge among communities that often struggle to access formal financial services. Women, young people, refugees, persons with disabilities and rural populations are among the priority groups expected to benefit from the initiative.

The strategy was officially launched on 30 October 2026 at Speke Resort Munyonyo in Kampala, during an event organised alongside World Savings Day celebrations. It recognises that providing access to banking and other financial services is not enough when people lack the knowledge and confidence to use them responsibly. By strengthening everyday financial skills, the government hopes to encourage better saving habits, reduce financial risks and create opportunities for households and small businesses.

Financial literacy is particularly important for communities where limited access to reliable information can lead to poor borrowing decisions, financial insecurity and difficulties managing household expenses. The new framework seeks to make financial education more accessible through schools, workplaces, community organisations and digital platforms. Its implementation will also strengthen consumer protection and help more Ugandans participate confidently in the country's financial system.

Helping Ugandans Build Better Money Management Skills

The 2026–2031 strategy focuses on practical financial skills, including budgeting, saving, responsible borrowing, investing and managing financial risks. These skills can help individuals understand their financial responsibilities, prepare for emergencies and make better decisions about spending or borrowing money. Financial education will be delivered through trained instructors and standardised learning materials to ensure that communities receive consistent and reliable information.

Digital financial literacy is another major priority, reflecting the growing use of mobile money and other electronic financial services across Uganda. Training will cover safe mobile money transactions, fraud detection, personal data protection and the real costs associated with digital loans. Educational tools designed for basic mobile phones, together with information about fraud reporting and complaint mechanisms, will help people use digital financial services more safely.

During the launch, Bank of Uganda Deputy Governor Professor Augustine Nuwagaba emphasised the importance of long-term financial planning and personal responsibility. A statement delivered on behalf of the Minister of Finance, Planning and Economic Development also highlighted the need for responsible borrowing practices. ILO Country Director Caroline Khamati Mugalla stressed that financial discipline plays an important role in helping entrepreneurs move beyond business survival and achieve sustainable growth.

Lessons From Earlier Financial Education Efforts

The new strategy builds on findings from an ILO-supported evaluation of Uganda's previous financial literacy framework, implemented between 2019 and 2024. The assessment found that financial education was relevant and useful, particularly in helping participants develop better saving and budgeting practices. Access to training remained uneven across communities, limiting the benefits for populations with fewer opportunities to receive financial guidance.

The evaluation also identified weaknesses in long-term financial planning, insurance awareness and responsible borrowing, suggesting that many individuals still lacked the knowledge needed to manage more complex financial decisions. Educational activities were frequently organised through individual projects, with limited coordination between institutions and no unified system for measuring overall progress. These findings highlighted the need for a more coordinated and inclusive national approach.

The 2026–2031 strategy responds by expanding financial education across geographical areas and population groups that received limited support under the previous framework. It introduces stronger cooperation between national and district institutions, standardised monitoring systems and improved reporting mechanisms to assess implementation. Greater attention to digital financial skills and consumer rights is expected to help people navigate financial products more confidently.

Expanding Financial Opportunities for Refugees and Rural Communities

Uganda's financial inclusion efforts are already producing results through partnerships that combine access to finance with practical financial education and business support. Under the ILO's PROSPECTS programme, Opportunity Bank Uganda Limited developed an agricultural loan product designed for refugees and members of host communities. The initiative demonstrates how financial services can support livelihoods when borrowers also receive guidance on managing loans and agricultural activities.

Between December 2025 and April 2026, 684 people in Isingiro and Nakivale accessed agricultural loans, including 403 women and 281 men. The initiative leveraged approximately US$2.81 million in financing, providing financial resources to support agricultural activities and economic opportunities among participating communities. The loan product has since been integrated into the bank's systems and is being expanded to additional refugee settlements.

Combining financial literacy with technical assistance has helped strengthen loan uptake and repayment under the programme. This approach is particularly valuable for farmers, refugees and small entrepreneurs who may have limited experience using formal credit products. The broader national strategy seeks to extend similar opportunities by ensuring that financial education reaches people who have traditionally been underserved.

Partnerships to Strengthen Financial Inclusion Nationwide

The Bank of Uganda will coordinate implementation of the strategy, supported by policy leadership from the Ministry of Finance, Planning and Economic Development. Government agencies, financial institutions, employers, educational organisations and development partners will contribute to delivering financial education across communities. Cooperation at national and district levels will be essential for reaching populations that have previously received limited financial guidance.

The ILO's involvement reflects the connection between financial knowledge, decent work and sustainable business development, particularly for people working in informal employment or operating small enterprises. Better financial management can help entrepreneurs plan investments, understand borrowing costs and prepare for periods of financial uncertainty. Households equipped with similar knowledge may also be better positioned to manage unexpected expenses and protect their savings.

Through the Strategy for Financial Literacy 2026–2031, Uganda is seeking to create a financial system where people are not only able to access services but also understand how to use them effectively. The emphasis on practical education, digital safety and underserved communities provides a foundation for broader financial participation and improved household resilience. Successful implementation could help more Ugandans make informed financial choices, strengthen their livelihoods and pursue sustainable economic opportunities.