Train clients on finance management, banks told

By Wilfred Sanya     

KAMPALA - Improved financial literacy can drive competition, increase economic participation and market efficiency in the financial services sector, says the executive director of Royalway Media.

ED David Sempala said mobile financial services are increasingly tapping into the local market.

He said such services are designing products tailored for those without bank accounts but who instead have access to mobile devices.

Sempala said this at the opening of a three-day banking finance and insurance expo at Uganda Manufacturers Association (UMA) in Kampala on Friday.

“Despite continued advances in Uganda’s financial industry, millions of Ugandans still operate outside the formal financial system, saving money under mattresses or under their beds,” he said.         

He pointed out that financial literacy broadly contributes to the economic health of the society.

More capable consumers and investors offer the prospect of improved household savings performance, reduced dependence on government and lower levels of problem debt, he said.