Business
Train clients on finance management, banks toldPublish Date: Mar 22, 2014
Train clients on finance management, banks told
  • mail
  • img
Commissioner Investment and Private Development Stephen Kasangaki (left) and David Sempala of Royalway Media listen to exhibitors of APA Insurance Company at UMA on Friday. PHOTO/Wilfred Sanya
newvision

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.

The statements, comments, or opinions expressed through the use of New Vision Online are those of their respective authors, who are solely responsible for them, and do not necessarily represent the views held by the staff and management of New Vision Online.

New Vision Online reserves the right to moderate, publish or delete a post without warning or consultation with the author.Find out why we moderate comments. For any questions please contact digital@newvision.co.ug

  • mail
  • img
blog comments powered by Disqus
Also In This Section
Gov’t risks losing billions through advances to foreign companies
A new wave of ethical and professional misconduct has hit Uganda’s construction industry, exposing government to risks of losing billions of funds as contractors connive with employees of banks and insurance companies to obtain fake bid securities and financial guarantees...
UAE Exchange conducts Iftar at Uganda National Mosque
The largest globally networked remittance brand UAE Exchange associated with Xpress Money conducted Iftar at Uganda National Mosque, as they offered food stuffs to Muslim brothers and sisters as a sign of showing the spirit of togetherness during this holy period of Ramadan....
ADB cautions African States against international borrowing
The African Development Bank (ADB) has cautioned African countries against high borrowing rates on the international market saying it could push them back to the ''debt disgrace.''...
URA to collect tax on rented houses, properties
Uganda Revenue Authority has revealed that it will soon begin collecting tax on all rental houses and properties within urban areas....
Danish agribusiness concept to revive farming in Uganda
There is something intriguing about Denmark. A country with so many world records, one of its outstanding ones include ranking first in government transparency and lack of corruption. There are more, like having the world’s happiest population, the world’s highest minimum wage, lots more....
More investments need to be plunged into the agricultural value chain for Uganda to achieve sustainable economic growth and development, Dr. Kisamba-Mugerwa, the chairperson of the National Planning Authority (NPA) has said....
Should government review powers of kings?
Yes
No
Can't Say
follow us
subscribe to our news letter