Business
Train clients on finance management, banks told
Publish Date: Mar 22, 2014
Train clients on finance management, banks told
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
  • mail
  • img
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
20 firms probed over money laundering
It is feared that up to sh56b could have laundered through the accounts at a city bank, United Bank of Africa (UBA), using stolen cards....
Transport fares rise as Christmas draws nearer
Tis the season once again and as is with festive period, public transport fares have risen around the country....
Inflation rises to 1.4%
Consumers paid sh1.4 more for manufactured goods in October compared to the same period in 2013 as the sector struggled to recover from the lag-effects of the 2011 economic challenges, amid volatilities in foreign exchange....
Kukustar: New vaccine against newcastle to empower farmers
It was the welcoming smiles. Not the long distance from Mbale town. Not the shrubby path to Mary Goretti Mboizi’s humble home in Bunamwera village, Kibuku district that struck me as I settled down to listen to her story....
Uganda is debt sustainable, says finance ministry
By March, China had lent Uganda over $336m (8% of the total debt) while India had lent over $50m (under 2%)....
Partnership seeks to boost television penetration
PCS and a regional pay television service provider enter a partnership expected to boost television penetration in areas without access to hydroelectricity....
Do you agree with the ban on the export of maids?
Yes
No
Can't Say
follow us
subscribe to our news letter