Building a money-smart Uganda through financial literacy

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OPINION

By Peter Mugarura

Financial literacy is increasingly being recognised as a vital pillar for economic empowerment and poverty reduction in Uganda.

As the country continues to grow and modernise, the ability of individuals to make informed financial decisions is becoming more critical than ever.

However, a significant portion of the population, particularly youth, women, and rural communities, still lacks the knowledge, tools, and confidence to manage money effectively. This gap has led to poor saving habits, over-indebtedness, and limited engagement with formal financial services.

In response to these challenges, the Bank of Uganda launched the Strategy for Financial Literacy in Uganda (2019–2024).

This national framework is designed to equip citizens with essential financial skills, enabling them to budget wisely, avoid fraud, and plan for long-term financial security. The strategy emphasises inclusive outreach and cross-sector collaboration to ensure that financial education reaches all segments of society.

The private sector also has a unique opportunity to contribute meaningfully to this national effort. Corporates and financial institutions can implement workplace financial wellness programs to help employees manage their income, reduce financial stress, and enhance productivity.

Youth-targeted campaigns using digital platforms and gamified learning can engage tech-savvy young people in fun and interactive ways.

Partnerships with schools to integrate financial literacy into curricula can ensure early exposure to money management skills. Additionally, supporting fintech innovations that promote budgeting, saving, and investing can make financial tools more accessible and user-friendly.

One standout example of private sector involvement is the Cha-Ching financial literacy program established by the Prudence Foundation to build safer and more resilient communities across Asia and Africa through education, health, and safety initiatives. In Uganda, the program is already equipping children with essential money management skills.

Targeted at children aged 7 to 12, the program uses a unique blend of music, animation, and activity-based learning to teach four core financial concepts: Earn, Save, Spend, and Donate.

Developed in collaboration with Cartoon Network and education expert, Dr Alice Wilder, the curriculum is designed to be both engaging and age-appropriate, making financial literacy fun and accessible for young learners.

What makes it truly stand out is its global reach and adaptability. Originally launched in Asia, the program has been successfully implemented in over a dozen countries, including those in Africa and Asia. Despite its international origins, Cha-Ching program is tailored to local contexts, ensuring that Ugandan children receive relevant, relatable lessons that reflect their everyday experiences.

Since its inception in 2011, Cha-Ching has reached over 50,000 pupils in more than 200 primary schools. In its eighth edition, the programme was implemented in over 100 schools across Kampala, Wakiso, and Mukono. More than 300 head teachers and educators have participated in Trainer of Trainers sessions, equipping them to deliver engaging, age-appropriate lessons to over 21,000 pupils.

Cha-Ching is nurturing a generation that is confident, capable, and committed to making informed financial decisions. The ripple effect of this education is profound: as these young learners grow into adults, they will carry with them the tools to break cycles of poverty, build sustainable livelihoods, and contribute meaningfully to Uganda’s economic growth.

In conclusion, financial literacy is not just a personal skill; it is a national asset.

As Uganda strives to build a resilient and inclusive economy, empowering citizens with financial knowledge is essential.

Through coordinated efforts by government, the private sector, NGOs, and civil society, Uganda can become a money-smart nation where every individual can make informed financial decisions.

The writer is the head of marketing and communications, Prudential Uganda