'Seven in 10 Ugandans spend more than they earn'
The revelation by the Bank of Uganda (BOU) was made on November 3, 2025, during the launch of the 6th season of the Banking and Financial Services Awareness Campaign (BAFSAC) held at Mestil Hotel in Kampala.
CEO UIBFS Goretti Masadde (centre left) and Executive Director Risk and Strategy at BOU Philip Andrew Wabulya together with Board members of UIBFS and banking and finance executives share a picture moment after launching this year's BAFSAC campaign dubbed "The planned adult." (Photo by Rhyman Agaba)
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Seven in 10 Ugandans spend more than they earn, calling for a mindset shift toward financial planning and sustainability.
The revelation by the Bank of Uganda (BOU) was made on November 3, 2025, during the launch of the 6th season of the Banking and Financial Services Awareness Campaign (BAFSAC) held at Mestil Hotel in Kampala. The event coincided with World Savings Day celebrations.
Representing BOU Governor Michael Atingi-Ego, the bank’s executive director of risk and strategy, Philip Andrew Wabulya, highlighted the need to strengthen Uganda’s savings culture.
“Building financial stability starts with careful planning, regular saving, and using modern financial services effectively to ensure money is managed safely and securely,” Wabulya said.
The FinScope Uganda 2023 survey by Financial Sector Deepening Uganda (FSD Uganda) in partnership with BoU, revealed that 7 out of 10 Ugandans experience budget deficits, while 9 out of 10 are uncertain about how they would handle financial shocks. The report also found that awareness of green growth remains low at just 28%.
Globally, Uganda lags in formal savings. According to the World Bank’s Global Findex (2024), only 54% of Ugandans have formal savings accounts, and just 26% hold deposit accounts, excluding mobile money.
However, mobile money savings have grown by 17% between June 2024 and June 2025, highlighting digital finance’s expanding role in inclusion.
BAFSAC spearheaded by the Uganda Institute of Banking and Financial Services (UIBFS) in collaboration with BOU and the Uganda Bankers’ Association (UBA), is dubbed “Planned Adult” under the theme: Financial Health — From Earnings to Sustainability.
The seven-month drive aims to promote sustainable financial behaviour across Uganda, focusing on seven pillars: Planning, saving, investment, responsible borrowing, insurance, retirement planning and digital finance.
The initiative targets both financial institutions and the public, with a call to adopt responsible financial habits that ensure long-term financial health. It integrates environmental, social, and governance (ESG) principles and aligns with Sustainable Development Goals (SDGs) such as No Poverty (SDG 1), Decent Work and Economic Growth (SDG 8), and Climate Action (SDG 13).
UIBFS chief executive officer (CEO) Goretti Masadde described the campaign as a strategic call to action.
“The Planned Adult campaign seeks to empower Ugandans with the knowledge and tools for long-term financial resilience, ensuring that every financial decision contributes to personal, institutional, and global sustainability,” she said.
She added that the initiative will encourage individuals to plan before earning, save responsibly, invest wisely and adopt sustainable habits such as reducing waste through reusing and recycling.
Banks, she noted, are being urged to align their operations with the people, planet, profit (PPP) model through green lending, sustainable operations, and responsible corporate social responsibility.
Boosting economic resilience
UIBFS board chairperson Michael K. Mugabi, also Housing Finance Bank managing director, said the campaign comes at a critical time when the country is striving to enhance financial inclusion under the National Financial Inclusion Strategy (2023–2028).
He emphasised the importance of fintech integration and ESG-aligned products to boost economic resilience and reduce poverty.
“Today’s launch challenges us, both as individuals and institutions, to think deeply about what true financial sustainability means in our current economic environment,” Mugabi remarked.
A panel discussion during the launch featured representatives from BOU, CMA, DPF, URBRA, ITC, aBi Finance, MoFPED, and UIBFS under the topic: Regulation: Applying a Lens on Institutional Contribution from Earnings to Sustainability.
Institutional responsibility
The event with over 80 participants from the banking and insurance industries, emphasised financial literacy, innovation, and institutional responsibility.
BOU's Justine Namata stressed the role of consumer empowerment and transparency. Dr Julia Clare Olima, CEO of the Deposit Protection Fund, emphasised building public trust through deposit safety.
Denis Kizito (CMA) reminded participants that saving is only the first step toward financial growth, while URBRA’s Daisy Linda Nabakooza called for tailored financial solutions for low-income women.
The banking and financial services awareness campaign, now in its 6th season, continues to unite stakeholders in promoting financial inclusion.
Last year’s edition, themed “Save, Protect, Grow,” trained over 25,000 market vendors, 13 institutions, and 11 schools in healthy financial practices through partnerships with banks, insurers, and development partners.
World Savings Day, first marked in 1924 in Milan, Italy, was this year commemorated under the theme: Saving: Protection, Inclusion and Development.
The event in Kampala reaffirmed that even small, consistent financial actions can generate significant economic and environmental impact when guided by sustainability.