Gov't told to implement financial literacy programme

By Francis Emorut

KAMPALA - Banking and insurance sector officials have asked the government to implement the financial literacy strategy to enable its citizens be financially literate to access financial services that meet their needs.

David Sempela, a financial expert, said financial literacy camps should be rolled out across Uganda.

"Let's not stop celebrating the paper triumph but should implement the financial strategy [set out in 2013] because actions speak louder than words," he added.

He was speaking at the 7th banking, finance and insurance expo at Uganda Manufacturing Association (UMA) exhibition hall in Lugogo, Kampala.

The expo was held under the theme: Leveraging on Digital financial platforms to reach and retain consumers.
 

The expo was held at UMA, Lugogo. (Photo credit: Francis Emorut)

Meanwhile, Ibrahim Lubega, the chief executive officer of Insurance Regulatory Authority of Uganda (IRAU), said financially literate consumers help to reinforce competitive pressures on financial institutions to offer more appropriately priced and transparent services.

Responding to the financial expert and an insurer’s concerns, the commissioner in charge of financial services department in the ministry of finance, planning and economic development, Stephen Kasangati said the implementation requires concerted efforts of all stakeholders.

Such stakeholder, he said, include policy makers, regulators and operators.