The Uganda Institute of Banking and Financial Services (UIBFS) has launched an awareness month aimed at improving financial literacy among Ugandans. The program is set to last till December 11, 2020, under the theme ‘Your MoneyCan, BeMoneySmart’.
During the program, companies such as banks, foreign exchange bureaus, insurers, financial advisors, regulatory agencies, and other key financial players who provide banking products will be connected to consumers and users.
The program keynote message will revolve around personal financial management, savings, managing loans, investment, insurance, planning for retirement, digital finance, and careers in banking and finance on top of exhibiting professional career opportunities and avenues for entry into the financial industry.
According to Goretti Masadde, the CEO of UIBF, the initiative, which is aimed at stimulating prudent financial behaviour, is timely given the adverse effects of the Covid-19 lockdown on the income of individuals, families as well as businesses.
“We have realised now more than ever that a crisis can happen anytime and we need to be prepared. Therefore, this campaign is coming now to tell us that even though we are in a situation like this, where there are no jobs and incomes have reduced; there could be other ways to still make money…,” she said.
Louis Kasekende, the board chairperson of UIBFS, while launching the awareness month, said that financial institutions have the duty of intermediating resources and supporting economic activities, instead of just being depositories. He added that they must strive hard to increase their relevancy to clients and also reach out to more people to use their financial services.
“Our goal as financial service providers is to support economic activities and be relevant across all demographic divides. This campaign is going to help the financial industry players to go beyond communicating to themselves to communicating to the wider public,” he said.
Owing to the Covid-19-related standard operating procedures, most of the activities of the awareness month shall be held virtually through radio and TV talk shows, dedicated social media platforms, the UIBF website, and webinars.