Financial services players have been urged to provide good and reasonable financial services for Ugandans to invest in and grow their savings.
The call was made by the Director in charge of Supervision at Bank of Uganda, Dr Tumubweine Twinemanzi during the event to mark the World Savings day and launch the 5th Banking and Financial Services month, at Kampala Serena Hotel on October 31, 2024.
Quoting the 2024 FinScope survey report, Dr. Tumubweine said that the number of Ugandans saving increased from 54% in 2018 to 60% in 2023.
“The savings culture does exist in Uganda but savings without investing is like winking at a woman in the dark; savings must go hand in hand with investment so that money grows,” he said.
He, however, urged savers to be consistent, noting that saving requires a high degree of discipline.
“What differentiates countries that have reasonable savings rates and those that do not have is the level of consistency; this is the only way we will have sustainable savings.
The event was organised by the Uganda Institute of Banking and Financial Services (UIBFS) in partnership with Bank of Uganda, Uganda Bankers Association, Uganda Insurers Association, and Deposit Protection Fund.
The World Savings day is marked every October 31, across the globe as a reminder of the importance of financial literacy in shaping empowered and resilient economies. This year’s savings day was organised under the theme: “Sustainability and Personal Finance.
The Insurance Regulatory Authority Director Legal & Secretary to the Authority Ms. Francesca Kakooza urged the public to take advantage of the various life insurance products which provide good savings and investment opportunities.
She added that investing in life insurance like children education endowment plans, Unit-linked insurance products, pure savings (pure endowments) is one of the best and most important financial decisions one can make.