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11 Nov 2019

MASSES TURN UP FOR FINANCIAL SERVICES EXPO

The general masses are still ignorant on the operations of financial services. This was exhibited at the just concluded financial services Expo 2019 Financial Services expo, where the public turned up in big numbers to learn about the various financial services, Insurance inclusive.

The five day expo organized by Bank of Uganda at Constitutional Square, brought together different financial regulators and service providers to sensitize the public on the various saving vehicles that can be explored. This was in commemoration of the World Saving Day under the theme, “Save More, Achieve More”.

The participating regulators included, the Insurance Regulatory Authority (IRA), the Uganda Microfinance Regulatory Authority (UMRA), the Uganda Retirement Benefits Regulatory Authority (URBRA), the Capital Markets Authority, the Deposit Protection Fund, in addition to various service providers like the Uganda Insurance Association (UIA), Uganda Bankers Association among others.

The IRA Director Planning, Research and Market Development, Mr. Sande Protazio told the gathering on Wednesday, that IRA has approved micro insurance products with insurance premium for as low as Ush1300 and therefore encourage them to stop making excuses that insurance is for the rich. “There are a number of insurance savings and investment policies that you anyone can tap into. It is only important that you pay much attention to every terms and conditions in the policy before signing up and make you are dealing with only licensed players,” Sande explained.

The IRA Senior Communications Officer Ms.Mariam Nalunkuuma emphasized the role of the IRA and encouraged the participants to channel all their insurance related challenges to the Authority for redress.