Kamuli, Uganda: The Bank of Uganda (BoU) has urged Ugandans to embrace a strong saving culture, financial discipline and strategic investment as a foundation for sustainable economic growth and household prosperity.
Speaking during the Bank of Uganda Town Hall engagement at Kyemba Gardens in Kamuli District last week, Governor Michael Atingi-Ego said the central bank’s policies only have meaning when they improve the daily lives of ordinary Ugandans.
“Bank of Uganda is only meaningful if it improves the life of a mother selling groundnuts in the market, a young man farming sugarcane on the banks of the Nile, and an entrepreneur daring to dream of something bigger.”
The engagement formed part of the central bank’s Diamond Jubilee celebrations marking 60 years of operation, with the governor noting that the outreach is aimed at bringing the central bank closer to citizens and promoting financial inclusion.
“We are here to bring the Bank of Uganda directly to the citizens whose lives our decisions touch, because financial inclusion is not a privilege but a right and development is a shared responsibility,” he explained.
Atingi-Ego clarified the core mandate of the central bank, saying BoU is responsible for maintaining price stability, ensuring reliable payment systems, and supervising financial institutions to safeguard depositors’ funds.
He also reassured the public that deposits held in licensed financial institutions are protected under the Deposit Protection Fund up to Shs10 million.
Addressing speculation about Finance Trust Bank, the governor dismissed rumours that the institution had collapsed.
“Let me be unequivocal and speak directly about Finance Trust Bank. It is making a strategic transition from a Tier I Commercial Bank to a Tier II Credit Institution effective April 1, 2026. It is not closing and it is not collapsing. Your deposits remain safe and services will continue uninterrupted,” Atingi-Ego clarified.
Former Kamuli District LCV Chairperson and Speaker of the People’s Front for Freedom (PFF) Assembly, Proscovia Salaam Musumba, used the forum to call for stronger financial literacy campaigns and encouraged Ugandans to prioritise saving.
“People should learn to save first and spend what remains, not spend first and save what is left,” Musumba said.
She also criticised the poor functionality of ATM machines in Kamuli, saying the few available machines from Centenary Bank, Stanbic Bank and Finance Trust Bank frequently break down despite the growing demand for financial services in the area.
“It is both curious and interesting that Bank of Uganda has taken 60 years to discover the potential of Greater Kamuli. The starting point should be fixing the economic tools of trade like ATMs that are currently unreliable,” she said.
Musumba further asked the central bank to clarify the prospects of Uganda’s Tenfold Growth Strategy, suggesting that the bank should consider expanding its reserve strategies beyond gold to include traditional cash crops such as coffee and cocoa.
Kamuli Deputy Resident District Commissioner Adonia Mafumo called on BoU to strengthen regulation of money lenders whom he accused of exploiting borrowers through extremely high interest rates.
“Our people fear banks and lack financial information, yet money lenders are taking advantage of that urgency. Complaints about money lenders in our office now exceed even land and domestic disputes,” Mafumo said.
Meanwhile, Martha Zalwango of HOLD Uganda, speaking on behalf of civil society organisations, urged the central bank to work more closely with NGOs operating at grassroots level to promote financial education.
She said many rural Ugandans still keep their money in pots, sacks and informal savings, instead of using formal banking systems that could help them grow their wealth and participate in the wider economy.
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