KAMPALA — Ugandans have been urged to embrace a culture of saving, exercise caution when investing and use emerging financial technologies responsibly as Kampala Corporate Women Cooperative Society (KCW SACCO) steps up efforts to promote financial literacy.
The call comes as the SACCO prepares to host its annual World Savings Day Run on Saturday, November 7, at MTN Arena, Lugogo, under the theme, “AI Advises, Human Decides, Saving is Our Choice.”
The event seeks to bring together individuals, corporate organisations and financial institutions to raise awareness about responsible money management, financial planning and the importance of building long-term financial security.
Although World Savings Day is observed annually on October 31, KCW SACCO’s run provides an opportunity to extend the campaign through public engagement, education and community outreach.
AI and the Changing Face of Personal Finance
The increasing use of artificial intelligence in financial services is changing how people manage their money, monitor expenditure and make investment decisions.
Mobile banking applications, digital budgeting platforms and AI-powered financial advisory tools are increasingly providing users with insights into their spending habits and potential investment opportunities.
However, KCW SACCO says such technologies should complement, rather than replace, individual judgment when making financial decisions.
Speaking about the theme, Sherinah Namata, Manager of Kampala Corporate Women Cooperative Society, said AI could provide financial guidance, but individuals must retain responsibility for decisions affecting their financial futures.
“The theme reminds us that while AI can advise, it is the human who decides. Saving is a personal choice that requires discipline, awareness and accountability,” Namata said.
The SACCO is encouraging Ugandans to understand the opportunities offered by digital financial tools while remaining cautious about relying entirely on automated recommendations.
Warning Against Fraudulent Investment Schemes
The campaign also seeks to raise awareness about fraudulent and unverified investment schemes that promise unusually high returns within short periods.
Many unsuspecting individuals risk losing their savings after being attracted by aggressive marketing, unrealistic profit projections and pressure to invest without conducting proper checks.
KCW SACCO is urging the public to verify the credibility of financial institutions and investment opportunities before committing their money.
Individuals are also encouraged to seek guidance from trusted financial professionals and avoid making investment decisions based solely on social media promotions or promises of quick returns.
Building a Sustainable Saving Culture
Beyond the use of technology, the SACCO is promoting practical approaches to financial management, including setting realistic savings targets, preparing budgets and developing the discipline of saving consistently.
It argues that saving should not be viewed merely as a way of accumulating wealth but also as a means of building financial resilience, accessing opportunities and preparing for unexpected expenses. 
Regular savings can help individuals meet important financial obligations, including paying school fees, starting businesses, investing in property and responding to emergencies.
The SACCO is also encouraging investment in Small and Medium Enterprises (SMEs), which play an important role in supporting local economic activity and creating employment opportunities.
To develop a sustainable saving culture, individuals are encouraged to set clear financial goals, monitor their income and expenditure, save regularly, avoid unnecessary spending and verify investment opportunities before committing funds.
Five Financial Institutions Join the Campaign
KCW SACCO is organising the run in partnership with Finance Trust Bank, Wazalendo SACCO, Y.Save SACCO, Movit SACCO and URA SACCO.
The partnership brings together financial institutions and cooperatives with a shared interest in promoting financial inclusion, encouraging responsible saving and supporting community development.
The organisers say the event will combine physical activity with financial education, providing an opportunity for participants to engage with conversations about personal finance and responsible investment.
SACCO Targets Vulnerable Families
Established initially as a support group for mothers, KCW SACCO has expanded into a multipurpose cooperative offering savings, credit and investment products.
It currently has more than 350 members drawn from corporate organisations, the business community and the Ugandan diaspora.
Through its activities, the SACCO seeks to empower members economically while promoting collective saving, access to credit and investment opportunities.
This year’s World Savings Day Run will also have a charitable component, with all proceeds earmarked for supporting economically disadvantaged families in Katanga and Kawempe’s informal settlements.
The initiative is intended to extend the benefits of financial inclusion beyond SACCO members to vulnerable communities that face economic challenges.
Call for Greater Financial Responsibility
As financial services become increasingly digitised, KCW SACCO says individuals must develop the knowledge and discipline needed to distinguish credible financial opportunities from potentially harmful schemes.
The November 7 run at MTN Arena Lugogo is expected to provide a platform for promoting these messages while mobilising support for vulnerable families.
For the organisers, the central message is that technology may make financial information more accessible, but achieving financial independence ultimately requires informed choices, consistency and personal responsibility.
“AI Advises, Human Decides, Saving is Our Choice.”
Source: PML Daily
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