Atingi Ego rallies Ugandans to save with banks 

The deputy governor of the Bank of Uganda Michael Atingi Ego has urged all Ugandans, regardless of their economic status, to consider depositing their savings with regulated financial institutions.

This call to action comes as a result of a 2020 survey conducted by the Bank of Uganda, which revealed that half of Uganda’s population saves money. However, 40 per cent of these savers use their funds for immediate consumption, while only 20 per cent save towards specific life goals, such as home ownership.

Atingi Ego made these remarks during a recent event held at the Sheraton hotel in Kampala, in commemoration of World Savings day, with this year’s theme being “Personal Financial Wellness – Live it.”

The theme underscores the importance of allocating income wisely among necessities, desires, and savings. World Savings Day has been observed internationally since 1924, with Uganda starting to commemorate it in 2016.

Atingi Ego emphasized that regulated financial service providers offer security for customers’ savings and help preserve their value by paying interest on deposits.

He highlighted the unwise nature of simply stashing money under a mattress or in a pot, as this money remains stagnant while the prices of goods and services continuously rise. According to him, the only way to protect and grow the value of your money is to earn a return higher than inflation, which can be achieved by saving money in formal and regulated financial institutions, such as commercial banks, credit institutions, and microfinance institutions regulated by the Bank of Uganda.

The Ugandan government has supported the development of various financial institutions, including savings and credit cooperatives (SACCOs), accumulating and saving credit associations (ASCAs), and rotating and savings associations (ROACAs), making it easier for Ugandans to access financial services regardless of their income or location.

Atingi Ego announced that the Bank of Uganda and stakeholders will soon unveil the National Financial Inclusion Strategy for 2023-2028, with strategic initiatives aimed at improving access to and usage of financial services, including savings.

Atingi assured Ugandans that they can rely on the Bank of Uganda to foster a savings culture by ensuring the safety of the financial system.

The Bank of Uganda sets monetary policies to maintain price stability, preserve the purchasing power of savings, and promote financial inclusion and literacy to help people make the most of their savings and investments.