BoU launches five-year financial literacy strategy as savings rise
The Third Strategy for Financial Literacy in Uganda [2026–2031] was launched on October 31 to coincide with World Savings Day, as the Central Bank reported a significant increase in formal savings and mobile money savings in the country
KAMPALA, November 2, 2026 — The Bank of Uganda [BoU] has launched a five-year strategy aimed at improving financial literacy and strengthening the ability of Ugandans to make informed financial decisions amid growing use of digital financial services.
The Third Strategy for Financial Literacy in Uganda [2026–2031] was launched on October 31 to coincide with World Savings Day, as the Central Bank reported a significant increase in formal savings and mobile money savings in the country.
According to BoU, formal savings in Uganda increased from 39 percent in 2021 to 54 percent in 2024, while the proportion of people using mobile money for savings rose from 32 percent to 49 percent over the same period.
The figures are contained in the World Bank Global Findex Report 2025.
However, informal savings remain widespread, particularly among women and young people, increasing from 33 percent to 44 percent during the same period.
BoU said the new strategy seeks to address this gap by promoting responsible use of financial services and encouraging Ugandans to move more of their savings into the formal financial system.
“Moving these savings into the formal financial sector is essential because it improves their safety, enables savers to earn returns and to access other supervised financial services, and allows financial institutions to channel the funds into productive investments and economic activities,” the Central Bank said.
The strategy is aligned with Uganda Vision 2040, the Fourth National Development Plan and the Tenfold Growth Strategy, and is intended to strengthen household resilience, support productive enterprises and promote inclusive participation in an increasingly digital economy.
BoU said the strategy comes at a critical time as digital financial services and artificial intelligence [AI] increasingly influence how people access financial information and make financial decisions.
This year’s World Savings Day theme, “AI Advises. Humans Decide. Think Ahead & Decide Wisely,” highlights the growing role of AI in providing financial information, planning tools and decision support, while emphasising that individuals remain responsible for their financial choices.
The Central Bank said Ugandans therefore need to develop the skills to use digital financial services safely and exercise sound judgement when saving, borrowing, investing and managing financial risks.
The launch also marked the beginning of the Banking and Financial Services Awareness Campaign, a year-long national initiative aimed at promoting financial health, responsible financial decision-making and sustainability under the theme, “Financial Health to Grow 10 Times.”
BoU said strengthening Uganda’s savings culture would be critical to mobilising domestic resources, improving household resilience and supporting sustainable economic growth.
“Every shilling saved today represents an investment opportunity in the future, contributes to financial security and national prosperity,” the Central Bank said.
The strategy was developed in collaboration with the Uganda Institute of Banking and Financial Services [UIBFS], Uganda Bankers’ Association [UBA], financial sector regulators, development partners and other stakeholders.
BoU urged Ugandans to save regularly through formal financial institutions, savings groups, pension schemes and digital financial platforms, while planning for future needs and using financial services responsibly.
The central bank said the continued dominance of informal savings, despite growing access to digital financial services, demonstrates the need for stronger financial literacy to help households move from occasional saving towards long-term financial security.
World Savings Day is observed globally on October 31 and traces its origins to the first International Savings Bank Congress held in Milan, Italy, in 1924.
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