2017/18 Budget: Tackling the financial inclusion challenge

Over the last 10 years, mobile money has surpassed traditional banking. FILE PHOTO

What you need to know:

  • A tax exemption is expected to increase the returns on savings and investments of members in these Saccos which ultimately will attract more Ugandans to use formal financial services.
  • The opinions expressed in this article do not necessarily reflect the official view of Financial Sector Deepening Uganda

The 2017/18 budget speech is today and having read through the background, I have a few thoughts on its implications and future economic projections on financial inclusion. Before we go into the details, let’s explain financial inclusion.
Financial inclusion can be looked at in different perspectives; in a narrow sense it can simply be defined as the number of adult Ugandans who have a bank account. The broader aspect includes the degree of usage of that bank account and how many other financial services does this person utilise.

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