{"id":62697,"date":"2023-12-15T17:32:37","date_gmt":"2023-12-15T17:32:37","guid":{"rendered":"https:\/\/www.africa-press.net\/uganda\/?p=62697"},"modified":"2023-12-15T14:53:43","modified_gmt":"2023-12-15T14:53:43","slug":"financial-inclusion-strategy-will-lower-poverty-says-bou","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/uganda\/all-news\/financial-inclusion-strategy-will-lower-poverty-says-bou","title":{"rendered":"Financial inclusion strategy will lower poverty, says BoU"},"content":{"rendered":"

Africa-Press – Uganda. <\/strong><\/span>Bank of Uganda (BoU) has unveiled the second National Financial Inclusion Strategy II (NFISII) 2023\/28.<\/b><\/p>\n

The deputy governor Bank of Uganda, Dr Michael Atingi-Ego said financial inclusion has emerged as a cornerstone of global development, fueling progress towards the Sustainable Development Goals (SDGs) and broader aspirations.<\/p>\n

\u201cFinancial inclusion is pivotal in uplifting low-income and marginalised households from poverty by expanding access to essential financial services. These services empower individuals and communities to participate fully in the economy, build resilience to shocks, and drive inclusive growth,\u201d he said.<\/p>\n

Dr Atingi-Ego said the second financial inclusion strategy aligns with the BoU\u2019s strategic plan (2022\/27), with initiatives to foster financial inclusion through digital financial services, regulatory frameworks, appropriate infrastructure, partnerships, innovation, and consumer protection.<\/p>\n

It also emphasises the soundness and resilience of the financial system. The NFIS II envisions \u201cUniversal access and usage of a broad range of quality and affordable formal financial products and services delivered in a responsible and sustainable manner.\u201d<\/p>\n

To realise this vision, he said five key pillars have been identified: eliminate financial exclusion and access barriers, expand usage of affordable, high-quality financial products, empower financial consumers through protection and education, foster an inclusive green finance market and champion gender-inclusive financial services.<\/p>\n

Dr Atingi-Ego said financial inclusion is pivotal in uplifting low-income and marginalised households from poverty by expanding access to essential financial services. These services empower individuals and communities to participate fully in the economy, build resilience to shocks, and drive inclusive growth.<\/p>\n

Monetising economy<\/p>\n

\u201cFinancial inclusion contributes to monetising the economy from agrarian subsistence, alleviating poverty, eradicating hunger, promoting health, and fostering gender equality. New regulations have enabled agent banking to flourish, bringing banking services to villages,\u201d he said.<\/p>\n

Speaking during the launch of National Financial Inclusion Strategy 2023\/28, Finance minister Matia Kasaija said financial inclusion is vital for our national development agenda.<\/p>\n

\u201cFinancial inclusion helps us grow our economy. When farmers, for example, have access to affordable loans, they can purchase inputs for their farms and grow more produce. When they sell this extra produce, they have more money in their pockets to spend in shops or on services. The extra money multiplies and the economy grows,\u201d he said.<\/p>\n

Secondly, financial inclusion reduces poverty, for instance, the acquisition of an insurance policy ensures sustainability and income security. Insurance is a financial safety net, helping you and your loved ones to recover after an unforeseen emergency \u2013 such as a drought, fire, theft, excessive rainfall or car accident.<\/p>\n

\u201cA farmer accessing insurance through our government Agricultural Insurance Scheme will not lose their livelihood if their crops fail during a drought or excessive rainfall. The insurance company covers the loss, safeguarding them from destitution. This is especially important since a significant percentage of Ugandans (about 41 percent) are considered insecure and non- poor,\u201d Mr Kasaija said.<\/p>\n

Financial inclusion <\/b><\/p>\n

Financial inclusion means that individuals and businesses have access to useful and affordable financial products and services that meet their needs \u2013 transactions, payments, savings, credit and insurance in a sustainable way.<\/p>\n

For More News And Analysis About Uganda<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Uganda. Bank of Uganda (BoU) has unveiled the second National Financial Inclusion Strategy II (NFISII) 2023\/28. The deputy governor Bank of Uganda, Dr Michael Atingi-Ego said financial inclusion has emerged as a cornerstone of global development, fueling progress towards the Sustainable Development Goals (SDGs) and broader aspirations. \u201cFinancial inclusion is pivotal in uplifting […]<\/p>\n","protected":false},"author":84,"featured_media":62696,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[233,240,234],"class_list":["post-62697","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-uganda","tag-uganda"],"yoast_head":"\nFinancial inclusion strategy will lower poverty, says BoU - Uganda<\/title>\n<meta name=\"description\" content=\"Bank of Uganda (BoU) has unveiled the second National Financial Inclusion Strategy II (NFISII) 2023\/28. 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