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Bank of Uganda Trains 172 To Promote Financial Inclusion

By Peter Abaanabasazi

Bank of Uganda in partnership with Profam For Financial Inclusion in Rural Areas (PROFiRA) has trained over 172 trainers in financial literacy to promote financial inclusion in the country.

PROFiRA is a project under Ministry of Finance, Planning and Economic Development.

The trainees who included Community Development Officers, Financial Service Provider and District Commercial Officers among others from different districts  of Uganda were equipped with saving skills, loan management skills, investment skills and how one can prepare for his retirement.

Speaking at the closer of the six-week training at Uganda Cooperative College Kigumba recently, the Deputy Director, Bank of Uganda  in charge of Financial Inclusion, Ivan James Ssetimba, said that many people in Uganda lack the knowledge, skills and confidence to manage their finances.

He noted that as result Bank of Uganda came up with the ‘Strategy for Financial Literacy’ which is aimed at giving Ugandans knowledge, skills and confidence to manage finances well.

According him, the trainees are required to reach their communities and share with them the knowledge and the skills they acquired from the training.

Ssetimba is optimistic that once the population gets empowered, they will be able to manage their finances better. He added that the initiative is also expected to result into growth of SACCOS, which he said have been collapsing due to lack of financial literacy.

Samuel Kyaligonza, the Principal of Uganda Cooperative College Kigumba, the host of the training explained that the initiative has been long overdue, adding lack of financial management skills is one of the major impediments to business growth.

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