Israel Arinaitwe, Head of Personal Banking at Stanbic Bank Uganda
As the month of January draws to a close to the end, Ugandans have been urged to prioritise saving if they are to achieve their aspirations and long-term financial goals. The call was made by Israel Arinaitwe, Head of Personal Banking at Stanbic Bank Uganda.
Arinaitwe emphasised the importance of saving before spending, echoing the enduring wisdom of economist Adam Smith in The Wealth of Nations: “The development of an economy depends on the stock of its capital.” He believes this philosophy is one every Ugandan should embrace while working toward better lives for themselves and future generations.
In an exclusive interview with this platform, Arinaitwe reflected on this principle through the lens of Stanbic Bank’s new brand campaign, Keep Growing. He said the campaign is more than a corporate tagline; it is a national call to action.
“At Stanbic, we say Uganda is our home and we drive her growth. We are responsible for the continued growth of the country. Keep Growing is tied to our purpose of ensuring that we keep growing the country,” he noted, urging clients especially young people to adopt a mindset of continuous progress.
Central to that growth, Arinaitwe emphasised, is cultivating a strong saving culture. Saving, he explained, is one of the most important steps an individual can take toward living a better life. Drawing again from Adam Smith’s teachings, he said economic development whether for a country, an economy, or an individual depends on the stock of capital, which is built through saving.
“If one wants to live a better life, saving is very important because it enables you to do so,” he said.
He clarified, however, that saving is not reserved for the wealthy. It is a practice within reach for anyone who desires a good life, though attitudes toward saving often present a challenge.
“The problem is that people in our communities think you save what is left, yet that is wrong because after spending, there is usually nothing left,” he observed.
To illustrate the right approach, Arinaitwe shared a nostalgic example from older generations. Whenever dinner was prepared, a mother would first set aside the children’s breakfast for the next day before serving the meal.
“That is what saving is,” he explained. “Before you think of spending money, you first put away a portion for saving. It is not only for the highly paid.”
In his view, saving unlocks productivity by providing a foundation for acquiring resources such as money, tools, or land key elements for transforming one’s circumstances. He encouraged young people to be intentional about saving.
“If you have started a business, continue building it. If you haven’t, I urge you to start. And if you are employed, please save some money because you will need it in the future, especially to expand your business,” he said.
Arinaitwe also highlighted the growing reach of financial inclusion in Uganda. With digital platforms and agent banking, opening a bank account has become easier than ever.
“Banks have been brought to our doorstep,” he said. “Through your phone or an agent, you can open a bank account and save your money.”
Despite these advancements, he revealed that about 30 percent of Ugandans still keep their money at home, where it earns no returns. He urged the public to take advantage of secure, interest-bearing savings accounts.
“Your money is safe. When you put it in a savings account and earn interest, it means it is multiplying,” he added.
Beyond traditional savings, Arinaitwe pointed to Stanbic Bank’s investment options, including unit trusts, which allow clients to earn returns through money market funds.
“The best thing in life is not you working for money, but money working for you,” he said, encouraging young people to explore investment options such as unit trusts, treasury bills, bonds, and property. He noted that Stanbic supports clients by developing commercial units and enabling them to earn from land and rental investments.
“We are helping our clients generate more, keep more, and get more from what they have,” he said.
Arinaitwe’s message extends even to newborns, urging parents to start saving for their children as early as possible.
“You can begin a child’s saving journey from birth because we have a child account that earns interest,” he said. “This is good for all Ugandans as we seek to keep growing.”
He also reminded clients to safeguard their financial information by keeping passwords secure and reporting any suspicious activity.
“Make sure your account and financial assets are safe, and as a bank, we guarantee that your financial assets are secure and we will keep it that way,” he said.
