4.2 million Ugandans Financially Excluded-Survey

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A new financial report released by the Financial Sector Deepening Uganda (FSDU)shows that 4.2 million Ugandans are financially excluded.

The mini report released to the media shows that 14.4 million Ugandan adults at are financially included, attributing this to increased innovations in mobile money and financial institutions.

The report indicate that more than half of Ugandan adults  at 58% have taken up formal financial services , more than half of Uganda adults at 56% use informal financial services and 36% of adults used both formal and informal services .

The lead chairman of the Finscope 2018 survey carried in the entire country Protazio Sande told journalists at FSDU offices at acacia Avenue in kampala that most of the finically excluded Ugandans are those in villages   compared to the people living in urban centres .

He stated that most of the financial services are largely concentrated in urban places due to the fear of high operation cost in villages where few people appreciate banking.

He asked government to focus on financial inclusion more on innovation that in unlocking opportunities amongst the adults who are financially excluded and targeting more the rural house hold to realize financial inclusion among many Ugandans.

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