Everybody wants it. But not everybody understands it. Everyone wants to live a decent life. However, to do so, you must have the financial muscle to live happily. We all want to earn, but not all of us can do so. The root cause of the poverty crisis is the massive levels of financial illiteracy. Coupled with the effects of the COVID-19 pandemic, many SME entrepreneurs are struggling to keep their businesses afloat. This has a pervasive effect on the economy as many people lose jobs thereby affecting their purchasing power.
On 10th November 2020, a new campaign to promote financial literacy was launched at Sheraton Hotel Kampala. Called ‘Your Money Can’ is a campaign by the Uganda Institute of Banking and Financial Services (UIBFS) in partnership with the Financial Sector Deepening Fund (FSDF) and several financial institutions. The campaign is intended to teach personal finance to the masses. Speaking at the launch, Dr. Louis Kasekende, the Chairman UIBFS noted, “It’s the time for banking sector players to go beyond just facilitating payments to enabling financial inclusion. As part of the campaign, the Institute will listen about the problems caused by widespread ignorance of finance illiteracy and work with her partners to address such constraints.”
Financial illiteracy is not limited to borrowers who are offered loans at rates well above the prime rate, and that have poor credit ratings. It is pervasive in all age groups, income brackets, and all parts – rural and urban. To achieve financial inclusion, financial institutions should provide a hand-up, not a handout through a mixture of financial education, advice, and basic banking. They should support people to move out of poverty through financial literacy.
The Chairman of UIBFS added that “The Institute wishes to extend special thanks to all its partners especially Summit Consulting Ltd for the quick turnaround in setting up of the digital website platform, and the financial institutions for the sponsorship.” Added, Dr. Louis Kasekende.
Mustapha B Mugisa, the Summit Consulting Ltd Team Leader said, “Financial literacy is the difference between destitute life or happy life. A family of people with financial skills is happier than that without. One of the biggest causes of early death is poverty. Yet, basic financial skills could save millions of people and allow them to live longer to see their grandchildren grow!
At Summit Consulting we are so thrilled to partner with the Institute of Banking and Financial Services in mass financial literacy awareness as technology experts.”
To know more about the event, visit https://uibfs.summitliteracy.org/.