Centenary Bank makes spirited move to promote a saving culture in Uganda

Centenary Bank, Uganda’s largest microfinance bank, has partnered with the Uganda Institute of Banking and Financial Services to promote a saving culture among Ugandans through the campaign – Anyone Can: Start Small. Grow Big. Be Green Smart.

The financial capability survey indicates that only 15 percent of Ugandans save their money in deposit-taking financial institutions regulated by the Bank of Uganda while 17 percent save on their phones using mobile money.

Joseph Balikuddembe, the Executive Director of Centenary Bank, praised the Institute for Banking for driving the saving culture nationwide.

“Saving allows money to generate income and acquire assets like land and housing and opening up investment opportunities. Embracing a saving culture helps individuals grow their finances and assets,” he said.

Goretti Masadde, the CEO of Uganda Institute of Banking and Financial Services said the aim is to ensure people save and utilize resources appropriately.

“I encourage individuals to save with set goals and accountability to a family member, friends, or even a partner as a form of encouragement to oneself and also to others,” she noted.

Tilda Nabbanja, the Head of Financial Literacy at the Bank of Uganda, advocated redirecting savings towards investments to boost the economy.

Centenary Bank focuses on introducing products and services for Ugandans accustomed to informal saving methods. As part of the campaign, saving boxes should be distributed to Centenary Bank branches, promoting saving among staff and customers.

According to Centenary Bank, funds raised will sponsor women-led organizations. The campaign highlights the green initiative, supporting businesses and organizations dedicated to environmental sustainability, with the chance to receive financial donations.

Uganda still has a low saving culture but savings have been growing, increasing from Shs4 trillion in 2011 to Shs20 trillion as of June 2022.