The Commissioner for Microfinance within the Ministry of Finance, Mr Moses Kaggwa, recently presented a paper indicating that at least 71 percent of Ugandans aged 16 and above are engaged in some form of saving. While 17 percent save with institutions regulated by the central bank, four percent save with microfinance institutions and 31 percent use informal savings methods. Although there is no indication of how the remaining 19 percent save, the aggregate data suggests an improvement after years of a low savings trend in the country. The paper is not available online.
By Jacqueline Foelster, Research Associate
Sources and Additional Resources:
[1] The Monitor, Martin Luther Oketch, “71 Percent Engaged in Saving Says Government”, http://www.monitor.co.ug/Business/-/688322/1124368/-/3s6cgn/-/index.html
MicroCapital.org Paper Wrap-up, January 18, 2011, “Is There a Business Case for Small Savers?”, https://www.microcapital.org/microfinance-paper-wrap-up-is-there-a-business-case-for-small-savers-by-glenn-d-westley-and-xavier-martin-palomas-published-by-cgap-consultative-group-to-assist-the-poor/
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