‘Access to Banking for All by 2020’

By Nebert Rugadya

Bankers launch efforts that could see all Ugandans have access to formal banking services by 2020, meaning that each Ugandan should be within easy reach of a banking outlet.

This will be enabled by the ongoing implementation of the agency banking laws
Currently, about 1 in 5 Ugandans have a bank account, while just over half have access to some form of financial services, mainly through mobile phone platforms.

Last year, financial laws were amended to allow banks to establish agencies at shops, fuel stations and telecommunications outlets, among other suitable places.

At least 6 of the 24 commercial banks have taken up the offer, opening 2000 agencies around the country.

John Nuwagaba, Head of Sect banking at Equity Bank, says their plan is to have a branch in each of the 37 dioceses of the Church of Uganda, by 2020. This is subject to approval by the regulator, the Central Bank.

He says that before then however, the plan is to have 50,000 new banking agencies, with each of the political villages in the country having at least a branch.

He was speaking at the company’s 10th anniversary thanksgiving at All Saints Cathedral, Kampala.

At this agent you can open an account, you can pay your bills, you can make deposits and withdrawals. He says every Ugandan should be able to access financial services from his local area.