A group photo with the Governor of the Bank of Uganda and other officials during FSD Uganda’s 10th anniversary
Bank of Uganda (BoU) Governor Michael Ating Ego has lauded the collaboration between the central bank, FSD Uganda, and key partners for creating a more inclusive, resilient, and digitally enabled financial system.
Speaking at celebrations to mark FSD Uganda’s 10th anniversary, Governor Ating Ego noted that millions of Ugandans who were previously financially invisible have now joined the formal financial system, gaining access to regulated savings, credit, and digital financial services.
“The financial sector has evolved significantly over the past decade,” he said, pointing to stronger regulation, broader access to credit, improved digital payments, and evidence-based policymaking.
These changes, he noted, have expanded financial reach, protected households, and fueled business growth. Non-performing loans have fallen from 4.9% to 3.7%, while affordable financial products tailored to citizens’ needs are increasingly accessible.
Bank of Uganda (BoU) Governor Michael Ating Ego giving his Speech
He said Uganda has set a bold economic target of growing the economy to $500 billion by 2040, warning that achieving this milestone will require more than business as usual. He said for the country to hit the set target, reasonable growth in private-sector lending is needed, in addition to mobilization of long-term capital, deployment of innovative financial instruments, and modernization of digital infrastructure and regulatory frameworks.
He said several forward-looking initiatives are already underway at the central bank, as the banking regulator explores a Central Bank Digital Currency to strengthen digital payments infrastructure and implementation of mortgage refinancing reforms to expand long-term housing finance.
In addition, Ating Ego said BoU’s Project Kusevinga will enable ordinary citizens to invest in government securities from as little as Shs10,000, while reforms are also planned to unlock pension savings for green bonds, infrastructure bonds, and diaspora financing.
The Governor added that technology and data-driven financial services will dominate the next decade, with plans for a Central Data Hub for real-time credit information, next-generation SupTech systems for digital supervision by 2025, integration of ESG standards into regulatory frameworks, digital investment platforms, and greater investment in AI and advanced analytics to strengthen regulatory foresight.
While policy and regulatory reforms have been vital, FSD Uganda’s Board Chair, Emma Mugisha, emphasized the organization’s human and institutional journey.
She highlighted its evolution from a donor-funded project into a fully independent non-profit, guided by a dedicated board, technical advisory committees, and specialized project leaders.
“Our responsibility has been to ensure that every shilling delivers value,” Mugisha said, emphasizing the organization’s commitment to accountability and tangible results.
Finance Ministry Permanent Secretary Ramathan Ggoobi also praised FSD Uganda’s research, particularly the FINScope surveys, for guiding national responses during the COVID-19 pandemic. He noted that targeted lending enabled thousands of small businesses to reopen and stabilize, contributing to Uganda’s economic recovery.
Ggoobi urged the sector to continue expanding financial inclusion, ensuring that every Ugandan—not only those in urban centers or well-connected networks—can access and benefit from formal financial services.
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