Centenary Bank, Uganda - Uganda
- Uganda
- Resources
- Capacity Building
- Financial Literacy
- Financial Literacy
Quick information guide
- 34.8% of business owners in Uganda are women
Advantages for being financially literate
People who are financially literate are able to:
- take sound financial decisions for themselves and their families;
- make informed choices between different financial products and services;
- budget and to plan ahead;
- build up some savings;
- protect themselves against financial risks;
- invest prudently (if they have sufficient money) and
- understand their rights and responsibilities.
How to improve your financial literacy?
- Financial education,
- Information,
- Instruction,
- Training and,
- Advice
For interest in financial literacy and further information on the Uganda Financial Strategy,
Contact: financialliteracy@bou.or.ug
Financial Literacy in Uganda
The Bank of Uganda (BOU) led a development of the Financial Literacy Strategy 2017/18 – 2020/23 that is guiding the interventions of financial education in the country. Financial Literacy Strategy is currently being implemented nationwide, educating people on matters regarding financial literacy and how they can perfectly plan for their money. The strategy was an outcome of a consultation among the different stakeholders.
- knowledge means having an understanding of personal financial issues;
- skills means being able to apply that knowledge to manage one’s personal finances; and
- confidence means feeling sufficiently self-assured to make decisions relating to one’s personal finances.
Financial literacy classes have now widely been taken to various women groups across the country and women have embraced them more than their male counterparts.
Tips for success
The success of a small-scale business is largely determined by the skills and knowledge of its owner. A financially literate businesswoman understands how money is made, spent and saved in her business.
It is important for women in business to be financially literate. Equipping them with financial skills will prevent them from becoming over-indebted or to purchase products and services which do not meet their needs. Financial literacy will also help them escape from being victims of financial frauds.
Centenary Bank, Uganda
| About Centenary Bank | In existence since 1983, the Centenary Bank is a commercial microfinance bank with 73 branches country wide. In addition, it has 2,400 agent bankers brining their products and services closer to the community. |
| Financial Literacy programme | Financial literacy is one of the Bank’s strategic Corporate Social Responsibility initiatives because it equips customers and the public with proper financial management. This results in their clients having a better management of their personal finances, credit, banking and businesses. |
| Cost of training | To participate, open a CenteSupaWoman account (special savings account) as an individual or group at any branch countrywide. Free Financial Literacy training by Centenary bank is included in the package offering. Obtain details from your local bank when opening your CenteSupaWoman account. Basic Requirements for opening the CenteSupaWoman account:
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| Duration | Financial Literacy support is available as long as you maintain a valid account with Centenary Bank. |
| Other initiatives beneficial to women | In addition to account maintenance and financial literacy, additional services beneficial to women entrepreneurs:
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| Contact details | Centenary Rural Development Bank Limited |