dfcu 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.
dfcu Bank, Uganda
| About DFCU | dfcu a commercial bank that was established in 1964 as a development finance institution. dfcu bank has 62 branches nationwide supported by 800 agents. |
| Financial Literacy programme | One of dfcu’s Corporate Social Investment (CS1) areas of focus is promoting financial literacy. In 2007, dfcu setup the Women in Business (WiB) programme. It provides solutions to meet the unique financial needs of women – the young professionals, those carrying out formal and informal Business and the woman involved in agri-business. From accessing finance to business advice, they support women-led small and medium-sized businesses in gaining the skills, knowledge and resources necessary to take their trade to the next level. A Women Business Advisory Council supports the dfcu WiB to ensure that it is aware of women specific needs and challenges and develops appropriate solutions. In collaboration with programme partners - Makerere University Business School (MUBS), Uganda Law Society (ULS) and the Institute of Certified Public Accountants of Uganda (ICPAU), dfcu offers business and financial advisory services to women entrepreneurs, regardless of the size of the business, at no cost. The services offered include the following:
Impact as of 2018:
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| Cost of training | To participate, open an account with DFCU and inquire at any of their branches or contact them on 0414 351 000/ 0312 300 200 / email (WomenInBusinessProgramme@dfcugroup.com) / at their website. All training is free of charge. |
| Duration | Financial Literacy support is available as long as you are a member of the dfcu WiB programme. |
| Other initiatives beneficial to women |
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| Contact details | dfcu Bank Limited |