78% of Ugandans financially included

By Ritah kemigisa.

A new survey has found out that more than 14.4 million Ugandans are now using formal financial services   representing a 78% of financial inclusion in the country.

Addressing journalists prior to the official launch of the 4th FinScope survey of 2018, the survey chairperson Protazio Sande says the figure shows that formal inclusion has tremendously increased from 28% in 2006 making exclusion to drop from 43% to 22%.

Sande says that the survey also shows that over 10M Ugandans are using formal financial services like banks and SACCOS while 6.7M Ugandans continue using informal services.

He meanwhile adds that that the rural areas and hard to reach areas remain largely excluded because financial institutions find it expensive to reach them.

FinScope is a national survey conducted every three years to gauge the level of financial inclusion in Uganda, identify and describe financial service needs as well as gaps in financial service provision.