Towards an Effective Framework for Financial Literacy and Financial Consumer Protection in Uganda

This study maps current arrangements, actors and initiatives in the fields of financial literacy and financial consumer protection in Uganda. It defines key elements of a strategic framework to strengthen financial literacy and financial consumer protection and provides a roadmap to implement this framework and to further strengthen collaboration between various actors.

Past and present financial literacy programs have been uncoordinated and lack genuine strategic direction. The study identifies a need for a step change in financial literacy and financial consumer protection in Uganda. It highlights the importance of implementing study recommendations to bring about this step change. It states that the implementation of study recommendations would help individuals, financial services providers and the country as a whole. Recommendations include:

• Developing and implementing a national strategy for financial literacy led by Bank of Uganda, working in partnership with a wide range of stakeholders;
• Testing programs and resources before they are rolled out more widely and using the results of tests to improve program design and delivery;
• Developing concrete requirements for financial services providers to disclose key information clearly, fairly and on a timely basis.