BOU: Save Only in Regulated Financial Institutions

CEO OF THE Uganda Institute of Banking and Financial Services Goretti Masadde (left) and BOU Deputy Governor Michael Atingi-Ego at Tuesday’s event at Sheraton to mark World Savings Day. PHOTO/COURTESY

Kampala, Uganda | THE BLACK EXAMINER | Michael Atingi-Ego, the acting Governor of the Bank of Uganda (BOU), has emphasized the importance of entrusting one’s savings to regulated financial institutions in the country. He made this statement during the celebration of the 2023 Financial Awareness Month and World Savings Day in Kampala.

Atingi-Ego urged savers to safeguard and increase the value of their money by earning returns that exceed inflation. To achieve this, he advised people to deposit their savings in formal and regulated financial institutions, including commercial banks, credit institutions, and microfinance deposit-taking institutions, all of which are overseen by the Bank of Uganda.

The event, organized by the Uganda Institute of Banking and Financial Services (UIBFS) and the Uganda Bankers Association, brought together key figures in the finance industry, regulatory bodies, and financial service providers at the Sheraton Hotel.

Atingi-Ego highlighted that regulated financial service providers offer security for customer savings and help maintain the value of those savings by providing interest on deposits. He emphasized that stashing money away without earning a reasonable return, such as keeping it in a pot or under a mattress, is unwise, as the value remains stagnant while the prices of goods and services continually rise over time. He stressed the importance of the maxim, “money is what money does,” underscoring that money hidden away in a pot loses its utility as time passes.

The Financial Capability Survey (FCS) of 2020 revealed that only 20.4% of Ugandans save with specific life goals in mind, such as retirement, education, or other long-term objectives.

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