Financial Inclusion Africa

Financial Inclusion Africa Please share your ideas about money management,financial information, financial planning, budgeting The strategy provides a framework to achieve this.

Research indicates that poor financial planning habits are at the root of poor money management. Many people know what to do, they have basic knowledge and motivation; but they end up not doing it. Financial Literacy Solutions Africa aims to educate the wider African population on responsible financial behaviour, providing Africans with knowledge and tools for money management. The aim is to help

Africans break the cycle of generational poverty, get out of the debt trap and show people how to use the limited financial resources they have to realize their goals and dreams. FILSA (Financial Literacy Solutions Africa) is a multimedia financial literacy solutions company dedicated to building the most financially literate community in Africa. FILSA reaches millions of people each month through its website, newspaper articles, face book page, twitter, you tube, talks/lectures and subscription newsletter services. Initially, the company started as a business/economic news online publication, but later changed to FILSA after realizing the financial literacy gap in Africa. It has four pillars:
• Financial literacy education through schools.
• Providing trusted and independent information, regarding the monetary system and monetary policy.
• Recognizing the limits of education and information and developing additional innovative solutions to drive improved financial wellbeing and behavioral change.
• Working in partnership with the many sectors involved with financial literacy, measuring our impact and promoting best practice. What We Do
FILSA provides financial solutions for Africans. Our products and are designed to help people in Africa control of their financial lives. Our offerings include:
Filsa.ug: Whether it's analyzing the latest financial developments or helping people in Africa with personal finance tips, including exchange rates, scholarships tips, and overall personal development. Financial Literacy Solutions Africa: A daily interaction with you, sharing your experiences with others, posting what you want to sell, posting what you need to buy. It is our face book page. Who We Are: The Founder
Kelvin Kizito Kiyingi, Head FILSA

In 2003, Kelvin Kizito Kiyingi, became the first Ugandan to acquire a Master of Arts in Business Journalism degree, after graduating from Baruch College, The City University of New York, courtesy of a Reuters Fellowship. After working as a business journalist for over 10 years, he joined communications/public relations sector and he has long since worked for the U.S. Embassy in Kampala, Post Bank, and Uganda Manufacturers Association; and, he is currently an Assistant Director, Communications Department at the Central Bank of Uganda. Until recently, Kelvin Kizito Kiyingi was the chairman of the Information Sub-Committee for Uganda’s Financial Markets Development Programmed, whose secretariat is based at the Central Bank of Uganda. He has keen interest in financial literacy issues and regularly posts financial literacy articles on his blog.

During the 2017 Alliance for Financial Inclusion Global Policy Forum, I made a case (and I believe it was a serious one)...
17/10/2020

During the 2017 Alliance for Financial Inclusion Global Policy Forum, I made a case (and I believe it was a serious one) for Youth Finance...countries with huge young populations would definitely benefit.

Bank of Uganda clarifies on the Diamond Trust Bank Uganda court ruling. STATEMENT REGARDING FINANCIAL INSTITUTIONS BUSIN...
15/10/2020

Bank of Uganda clarifies on the Diamond Trust Bank Uganda court ruling.


STATEMENT REGARDING FINANCIAL INSTITUTIONS
BUSINESS REGULATED BY BANK OF UGANDA UNDER THE FINANCIAL INSTITUTIONS ACT, 2004 AS AMENDED IN 2016

In response to the recent media debates and discussions of issues related to the regulation and supervision of financial institutions and what amounts to conduct of financial institutions business in Uganda, Bank of Uganda (BoU) wishes to state as follows:

Bank of Uganda is the regulator and supervisor of financial institutions and financial institutions business in Uganda. The mandate to regulate and supervise financial institutions and financial institutions business is derived from the Constitution of the Republic of Uganda, the Bank of Uganda Act, 2000 and the Financial Institutions Act, 2004 as amended (FIA, 2004).

For the purposes of this statement, the regulation and supervision of micro finance deposit-taking institutions is not addressed as these are covered under the Micro Finance Deposit-taking Institutions Act, 2003.

A. What is a Financial Institution?

A ‘financial institution’ is a company licensed to carry on or conduct financial institutions business in Uganda. Bank of Uganda is, by law, given powers to issue a regulation to classify financial services providers as financial institutions where their activities amount to financial institutions business.

B. What is ‘Financial Institutions Business’?

‘Financial Institutions business’ is broadly defined in Section 3 of the FIA, 2004 to include, acceptance of deposits; issuance of deposit substitutes; lending or extending money held on deposit or any part of that money by way of consumer and mortgage credit; for financing of commercial transactions that can be recovered by foreclosure or other means of amounts so lent, advanced or extended- among other activities.

The FIA, 2004 permits BoU to categorise what other financial services constitute financial institutions business.

C. ‘Acceptance of deposits’ and/or ‘deposit taking activity’ for Lending

‘Acceptance of deposits’ and/or ‘deposit taking activity’ occurs when a natural person or legal entity collects or accepts money from the public or advertises itself as a safe keeper of money or solicits for money from the public with a promise that it will be repaid on demand or after a fixed period with or without interest or a premium. Only financial institutions can accept deposits from the public or advertise for safe keeping of money or deposits.

The lending or extension of credit or loans or the financing of commercial transactions using money obtained from deposits or safekeeping in Uganda can only be done by an entity licensed by BoU in a manner prescribed by the FIA, 2004 as amended.

D. Financial Services that are not Supervised or Regulated by Bank of Uganda

Bank of Uganda does not regulate extension of loans/credit or the financing of commercial transactions that are funded;

1. Using funds owned privately by individuals, corporates, private equity funds local or foreign;
2. Using funds of members of small member-based collective savings or lending organizations that do not advertise themselves as safe keepers of money or solicit for funds from the public in Uganda;

3. Using funds obtained from foreign banks that do not take deposits from the public in Uganda;

4. Using funds of International, Regional or Local Development Finance Institutions whether such funds are advanced and administered directly by those institutions or through financial institutions in Uganda.

5. Using funds of Development Institutions, be they multilateral or bilateral, whether such funds are advanced and administered directly by these institutions or through financial institutions in Uganda.

E. Agent Banking

Agent banking that is regulated under the FIA, 2004 is defined under Regulation 4 of the Financial Institutions (Agent Banking) Regulations, 2017 to mean the conduct of financial institution business by a person contracted by a financial institution to deliver such services on its behalf as approved by BoU. Agency relationships outside the definition in the Financial Institutions (Agent Banking) Regulations do not require authorisation from BoU.

Financial institutions licensed to conduct financial institutions business in Uganda, may apply to the BoU for approval to conduct Agent Banking under the Agent Banking Regulations.

An entity that is not licensed as a financial institution in Uganda is not eligible to apply to the BoU to conduct Agent Banking.

International and Regional Development Organizations, Foreign Banks, and other Lenders both local and foreign who may choose to appoint any entity or person to act as their agent in Uganda under general contract law do not require approval from BoU. Such agencies do not fall within regulated agency under the FIA, 2004 and do not require a BoU license.

F. Territorial Jurisdiction

Foreign banks lending deposits held in jurisdictions other than Uganda are regulated and supervised by their home authorities. It is not mandatory for a foreign bank to establish a representative office in Uganda in order to conduct lending or non-deposit-taking activity.

Bank of Uganda’s regulatory and supervisory powers only apply to financial institution business conducted by BoU licensed entities in or outside Uganda or activity which should be licensed as such in Uganda. These powers do not extend to activities of foreign banks outside Uganda licensed by foreign regulators.



Emmanuel Tumusiime-Mutebile (Prof.)
Governor
Wednesday, October 14, 2020

22/09/2020

Handling bank notes

22/09/2020

Know Your Central Bank: Exchange Rate Management...

22/09/2020

How the exchange rate is managed by the Central Bank

Spring Meetings will be virtual due to Coronavirus - IMF, World Bank Bosses Mrs. Kristalina Georgieva, Managing Director...
03/03/2020

Spring Meetings will be virtual due to Coronavirus - IMF, World Bank Bosses

Mrs. Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF), and Mr. David Malpass, President of the World Bank Group, today issued the following statement:
“Like everyone else around the world, we have been deeply concerned by the evolving situation of the Coronavirus and the human tragedy surrounding it. Given growing health concerns related to the virus, the Management of the IMF and World Bank Group and their Executive Boards have agreed to implement a joint plan to adapt the 2020 IMF-World Bank Spring Meetings to a virtual format. Our goal is to serve our membership effectively while ensuring the health and safety of Spring Meetings participants and staff.
“We remain fully committed to maintaining a productive dialogue with our stakeholders and will leverage our IT-related and virtual connection capabilities to the fullest to hold our essential policy consultations with the membership. We will also continue to share IMF and World Bank analyses. With this adapted format, we are confident that our member countries will be able to effectively engage on pressing global economic issues at these Spring Meetings.”

06/01/2020

Fake news...

He explains why Africa is poor...YOUR THOUGHTS PLEASE?
13/11/2019

He explains why Africa is poor...YOUR THOUGHTS PLEASE?

This this video clip, Brenthurst Foundation head Dr Greg Mills speaks on his new book 'Why Africa is Poor'.

13/11/2019

Hi friends, I make this video to share with you the 3 Reasons Why Africans are Poor. Watch to find your way out. I Love You.

MYFINANCE TIP: Track your moneyRecording your income and expenditure is the basis for tracking your money. After all k...
12/11/2019

MYFINANCE TIP: Track your money
Recording your income and expenditure is the basis for tracking your money. After all knowing where your money goes is crucial to personal financial management. You can of course use a money tracker, but in case you don’t have one, a manual method can suffice. To track your money, start by categorizing your expenses in terms of domestic, transport, food, medical, school fees, insurance, savings, utilities, and debt/loan. Now subtract all your expenses from your income. If the result is positive, that is a sign that you are living within your means, but a negative result might mean that you need to reduce your expenses. How? Perhaps by significantly minimizing the list of wants and giving priority to needs.
WHAT WOULD YOU ADD? Please share your financial wisdom

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