Bank of Uganda, Uganda Bakers Association (UBA) Dfcu Bank and other financial institutions have reaffirmed their commitment to promoting financial empowerment and inclusion through its active participation in the ‘2023 Savings Challenge’ campaign.
The one-year Savings Challenge, scheduled to run until October 31, 2023, aims to empower individuals across Uganda to start small, save consistently, and grow their money to achieve specific goals. Aligned with the theme of the 2022 World Savings Day, “Start Small, Grow Big; Be Green Smart,” this challenge emphasizes the significance of making sustainable financial decisions.
Goretti Masadde, CEO of the Uganda Institute of Banking and Financial Services, expressed gratitude to Dfcu Bank for its participation in the Savings Challenge. Masadde acknowledged the opportunity to enhance financial awareness and capability, particularly given the financial shocks caused by the COVID pandemic. She stated, “With the participation of approximately 35 organizations, the Savings Challenge has already collected over Shs10 million; marking a promising start towards achieving the initiative’s objectives.”
Charles Mudiwa, CEO and Managing Director of Dfcu Bank, conveyed heartfelt appreciation to UIBFS and other financial sector stakeholders for spearheading an initiative aimed at cultivating a savings culture among the citizens of Uganda. Mudiwa emphasized that Dfcu Bank’s mission of transforming lives and businesses is deeply rooted in the importance of savings. He expressed concern about the prevailing inclination towards instant gratification, which often hinders individuals from fully embracing the rewarding journey of saving.
Mudiwa further commented, “As a responsible financial institution, Dfcu Bank recognizes our role as stewards of the world for future generations. We understand the importance of considering the long-term implications of our financial decisions. Through initiatives like the Savings Challenge, we aim to foster a sustainable approach to saving and investing, empowering individuals to make wise choices that not only benefit their own financial well-being but also contribute to a greener and more prosperous future for all.”
Tilda Nabbanja Turyagyenda, Team Leader of Financial Literacy at the Bank of Uganda, and Tibbs Orikiriza, UMRA Manager for SACCOs, acknowledged the challenges of saving while emphasizing the profound impact that small, intentional actions can have on our financial well-being. They emphasized the importance of taking gradual steps in the right direction, highlighting that even modest efforts can lead to significant improvements in our financial lives.
As part of the competition, participating savers are required to share a 30-second video clip or a captioned image of their experience on popular social media platforms such as WhatsApp, Facebook, YouTube, Twitter, TikTok, using the hashtags #BOU, #UIBFS, #UBA, #DfcuBank, and #SavingsChallenge. A panel of three to five esteemed members will review and select the best stories and top savers, who will be awarded monthly prizes, culminating in the World Savings Day Convention on October 31, 2023.