The Governor of the Bank of Uganda, Michael Atingi-Ego has urged leaders and residents of Kamuli District to take greater advantage of formal financial services and government backed credit programmes to drive economic growth in the Busoga sub-region.
Speaking during a town hall meeting with district leaders and community members in Kamuli on Friday, Atingi-Ego said Uganda’s financial system must work for ordinary citizens, especially farmers, traders and small business owners in rural communities.
“I stand here not as a distant technocrat from Kampala, but as a fellow Ugandan who recognises that the work of the Bank of Uganda is only meaningful if it improves the life of a mother selling groundnuts in this market, a young man farming sugarcane on the banks of the Nile, a teacher managing a school budget, and an entrepreneur daring to dream of something bigger,” Atingi-Ego said.
The meeting was attended by the First Deputy Prime Minister and Minister for East African Community Affairs, Rebecca Alitwala Kadaga, the area Woman Member of Parliament, as well as local leaders including Kamuli Municipality MP Baroda Watongola.
Atingi-Ego said the central bank had taken its outreach programme to Kamuli to engage communities directly on financial literacy, access to credit and the role of the banking sector in supporting economic transformation.
“Financial inclusion is not a privilege; it is a right. Economic transformation is only possible when every Ugandan whether a farmer, trader, fisherman or young entrepreneur has access to safe, affordable and reliable financial services,” he said.
The governor explained that the central bank’s mandate revolves around maintaining price stability, supervising financial institutions and ensuring that payment systems operate reliably across the country.
“I am pleased to report that inflation in Uganda is currently low and stable and that is good news for every household. When prices are stable, families can plan their budgets, farmers can assess the value of their harvest, and businesses can operate with confidence,” he said.
Atingi-Ego also moved to calm public anxiety over the restructuring of Finance Trust Bank, which operates a branch in Kamuli.
“I want to be unequivocal: Finance Trust Bank is not closing and it is not collapsing. It is transitioning from a Tier I commercial bank to a Tier II credit institution under the supervision of the Bank of Uganda,” he said.
“Your deposits remain safe and protected by the Deposit Protection Fund up to ten million shillings. Services will continue uninterrupted.”
He warned the public to remain vigilant against mobile money fraud, noting that the rapid expansion of digital financial services had also attracted cybercriminals.
“Never share your mobile money PIN with anyone not an agent, not someone claiming to be from the mobile company, and not even a trusted friend,” he cautioned.
The governor also introduced a new mobile based micro investment platform known as Okusevinga, designed to encourage savings among low income earners.
“Okusevinga allows any Ugandan to begin saving and investing from as little as Shs10,000. Financial inclusion does not start with a trillion shilling facility it starts with a single step,” he said.
Atingi-Ego further highlighted the role of agriculture financing in transforming rural economies, urging farmers to take advantage of the Agricultural Credit Facility, which provides loans at interest rates capped at 12 percent.
“Since 2009, the facility has channelled more than Shs1.2 trillion to over 7,600 beneficiaries across the country. The non performing loan rate is only 0.5 percent, which shows that farmers are responsible borrowers,” he said.
According to the central bank, Kamuli District has so far registered 164 beneficiaries under the programme with approved loans worth Shs2.4 billion, supporting at least 226 jobs in the agricultural value chain.
Atingi-Ego emphasised that farmers do not necessarily need land titles to access credit under the programme.
“You do not need a land title to qualify for ACF credit. What matters is your character, the quality of your business and your commitment to your enterprise,” he said.
However, he expressed concern over the low participation of women in the programme.
He noted,“Only 20 percent of ACF beneficiaries nationally are women. This is not acceptable. Structural barriers must be addressed so that women can access the same economic opportunities.”
The governor also pointed to the Small Business Fund, which has so far provided Shs72.4 billion to 3,640 enterprises across Uganda, helping small businesses recover and grow.
But he noted that Kamuli’s uptake remained low.
“Kamuli District accounts for just 17 businesses worth Shs346 million under this fund. In a district of this size, that figure represents a profound failure of outreach,” he said.
Atingi-Ego said Uganda is pursuing an ambitious economic transformation agenda aimed at expanding the country’s economy tenfold to about 500 billion dollars by 2040 through agro industrialisation, tourism, mineral development and science and technology.
He stressed that districts like Kamuli and the wider Busoga region have a crucial role to play in achieving that goal.
“The financial system must be strong and accessible enough to channel capital to these opportunities so that economic growth transforms the lives of ordinary Ugandans,” he said.
The governor also urged communities to protect natural resources such as Lake Kyoga and the River Nile, warning that environmental degradation could undermine long term economic progress.
“Economic transformation and environmental sustainability must go hand in hand. The soil, forests and water bodies of Busoga are the productive base upon which the entire regional economy rests,” he said.
He also called on for collaboration between the central bank, financial institutions and local communities.
“If we want lasting prosperity, we must build it together patiently, consistently and sustainably,” Atingi-Ego said.
