Bank of Uganda, as an institution that took the lead in the development and implementation of the Strategy for Financial Literacy in Uganda, is proud of the achievements we have jointly achieved in the last one year. Nonetheless, there is still a lot that needs to be done and let me highlight just a few of the challenges for your contemplation.
First; we need to ask ourselves why the “loan sharks” popularly known as “money lenders” sustain their business in this country charging very high interest rates, inspite of the many financial institutions including SACCOS that are charging relatively lower interest rates. I presume that part of the answer lies in an information-asymmetry problem that needs to be addressed.