Overview:
The forum, organized by the Uganda Institute of Banking and Financial Services (UIBFS), focused on ‘The Role of Microfinance Institutions and SACCOs in Wealth Creation’, highlighting how technology can unlock greater economic impact.
Kampala, Uganda – At the 3rd Annual Microfinance and SACCOs Governance Forum held at Hotel Africana, Director of Economic Affairs Moses Kaggwa, representing Finance Minister Matia Kasaija, urged SACCOs and microfinance institutions to fully embrace digital transformation to enhance efficiency, transparency, and service delivery.
“Digital adoption is no longer optional for financial institutions. To remain relevant and efficient, SACCOs must leverage digital channels to streamline operations, reduce costs, and reach more members,” Kaggwa said.
The forum, organized by the Uganda Institute of Banking and Financial Services (UIBFS), focused on ‘The Role of Microfinance Institutions and SACCOs in Wealth Creation’, highlighting how technology can unlock greater economic impact.
Kaggwa pointed to Uganda’s strides in digitizing public finance, including the Integrated Financial Management System (IFMS) and e-Government Procurement (eGP), as well as the successful digitization of Parish Development Model (PDM) SACCOs, which enables direct transfer of government grants to beneficiaries.
“By going digital, SACCOs can better provide access to credit, support entrepreneurs, and drive job creation. Digitization also strengthens transparency, accountability, and member trust,” Kaggwa added.
The Minister noted that financial inclusion is expanding, with 81% of adults now formally included in the financial sector, and mobile money accounts surpassing 43.4 million by mid-2024, illustrating the potential for SACCOs to tap into digital platforms to reach more Ugandans.
The forum called on SACCOs to accelerate their digital transformation journey to remain competitive, responsive, and impactful in wealth creation and community development.