9 November 2017

Uganda: Accra Summit to Pave Way for Financially Empowered World

Accra — The Mastercard Foundation is hosting its fifth annual and largest Symposium on Financial Inclusion (SoFI) in Accra, Ghana.

The symposium, which ends today, champions the idea that, to achieve greater financial inclusion, financial service providers in developing countries must do more to meet the needs and expectations of people living in poverty.

Each year, since 2013 ,the Foundation has convenes hundreds of industry professionals to focus on barriers to greater financial inclusion around the world. SoFI has been a platform where experts in the field gather to pave the way toward a more financially inclusive world.

They exchange knowledge on a broad range of topics, including client centricity, technology, innovation, best practices, partnerships, and many more.

"Creating a more financially inclusive world is a daunting task," said Ms Reeta Roy, the president and chief executive officer of the Mastercard Foundation.

She added: "Over the years, financial inclusion has increased as a priority for the international development community, as well as governments, business owners, and the clients they serve."

After five years of gathering the brightest minds in the field to advance access and resources to modern financial products and services, we've made significant progress that will continue to make a difference in the lives of people.

This year's symposium celebrates the progress made over these past five years and defines the work yet to be done."

Uganda launched its National Financial Inclusion Strategy (NFIS) 2017 - 2022 which seeks to reduce financial exclusion from 15 to five per cent by 2022.

Speaking during the launch, Bank of Uganda (BoU) Governor Tumusiime Mutebile, said the ultimate objective of enhancing financial inclusion is to improve the welfare of Ugandan citizens and to contribute to socio-economic development.

First Deputy Prime Minister Moses Ali who presided over the launch said a financially included population is key to reducing income inequality and poverty as well as boosting productivity and growth. He added: "Such a population will accelerate the realisation of Uganda's aspirations to become a middle-income country."

The NFIS was developed by the ministry of Finance and BoU, in consultation with various stakeholders.

SoFi Awards

In addition to hearing from more than 30 other speakers at the symposium, the Foundation will also award its 2017 Clients at the Centre Prize.

This is a $150,000 (Shs544m) award that recognises an organisation most focused on client centricity to enable poor people in developing countries access to formal financial products and services.

Finalists competing for the grand prize will present their business models to an audience of approximately 400 industry professionals, who will be tasked with voting for the winner.

The Mastercard Foundation first awarded the Clients at the Centre Prize in 2015 to the Swedish mobile microinsurance firm BIMA.

Last year, the Prize was presented to the South African international remittance company, Hello Paisa. Each year draws nearly 100 applicants from companies around the globe.

Uganda

This is What Museveni Has Been Up to Amid Mugabe Woes

Ugandan President Yoweri Museveni was driving Sudan's Omar al-Bashir round his farm as the world watched the events in… Read more »

Copyright © 2017 The Monitor. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.

AllAfrica publishes around 900 reports a day from more than 140 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.