Atingi-Ego outlines Bank of Uganda's role in community financial inclusion
Michael Atingi-Ego, Governor of the Bank of Uganda, outlined the central bank's core functions and financial inclusion efforts. Speaking at a Town Hall Meeting in Kamuli District on March 7, 2026, he also highlighted environmental sustainability initiatives.
The three-legged stool of stability
Governor Atingi-Ego described the Bank of Uganda's mandate as a 'three-legged stool' comprising price stability, supervision of financial institutions, and reliable payment systems.
He explained that low and predictable inflation ensures money retains its value, benefiting households, farmers, and shopkeepers.
Uganda's inflation is currently low and stable.
Regarding financial supervision, the Governor reassured the community about Finance Trust Bank's strategic transition from a Tier I Commercial Bank to a Tier II Credit Institution, effective April 1, 2026.
He stated unequivocally that the bank is not closing, deposits remain safe, and are protected by the Deposit Protection Fund up to ten million shillings.
He also highlighted the rapid expansion of payment systems, with licensed providers growing from thirteen to sixty-four since 2022, while cautioning against mobile money fraud and urging vigilance, advising never to share PINs with anyone.
Sixty years of economic sovereignty
Governor Atingi-Ego explained the Bank of Uganda's presence in Kamuli by highlighting Busoga's economic transformation, driven by sugar factories, coffee cooperatives, and small enterprises.
He emphasized that financial inclusion is a right, ensuring all Ugandans have access to safe, affordable financial services, regardless of their location.
Development, he added, is a shared responsibility, requiring engagement and listening from the central bank.
This year marks the Bank of Uganda's Diamond Jubilee, celebrating sixty years of economic sovereignty since its founding on August 15, 1966.
This milestone signifies Uganda's declaration to govern its own financial destiny, moving beyond the colonial East African Currency Board.
The Bank continues its public outreach through regional town hall meetings, a practice formalized during its 50th Anniversary in 2016, to ensure its work is understood by the people it serves.
Direct engagement, tangible impact
This town hall meeting exemplifies a crucial shift in central bank communication, bridging the gap between policy and daily life.
It demystifies the BoU's mandate, strengthening public trust and ensuring policies resonate at the grassroots.
Such proactive outreach is vital for fostering financial inclusion and demonstrating monetary policy's tangible impact.