Early in February 2017, staff in Uganda kick-started a financial literacy program, in celebration of its 25-year anniversary. Free literacy camps will be held over four days at FINCA branches throughout the country this year. They are aimed at educating existing FINCA clients and the local community about basic financial literacy principles.
Financial literacy is a crucial component of achieving financial inclusion. An understanding of basic concepts in finance empowers people to make sound financial decisions including how to manage household expenses and how to save money. Globally, only 33 percent of adults are financially literate.
Topics for the camp include bookkeeping, budgeting, savings and business management. The first camp was held at the Mbale branch in the eastern part of the country, where over 500 people attended the trainings and gained a basic understanding of financial concepts. Many new to FINCA also opened an account and made their first deposit.
Maria Nakku, an attendee of the camp said, “I have learnt a lot about business. These are great topics being taught by FINCA Uganda.”