Digital Financial Services (DFSP)

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Empowering Ugandans: Strategic Roadmap for Financial Inclusion
(AERC, 2025) Nicholas, Okot; Elizabeth, Kasekende
Financial inclusion is crucial for sustained growth and development. However, it relies on an appropriate policy environment to ensure confidence. Digital Finance Services (DFS) are believed to enhance financial inclusion by promoting efficient access for the vulnerable. With a mobile money penetration rate of 51%, Ugandans are poised to benefit from digital financial innovations. The other DFS channels are internet banking, financial cards, e-commerce, and integrated payment platforms. In the last decade, Uganda has made significant strides to promote access, uptake, and usage of DFS to reach the unbanked share of the population. The goal of the National Financial Inclusion Strategy is to achieve 75% formal inclusion by 2028. This milestone seems ambitious, given Uganda’s financial infrastructure and social structure. This could be achieved if the country maintains the current trajectory of DFS adoption supported by an adequate policy and institutional framework aligned with global best practices to engender equity across the social divide. Do these policies lead to higher levels of financial inclusion?