Digital Financial Services (DFSP)
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- ItemThe Monetary Economics of E-money and Implications for Monetary Policy in Uganda(AERC, 2025) Okot, Nicholas; Shinyekwa, Isaac; Luwedde, Justine; Bulime, Enock W. N.The policy brief summarizes findings from a study titled, “The Monetary Economics of E-money and Policy Implications: Evidence from Uganda.’’ The study examines the monetary economics of e-money and its policy implications for over the period 2009Q1-2022Q4. The research approach involves theoretical and empirical literature reviews. Quantitatively estimated and tested the stability of the money demand function using the Autoregressive Distributed Lag (ARDL) model and the monetary transmission through Vector Autoregressive (VAR) model. The qualitative aspect is based on the key informant interviews.
- ItemFinancial Inclusion and Market Development in South Sudan(AERC, 2025) Joseph, Samson Taban; Ajongo, Jacqueline BenjaminAmong the many problems facing the economy, financial exclusion is one of the major issues facing South Sudan in recent times. About 80% of the country’s adult population lack bank accounts, leaving them financially excluded from accessing and using financial products, services, and information. This is a concerning statistic, as financial inclusion is crucial for economic growth and societal development. This issue was engineered by the country’s high financial illiteracy rate (73%), who are mostly women, and people with special needs. Furthermore, limited financial infrastructure in various regions of the country, such as the insufficient number of bank branches in rural areas and strict Know Your Customer (KYC) regulations, remains a significant concern. Additionally, many adults lack the necessary documents to open bank accounts. As a result, the regulatory framework governing financial inclusion and the role of digital financial services in the country is inadequate.
- ItemFinancial Inclusion Primary in South Sudan(AERC, 2025) Garang, James AlicThis policy brief addresses four key research problems: challenges in opening bank accounts and obtaining IDs, access to financial products and services, and financial literacy. One of the major barriers to accessing financial products, such as loans, is the requirement of a bank account, which in turn necessitates identification (ID). This issue is particularly critical in South Sudan, where only 37,000 people across the entire country possess IDs, highlighting a significant gap that must be bridged urgently. Due to the widespread financial illiteracy among much of the population, alternative mechanisms for issuing identity cards need to be introduced to include marginalized groups, such as women, people with disabilities, and those in rural areas.
- ItemDigital Financial Services through Mobile Phones: Bringing Inclusivity to Tanzania’s Rural Women(AERC, 2025) Daniel, LantaFinancial inclusion, particularly through mobile money services, plays a vital role in fostering economic growth in developing economies by providing access to financial products and services. In Tanzania, where 88% of the population owns mobile phones, approximately 45% possess mobile money accounts. Nevertheless, there remains a notable disparity concerning gender (men and women) and geographical location (rural and Urban), with women in rural areas being more prone to exclusion.
- ItemEnablers and Inhibitors for Access and Usage of Digital Financial Services in Uganda(AERC, 2025) Shinyekwa, Isaac M. B.; Mpuuga, Dablin; Nattabi, Aida K.; Bulime, Enock W. NFinancial inclusion (FI) and specifically access to affordable financial services is very critical in reducing poverty, income inequality as highlighted in Sustainable Development Goals 1, 5 and 10; and accelerating economic growth. FI is therefore important for Uganda like any other country. Women and rural Ugandans are proportionately more included in informal financial groups, whereas men and urban dwellers have more access and usage of formal financial services. The low level of formal FI in rural areas is partly explained by the high cost of providing financial services. Commercial banks are faced with lack of the incentives, information, and sometimes the ability to mitigate the risks of operating beyond urban markets or with low-income clients. Consequently, a significant portion of rural and low-income Ugandans remain financially excluded. In this regard, DFS such as MM emerge as one of the ways to bridge the financial access gap between the financially included and excluded. It is however noted that little is known in Uganda’s context concerning the critical enablers as well as inhibitors to access and usage of DFS. The policy brief summarizes findings from the study titled, “Leveraging Digital Services and Market Development for Financial Inclusion: The Case of Uganda”.