About the Month
This year’s Awareness Month will be held virtually and the main theme is “Your Money Can; Be Money Smart.”
The 2020 Banking and Financial Services Awareness Month is an inaugural annual grand public awareness event aimed at bringing together providers and users of banking and financial services/products across the country. The incidence of COVID 19 and its lock down effects have resulted in adverse financial shocks to individuals, families as well as businesses.
This resulted in a number of reactionary measures e.g. the motion to access 20% of social security savings by contributors. As part of our response The Uganda Institute of Banking and Financial Services (UIBFS) has come up with the Banking and Financial Services Awareness Month dedicated to improving financial literacy within the public. The initiative aims to stimulate prudent financial behavior to enable the populace to better deal with similar emergencies and for a better life in general. In addition, it will connect the providers and users of Banking Products & Services i.e. Bankers, Insurers, Accountants, Regulatory Agencies and providers of related Trainings with the users of those products and services.
Secondly the Awareness month will exhibit the professional career opportunities and or paths within the industry and avenues for entry, learning and advancement.
This year’s month is scheduled for 10th November – 11th December 2020.
Objectives of the Month
- To sensitize citizens on the importance of financial literacy and the key elements of personal financial management.
- To excite/ stimulate the public to deliberately save for emergencies.
- To educate the community about non-conventional service providers/ services and their use e.g. Fintechs
- To link the public to service providers appropriate to their needs.
- To create dialogue and community involvement in financial services matters.
- To foster partnership and coordination within the banking and financial services industry to explore issues of financial inclusion beyond access.
- Promote career opportunities and professionalism in the banking and financial services industry.
This year’s Awareness Month will be held virtually and the main theme is “Be Money Smart to Live a Better Life”. The Awareness campaign shall run as follows,
- Launch of the Awareness Month and Campaign – Tuesday, November 10, 2020
- Planning and Savings Week – 09th to 15th November 2020
- Managing loans & Investment Week – 16th to 22nd November 2020
- Retirement and Insurance Week – 23rd to 29th November 2020
- Digital Financial Literacy Week – 30th to 6th December 2020
- Host a Digital Financial Literacy Summit on Friday, 06th December 2020
- Careers in Banking and Finance Week – 7th Nov to 11th December 2020
- The Awareness Month to culminate in UIBFS new membership structure launch on 11h December 2020
Expected Outcomes and Benefits of the Campaign
To Participating Individuals:
- Improved financial literacy hence ability to make right financial decisions and habits
- Improved planning and budgeting
- Improved saving
- Improved investment
- Use of Insurance
- Utilization /Enrolment for appropriate financial products and services for business and personal growth
- Consider business startups in financial services
- Starting or growing professional career in banking and finance
To Participating Institutions:
- Institutional publicity, visibility and brand awareness
- More awareness of Institution’s products and services
- Innovative Products for Corporate members e.g. emergency account
- Participation in talks to participants (prospective customers)