The Bank of Uganda (BoU) has pledged to enhance financial inclusion in Karamoja, aiming to drive economic growth and ensure banking services reach all communities in the region.
The announcement was made during a two-day Town Hall Meeting held in Moroto, where local leaders voiced concerns about financial policies that hinder access to credit for ordinary citizens. The meeting brought together hundreds of residents, business owners, and government officials to discuss the future of financial accessibility in Karamoja.
BoU Governor Commits to Financial Transformation
Speaking at the event, BoU Governor Dr. Michael Atingi-Ego reaffirmed the central bank’s commitment to fostering investment, supporting local businesses, and integrating Karamoja into Uganda’s financial system.
“Karamoja is undergoing a transformation. Industries such as mining, cement production, and trade are reshaping its economic landscape. The marble factory in Rupa and the upcoming Ateker Cement Factory in Nadunget are not just industrial projects; they represent hope—offering jobs, revenue, and investment. However, for these industries to truly benefit the local population, we must establish financial systems that support miners, traders, and entrepreneurs,” Dr. Atingi-Ego stated.
Three Key Priorities for Economic Growth
The governor outlined three critical priorities to accelerate Karamoja’s financial transformation:
- Strengthening Financial Systems – Establishing robust financial networks that cater to individuals and businesses in both urban and rural areas.
- Expanding Financial Inclusion – Ensuring that residents in all parts of Karamoja, including Moroto Town, Rupa Sub-County, and Nakapiripirit, can access essential banking services.
- Enhancing Community Engagement – Promoting financial literacy and encouraging local participation in economic growth initiatives.
Local Leaders Welcome BoU’s Initiative
The meeting was met with optimism from local leaders, who emphasized the importance of accessible financial services in uplifting Karamoja’s economy. Matheniko County MP John Baptist Lokii hailed the visit as historic, noting that it was the first time a BoU Governor had personally engaged with the Karamoja region.
Moroto Resident District Commissioner Jane Francis Amongin welcomed BoU’s presence but raised concerns over restrictive financial policies that make it difficult for locals to secure loans.
Commitment to Equitable Access to Credit
In response, Dr. Atingi-Ego assured the public that BoU is dedicated to addressing these concerns and ensuring that financial institutions offer fair and accessible banking solutions to all Ugandans, regardless of their location.
“We understand the challenges people face in accessing credit, and we are committed to working with financial institutions to make banking more inclusive and beneficial for everyone,” he added.
Financial Literacy and Stakeholder Dialogues
The two-day engagement featured interactive discussions, financial literacy sessions, and stakeholder dialogues aimed at reinforcing BoU’s role in promoting economic stability in Karamoja. Experts provided insights on financial planning, investment opportunities, and ways to leverage banking services for business growth.
Karamoja’s Investment Potential
With improving security following successful disarmament efforts, Karamoja is now seen as a viable investment destination. Leaders have called on banks, investors, and the government to capitalize on the region’s potential, emphasizing the need for better financial services to unlock economic opportunities.
A New Era for Karamoja’s Economy
BoU’s commitment to financial inclusion marks a significant step toward ensuring Karamoja’s economic transformation becomes a reality. By creating accessible financial systems and supporting local businesses, Uganda’s central bank is paving the way for a more prosperous future for the region.
For more updates on financial policies and economic developments in Uganda, visit inews.
