1. A Vision Emerges: National Strategy for Inclusion (2017–2022)

2017 — Uganda launched its National Financial Inclusion Strategy I (NFIS I), aiming to provide every citizen with access to quality, affordable financial services. Guided by five strategic pillars—reducing access barriers, enhancing credit infrastructure, building digital platforms, deepening savings/investments, and strengthening financial capability—it aimed to reduce financial exclusion from 15% to 5% by 2022.
afi-global.org

To align with global commitments such as the AFI’s Maya Declaration, the strategy included agent banking rollout, financial literacy, improved credit systems, and enhanced consumer protection.
afi-global.org+1

2. Early Momentum and Measurable Gains (2013–2018)

Between 2013 and 2017, the percentage of adults with bank accounts rose from 32.8% to 39.5%. Mobile money, agent banking, and fintech innovations played key roles in improving access.
afi-global.org

By 2018, 78% of adults were financially included—formally or informally—with formal bank account ownership reaching 59.2%, notably above the Sub-Saharan average of 42.6%.
MFW4A – Making Finance Work for Africa

3. Digital Payment Infrastructure & Inclusion Expansion

By 2022, agent banking and mobile money had expanded dramatically: banking access points soared from 548 per 100,000 adults in 2017 to 2,386; active agents rose from 133 to over 25,000.
UG Standard – Latest NewsKikubo Lane

The IMF reported that by 2021, 66% of adults had access to mobile money or a bank account—20 points higher than the East African Community average. Women’s account ownership increased from 15% (2011) to 65%, while male ownership reached 67% in 2021.
The ObserverIMF eLibrary

However, rural (32%) and female formal deposit access (35.8%) lagged behind urban (42%) and male (71%) counterparts.
The ObserverIMF eLibrary

4. Regulatory and Structural Developments

To deepen inclusion, several landmark reforms and initiatives were enacted during NFIS I:

• Agent banking frameworks enabled microfinance institutions and self-help groups to extend services beyond branches.
• The Security Interest in Movable Property Act (2019) expanded collateral types, improving access to credit.
• Expansions were made in schemes such as the Agriculture Credit Facility, Emyooga, and Parish Revolving Funds, offering targeted financing.
• Digital infrastructure advances included the National Payment Systems Act (2020) and the e-payment government gateway.
• Tier-IV institutions were regulated under UMRA, while micro-insurance, agriculture insurance, and retirement benefit schemes were launched.
• Consumer protection and financial literacy programs were institutionalized under the second National Financial Literacy Strategy.
  IMF eLibrary

5. UMRA & Microfinance Regulation

Established in 2017, the Uganda Microfinance Regulatory Authority (UMRA) brought Tier-4 institutions (SACCOs, self-help groups, non-deposit MFIs) under official oversight. It has now licensed some 1,800 institutions serving a combined client base of 17.5 million.
afi-global.orgWikipedia

UMRA also introduced consumer protection guidelines, a grievance system, and Self-Help Group governance guidance—all aimed at legitimizing informal finance and extending inclusion.
afi-global.org

6. NFIS II: Inclusive, Green, and Deepening Access (2023–2028)

Launched in November 2023, NFIS II (2023–2028) reaffirms the vision of universal access to diverse, quality financial services delivered responsibly and inclusively. Leadership emphasized rural inclusion, gender equity, youth, displaced persons, MSMEs, and people with disabilities.
UG Standard – Latest NewsKikubo Lane

Targets include reaching 85% financial inclusion by 2028. However, challenges like low savings rates, high lending costs, and limited credit access—especially for vulnerable groups—must be addressed.
finance.go.ugallAfrica.com

Additionally, NFIS II introduces new focus areas: green finance and gender-inclusive financial services, signaling a shift toward sustainable and equitable growth.
allAfrica.comIMF eLibrary

7. Inclusion Timeline Snapshot

Year	Milestone
2013–2017	Account ownership rose from 32.8% to 39.5%
2017	NFIS I launched targeting reduction in exclusion to 5%
2018	78% of adults financially included; formal accounts at 59%
2021	66% adults used mobile money or bank accounts; inclusion above EAC average
2017–2022	Agent banking expanded; digital and credit infrastructure strengthened
2017	UMRA established to regulate Tier IV microfinance institutions
Nov 2023	NFIS II launched—including green finance and inclusive focus
2025	Inclusion at 81% (2023), looking to reach 85% by 2028

8. Reflections and Forward Momentum

Uganda’s design and execution of financial inclusion strategies demonstrate a structured, multi-stakeholder approach. With solid progress in access points, account ownership, and agent deployment, NFIS II’s focus on green finance and underserved populations offers potential to deepen inclusion sustainably.

The path ahead involves bridging rural gaps, reducing gender disparities, and evolving credit and savings vehicles to meet spillover needs—be it climate resilience or youth entrepreneurship.