Plot 679 Wamala Road, AMFIU House, Najjanankumbi 0414-259176, 0414 677176 amfiu@amfiu.org.ug
The Association of Microfinance Institutions of Uganda (AMFIU) in collaboration with Citibank Uganda have again organised the Citi Microentreprenuership Awards. The main objective of the awards is to recognize the extraordinary contributions that individual microentrepreneurs have made to the economic stability of their families as well as their communities in Uganda.
18th June 2020, Hotel Africana, Kampala
Theme: Demystifying digital financial services and use of technology in economic and social empowerment of vulnerable communities
Background to the National Microfinance Conference
The Association of Microfinance Institutions of Uganda (AMFIU) hosts a national microfinance conference every two years that brings together various stakeholders in the sector to share experiences, introduce innovations and facilitate networking amongst various stakeholders. In the past, AMFIU has partnered with the Financial Services Department under the Ministry of finance planning and economic development to host these conferences. Each of the conferences have attracted over 200 participants, with stakeholders that include Central Banks from the East African region, financial services providers, academic institutions, wholesale lenders, social investors, donors and development partners among others.
About this year’s Conference theme
Digital financial services hold tremendous promise to deliver financial services to the underbanked and excluded population in Uganda. Mobile money has driven financial inclusion in Uganda with impressive growth and a competitive market. The 2018 FINSCOPE study report indicated a 78% surge in the country’s financial inclusion rate majorly supported by mobile money services. The same report also indicated that 23% of Ugandans save money on mobile money platforms, compared to only 11% who save with commercial banks.
The annual inflation rate in Uganda slightly decreased to 1.9% in September compared to 2.1% recorded in August 2019, the consumer price index (CPI) report indicates.
The figures contained in the CPI report - the official measure of inflation; were released by the Uganda Bureau of Statistics (UBOS) on Monday.
The UBOS principal statistician in charge of prices, Vincent Nsubuga, who released the figures at the bureau’s head offices in Kampala, attributed the decline in annual inflation to annual food crops and related items which decelerated further to -3.0% compared to -1.4% registered during the period under review.
"Annual food crop inflation dropped due to decline in the prices of fruits that declined to minus 13.8% in September 2019 compared to minus 9.5% recorded in August 2019," Nsubuga said.
Responsible financial inclusion includes client protection principles to help financial services providers including their agents the practice of good ethics and smart business. To achieve its mission of enhancing inclusive finance in a professional financial sector, AMFIU has approached the issue of increasing outreach by implementing a number of consumer protection initiatives aimed at enhancing consumer confidence in the sector and promoting responsible finance by having both well informed consumers and financial service providers.
On the realization of how technology is driving financial inclusion and the role mobile money agents playing a key role in this eco-system, AMFIU started building the capacity of the mobile money agents in the client protection principles. The quarter saw a total of 320 mobile agents receive training in the consumer protection principles. The agents are the face of the financial providers and consumer protection training is vital since they interface with clients on a daily basis, said Flavia, Senior Trainer, Client Protection. The training also saw participation of MTN Uganda and the Financial Intelligence Authority. Mr. Opeto Moses of MTN Uganda asked the participants to take the issues of consumer protections as they have serious implications on their operations.
The Client Protection Principles are the minimum standards that clients should expect to receive when doing business with financial institutions including their agent. These principles were distilled from the path-breaking work by providers, international networks, Central Banks and National Microfinance Associations to develop pro-client codes of conduct and practices. There is consensus within the financial inclusion industry that providers of financial services should adhere to these core principles.
AMFIU is part of the global initiative, the SMART campaign for client protection which promotes the seven principles of client protection.
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