WHO REGLATES THE INSTITUTION WHERE WE SAVE OUR HARD EARNED MONEY?

 A few years back there was a story in the media of an online investment club that encouraged many women to save and invest. Indeed many women responded to the call and in the end they lost their money. Such incidents are very common in society where companies open up and brand themselves as "banks" and in no time they close and vanish with peoples' hard earned money.

The financial literacy training curriculum by Bank of Uganda has a module about Financial Services Providers which shows the various types of financial service providers and the regulators. This is important to note because the financial services industry is changing at a very fast rate and thus it is important for the common person to know the regulators so as to reduce risks. For example insurance is an important component of society . The question is where should the customer go to find out the right kind of information. 

There are very many financial institutions that are regulated by Bank of Uganda and it is important to empower the public with the right information so that they can have the choice to open an account in a financial institution of their choice. Regulated financial institutions such as Equity Bank are mandated to fully explain to the customer the information related to loans and types of accounts. In this way there is transparency and accountability which in the long run builds confidence in the financial system.

For individual and corporate financial literacy training contact :

Coach Phillip Kiryowa 

Personal Finance Coach (CMA)

Certified Master Trainer, Bank of Uganda 

Founder, Advanced Empowerment Link

0752615916

For Financial Freedom and Sustainable Enterprises

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