Today, finance for refuges continues to be a big topic of discussion among financial institutions. During the quarter 3 information exchange meeting organised by AMFIU at Hotel Africana, NpM presented findings from the NpM Finance’s Diagnostic Study on Finance for Refugees in Uganda.
The study presented the interventions and possible technical Assistance needed to successfully offer financial services to refugees and other foreign-born residents in Uganda, alongside low-income host community members. It further analyzed the demand and supply side opportunities and constraints to advance the business case for financial inclusion of refugees in Uganda
During the meeting, financial stakeholders to discussed the best ways of offering financial services to refugees and other foreign born residents in Uganda alongside low-income host community members.Many Financial service providers aired out their views regarding the challenges they face while delivering financial services to refugees and host communities.
Rogers Kakeeto, the head of business at UGAFODE noted that they are face an issue of language barrier between them and the refugees which makes it difficult for them to properly conduct their work. “Many of these refugees come from the Democratic Republic of Congo, the Kiswahili and French that they speak is way to difficult for us to coordinate and this makes our work difficult,“
Peter Kawumi, the innovations Manager at Financial Sector Deepening Uganda(FSDU) said that they strongly believe that access to proper financial services by every person in Uganda, refugees inclusive plays a very big role in the development of the economy. He said promoting the usage of financial services can only be utilized to the maximum if the problems are properly oppressed.
Participants requested the Central Bank to come out and engage financial institutions on the best mode of opening up accounts for refugees so that they can also be financially included.
During the meeting, Brac Microfinance, Centenary Bank, and Ugafode Microfinance shared their experience working with refugees.