According to the 2013 Finscope Survey on Uganda’s financial sector, the number of Ugandans owning bank accounts has actually declined since 2009. 47% of people did not use formal banking services because they did not have income to save and savings therefore with formal banks remained low at 19%. In addition, the total number of people using informal services increased from 60% in 2009 to 74% in 2013. To increase financial inclusion, Bank of Uganda committed to the Maya Declaration by focusing on the following policy areas: national strategy, financial literacy, consumer protection, mobile financial services, and data and measurement. So far, Bank of Uganda launched its Strategy for Financial Literacy in August 2013. In order to educate the public on their financial rights, 800,000 copies of the Financial Consumer Protection Guidelines were circulated. Bank of Uganda and Uganda Communications Commission formed a joint working group on Mobile Money Financial Services to strengthen mobile financial services and established guidelines on mobile financial services. For stronger data and measurement, the above-mentioned Finscope survey was conducted in June 2013 to collect demand-side data, and a geospatial mapping project was implemented to located coordinates of all cash-in and cash-out points in the country. The MIX Uganda Map of Financial Inclusion helps users to understand Uganda’s financial inclusion status at a more sub-national level. Comparing geo-coded data on financial service providers (FSPs) against socio-economic information, users are able to compare and analyze impacts of different types of FSPs. For example, savings and credit cooperatives (SACCOs) are the predominant source of formal financial services in high poverty rural areas while commercial banks, Microfinance Deposit-taking Institutions (MDIs) and credit-only MFIS are located predominantly in urban areas and along major roads. However, youth is an untapped SACCO market in Uganda, with youth accounting for only 6% of total savings at SACCOs and 15% of total outstanding loans when half of the population of Uganda is under the age of 18 (56%) and another fifth of the population between the ages 18 and 30. From here we are able to identify a huge opportunity for the expansion of financial services that can cater to the needs of this underserved segment of the population.To learn more about our data, please download 'About the Data' in the Data Catalogue. Source: The 2013 Maya Declaration Progress Report