New Financial Literacy Drive Targets Persistent Poverty in Busoga

Persistent poverty in the Busoga sub-region has sparked renewed efforts to teach communities how to manage money, save, and invest wisely. According to recent Uganda Bureau of Statistics (Ubos) figures, 18.9 percent of Busoga’s population lived below the poverty line in 2023/2024, a rate higher than the national average of 16.1 percent.

To address this challenge, the Young Men’s Christian Association (YMCA) in Jinja has rolled out a comprehensive financial literacy initiative. The programme targets students, staff, and surrounding communities across Jinja City and districts such as Iganga, Kamuli, Mayuge, Kaliro, Luuka, and Buyende. Organisers note that skills training alone has not ended poverty because many residents struggle with poor saving habits, mobile loan traps, weak record-keeping, and mixing business capital with household spending.

Speaking at the launch, Bank of Uganda head of stakeholder engagement Jonah Waiswa emphasized that earning money is not enough without proper planning. The training teaches participants how to budget, track daily expenses, compare loan terms, avoid digital debt traps, and separate business funds from personal use. Farmers are specifically encouraged to save during bumper harvests to sustain themselves through lean months and to carefully calculate production costs for upcoming seasons.

YMCA Jinja branch principal Lambert Okure Drata stressed that financial literacy must encompass budgeting, debt management, fraud prevention, and wise investment. By partnering with international foundations and financial institutions, the initiative hopes to reach more than 35,000 beneficiaries and unlock the economic potential of households across Busoga.

Read more on the Daily Monitor.