Opening speech by Mr Ramathan Ggoobi, Permanent Secretary/Secretary to the Treasury at the Conference on Reshaping the tax system to support the Financial Sector Development Strategy (FSDS)
Kampala, Uganda, 14th–15th December 2022
The two-day conference was convened by Uganda's Ministry of Finance, Planning and Economic Development, and co-hosted by ICTD's DIGITAX Research Programme and TaxDev.
Impact of the COVID-19 pandemic on micro, small, and medium enterprises (MSM...MicrosaveConsulting1
MSC presents the report on the impact of the Covid-19 pandemic on micro, small and medium enterprises based in Kenya. It also highlights how the post-pandemic relaxations haven't helped these enterprises in reaping the financial benefit.
Mr Speaker Sir, I move that leave be granted to present a
Statement of the Estimated Revenues and Expenditures of
the Republic of Zimbabwe for the 2019 Financial Year and
to make Provisions for matters ancillary and incidental to this
purpose.
Communique g20 japan fukuoka finance minister crypto asset benefitRein Mahatma
Technological innovations, including those underlying crypto-assets, can deliver significant benefits to the financial system and the broader economy - G20 Finance Minister abd cebtrak Vabj Governor Meeting Fukuoka Japan June 8-9 2019
If you are tense for some reason, know that you are caught in the rut of unconsciousness. A spiritual seeker should wake up and relax. How can you relax till the situations change? Situations change only when you relax, look up, look within, and take refuge in the Mantra and repeat it with Love and trust in its infinite power to clear the fog of your mind and it Works!!
Each religion has its own powerful sounds that evoke the God in us. God is light. When you evoke the Light, dark forces that conspire sitting in your own mind cannot work. Unconsciousness creates the ground for the negative forces to work, and negative forces are dark, they are effective in darkness, they cannot tolerate light, can’t survive in light, so they always look for opportunities when we are off guard, a little slip from the state of consciousness and you are enveloped with dark forces!
They are not waiting outside of you to enter, they are right there inside of you in the subconscious layers of mind and till you have cleansed and purified your subconscious, they are with you like your own shadow.
Fear, anger, anxiety, tension, they are not only enemies; they are also the forces which create opportunities for all of us to rise to our Divine inheritance. If you have not gone through pain and bondage why should you ever try to rise or work to overcome them and transcend them?
Mantra is the mystic power, the tool for us to work with, the non-violent weapon to transform the diabolic forces into Divine Light and Love. Every faith tradition that has created enlightened Masters, have all used it, it is the Word, it is the Sound, and it is the primordial essence of all that is.
Never curse your negative weaknesses it only empowers them, they are mere reminders of your challenges of life. They are there, for you are born to work with them, through them, Beyond them. Yes, Mantra will do that miracle you are waiting to see in life!!
Madam Speaker
In A Tale of Two Cities, Charles Dickens opens with:
“It was the best of times, it was the worst of times, it was the age of wisdom, it was the age of foolishness, it was the epoch of belief, it was the epoch of incredulity… we were all going direct to Heaven, we were all going direct the other way...”
So too is the present time. As a country, we stand at a crossroads. We can choose a path of hope; or a path of despair. We can go directly to Heaven, or as Dickens so politely puts it, we can go the other way.
Presentation on data challenges and collaboration relating to the e-Levy in Ghana.
Presented at the GRA & ICTD conference "Taxing Mobile Money: Lessons and Ways Forward".
Presentation of study on the impact of the mobile money tax on the usage, demand, and perception of mobile money services of Micro and Small Enterprises (MSEs) in Tanzania.
Presented at the GRA & ICTD conference "Taxing Mobile Money: Lessons and Ways Forward".
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MSC presents the report on the impact of the Covid-19 pandemic on micro, small and medium enterprises based in Kenya. It also highlights how the post-pandemic relaxations haven't helped these enterprises in reaping the financial benefit.
Mr Speaker Sir, I move that leave be granted to present a
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Communique g20 japan fukuoka finance minister crypto asset benefitRein Mahatma
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If you are tense for some reason, know that you are caught in the rut of unconsciousness. A spiritual seeker should wake up and relax. How can you relax till the situations change? Situations change only when you relax, look up, look within, and take refuge in the Mantra and repeat it with Love and trust in its infinite power to clear the fog of your mind and it Works!!
Each religion has its own powerful sounds that evoke the God in us. God is light. When you evoke the Light, dark forces that conspire sitting in your own mind cannot work. Unconsciousness creates the ground for the negative forces to work, and negative forces are dark, they are effective in darkness, they cannot tolerate light, can’t survive in light, so they always look for opportunities when we are off guard, a little slip from the state of consciousness and you are enveloped with dark forces!
They are not waiting outside of you to enter, they are right there inside of you in the subconscious layers of mind and till you have cleansed and purified your subconscious, they are with you like your own shadow.
Fear, anger, anxiety, tension, they are not only enemies; they are also the forces which create opportunities for all of us to rise to our Divine inheritance. If you have not gone through pain and bondage why should you ever try to rise or work to overcome them and transcend them?
Mantra is the mystic power, the tool for us to work with, the non-violent weapon to transform the diabolic forces into Divine Light and Love. Every faith tradition that has created enlightened Masters, have all used it, it is the Word, it is the Sound, and it is the primordial essence of all that is.
Never curse your negative weaknesses it only empowers them, they are mere reminders of your challenges of life. They are there, for you are born to work with them, through them, Beyond them. Yes, Mantra will do that miracle you are waiting to see in life!!
Madam Speaker
In A Tale of Two Cities, Charles Dickens opens with:
“It was the best of times, it was the worst of times, it was the age of wisdom, it was the age of foolishness, it was the epoch of belief, it was the epoch of incredulity… we were all going direct to Heaven, we were all going direct the other way...”
So too is the present time. As a country, we stand at a crossroads. We can choose a path of hope; or a path of despair. We can go directly to Heaven, or as Dickens so politely puts it, we can go the other way.
Presentation on data challenges and collaboration relating to the e-Levy in Ghana.
Presented at the GRA & ICTD conference "Taxing Mobile Money: Lessons and Ways Forward".
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Access the related paper 'Digital merchant payments as a medium for tax compliance' at: https://shorturl.at/GS029
Presentation at a Better Than Cash Alliance learning session. The presentation is based on this DIGITAX working paper: https://bit.ly/41ZWYPZ
-----
Hosted by the United Nations Capital Development Fund (UNCDF), Better Than Cash Alliance is a partnership of more than 80 governments, companies and international organizations that accelerates transition from cash to responsible digital payments to help achieve the Sustainable Development Goals.
UNCDF is the United Nations' flagship catalytic financing entity for the world's 46 least developed countries (LDCs).
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Kampala, Uganda, 14th–15th December 2022
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Presentation by Hon Alhaj Kaddunabbi Ibrahim Lubega, Chief Executive Officer, Insurance Regulatory Authority of Uganda at the Conference on Reshaping the tax system to support the Financial Sector Development Strategy (FSDS)
Kampala, Uganda, 14th–15th December 2022
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Kampala, Uganda, 14th–15th December 2022
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Kampala, Uganda, 14th–15th December 2022
The two-day conference was convened by Uganda's Ministry of Finance, Planning and Economic Development, and co-hosted by ICTD's DIGITAX Research Programme and TaxDev.
Presentation by Christopher Wales, DIGITAX Research Programme, at the Conference on Reshaping the tax system to support the Financial Sector Development Strategy (FSDS)
Kampala, Uganda, 14th–15th December 2022
The two-day conference was convened by Uganda's Ministry of Finance, Planning and Economic Development, and co-hosted by ICTD's DIGITAX Research Programme and TaxDev.
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Kampala, Uganda, 14th–15th December 2022
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Remarks by Dr Michael Atingi-Ego, Deputy Governor, Bank of Uganda at the Conference on Reshaping the tax system to support the Financial Sector Development Strategy (FSDS)
Kampala, Uganda, 14th–15th December 2022
The two-day conference was convened by Uganda's Ministry of Finance, Planning and Economic Development, and co-hosted by ICTD's DIGITAX Research Programme and TaxDev.
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View/download the paper: https://bit.ly/3iYKC99
In 2022, the presentation was made at the:
1) 9th Annual Mannheim Taxation Conference, Germany, September 2022: https://buff.ly/3xiJfqp
2) 78th Annual Congress of the International Institute of Public Finance (IIPF), Austria, August 2022: https://bit.ly/3HubKah
3) Working Group in African Political Economy (WGAPE), Rwanda, June 2022 https://bit.ly/3HvX4Yw
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Even tho Pi network is not listed on any exchange yet.
Buying/Selling or investing in pi network coins is highly possible through the help of vendors. You can buy from vendors[ buy directly from the pi network miners and resell it]. I will leave the telegram contact of my personal vendor.
@Pi_vendor_247
Latino Buying Power - May 2024 Presentation for Latino CaucusDanay Escanaverino
Unlock the potential of Latino Buying Power with this in-depth SlideShare presentation. Explore how the Latino consumer market is transforming the American economy, driven by their significant buying power, entrepreneurial contributions, and growing influence across various sectors.
**Key Sections Covered:**
1. **Economic Impact:** Understand the profound economic impact of Latino consumers on the U.S. economy. Discover how their increasing purchasing power is fueling growth in key industries and contributing to national economic prosperity.
2. **Buying Power:** Dive into detailed analyses of Latino buying power, including its growth trends, key drivers, and projections for the future. Learn how this influential group’s spending habits are shaping market dynamics and creating opportunities for businesses.
3. **Entrepreneurial Contributions:** Explore the entrepreneurial spirit within the Latino community. Examine how Latino-owned businesses are thriving and contributing to job creation, innovation, and economic diversification.
4. **Workforce Statistics:** Gain insights into the role of Latino workers in the American labor market. Review statistics on employment rates, occupational distribution, and the economic contributions of Latino professionals across various industries.
5. **Media Consumption:** Understand the media consumption habits of Latino audiences. Discover their preferences for digital platforms, television, radio, and social media. Learn how these consumption patterns are influencing advertising strategies and media content.
6. **Education:** Examine the educational achievements and challenges within the Latino community. Review statistics on enrollment, graduation rates, and fields of study. Understand the implications of education on economic mobility and workforce readiness.
7. **Home Ownership:** Explore trends in Latino home ownership. Understand the factors driving home buying decisions, the challenges faced by Latino homeowners, and the impact of home ownership on community stability and economic growth.
This SlideShare provides valuable insights for marketers, business owners, policymakers, and anyone interested in the economic influence of the Latino community. By understanding the various facets of Latino buying power, you can effectively engage with this dynamic and growing market segment.
Equip yourself with the knowledge to leverage Latino buying power, tap into their entrepreneurial spirit, and connect with their unique cultural and consumer preferences. Drive your business success by embracing the economic potential of Latino consumers.
**Keywords:** Latino buying power, economic impact, entrepreneurial contributions, workforce statistics, media consumption, education, home ownership, Latino market, Hispanic buying power, Latino purchasing power.
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the telegram contact of my personal pi vendor
@Pi_vendor_247
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
Empowering the Unbanked: The Vital Role of NBFCs in Promoting Financial Inclu...Vighnesh Shashtri
In India, financial inclusion remains a critical challenge, with a significant portion of the population still unbanked. Non-Banking Financial Companies (NBFCs) have emerged as key players in bridging this gap by providing financial services to those often overlooked by traditional banking institutions. This article delves into how NBFCs are fostering financial inclusion and empowering the unbanked.
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how to sell pi coins on Bitmart crypto exchangeDOT TECH
Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
A verified merchant is someone who buys pi network coins and resell it to exchanges looking forward to hold till mainnet launch.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
Resume
• Real GDP growth slowed down due to problems with access to electricity caused by the destruction of manoeuvrable electricity generation by Russian drones and missiles.
• Exports and imports continued growing due to better logistics through the Ukrainian sea corridor and road. Polish farmers and drivers stopped blocking borders at the end of April.
• In April, both the Tax and Customs Services over-executed the revenue plan. Moreover, the NBU transferred twice the planned profit to the budget.
• The European side approved the Ukraine Plan, which the government adopted to determine indicators for the Ukraine Facility. That approval will allow Ukraine to receive a EUR 1.9 bn loan from the EU in May. At the same time, the EU provided Ukraine with a EUR 1.5 bn loan in April, as the government fulfilled five indicators under the Ukraine Plan.
• The USA has finally approved an aid package for Ukraine, which includes USD 7.8 bn of budget support; however, the conditions and timing of the assistance are still unknown.
• As in March, annual consumer inflation amounted to 3.2% yoy in April.
• At the April monetary policy meeting, the NBU again reduced the key policy rate from 14.5% to 13.5% per annum.
• Over the past four weeks, the hryvnia exchange rate has stabilized in the UAH 39-40 per USD range.
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
how to swap pi coins to foreign currency withdrawable.
Remarks on the Financial Sector Development Strategy by the Permanent Secretary/Secretary to the Treasury
1. 1
MINISTRY OF FINANCE, PLANNING AND ECONOMIC
DEVELOPMENT
REMARKS ON THE FINANCIAL SECTOR
DEVELOPMENT STRATEGY
BY THE PERMANENT SECRETARY/SECRETARY TO
THE TREASURY
DELIVERED AT THE CONFERENCE ON RESHAPING
THE TAX SYSTEM TO SUPPORT THE FINANCIAL
SECTOR DEVELOPMENT STRATEGY
Sheraton Hotel, Kampala
14th
December 2022
2. 2
Deputy Governor, Bank of Uganda
Commissioner General, URA
Heads of Government Institutions,
CEOs of Financial Institutions,
Development partners, the private sector, and civil society,
Distinguished guests, ladies and gentlemen.
Good morning,
I’d like to begin by thanking you all for joining us here today. The
ministry has convened this conference in partnership with the
International Centre for Tax and Development and TAXDEV
consultants through the Digitax programme. As we have heard, over
the next two days we will be discussing how a good tax system can
support our Financial Sector Development Strategy (FSDS).
As we implement the FSDS – and a range of other supplementary
programmes – it is vital that our tax system meets the needs of a
vibrant financial sector, helping to build a thriving economy that
works for every Ugandan.
3. 3
The discussions across the next few days will flow from the Financial
Sector Development Strategy, so I am going to set the scene for the
conference by telling you more about this key document.
The strategy was developed against the backdrop of steady economic
development pre-pandemic, with annual GDP growth averaging more
than 5% between 2017 and 2019. However, Uganda was not immune
to the destructive economic impacts of covid-19. As we know all too
well, economic activity plunged, and poverty spiked.
And so, the key challenge of delivering inclusive economic growth for
our citizens is as important now as it ever has been. What’s more,
our Vision 2040 has set the aspirational goal of achieving middle
income status by the year 2040. Vision 2040 articulates the
government’s ambition to raise productivity and achieve structural
transformation, shifting the economy from subsistence agriculture to
commercial agriculture, manufacturing and high value-added
services. Our third National Development Plan, published in June
2020, is no less ambitious than Vision 2040. It seeks to transform
Ugandan society “from a Peasant to a Modern and Prosperous
Country within 30 years”.
4. 4
There can be no doubt as to the critical role of the financial sector in
achieving these national ambitions. Any economist will tell you that
the financial sector fosters growth by mobilising and pooling savings
for the allocation of capital in productive investment. It ensures that
resources go where they are needed and all of society is included. It
is no surprise that countries with mature financial sectors enjoy
stronger and more inclusive economic growth.
In the years before the FSDS was formulated, progress had been
made in financial sector development, but significant challenges
remained. For example, though the percentage of adults that were
formally included rose from 28% in 2009 to 58% in 2018, this figure
was still too low. Uganda also lagged behind its neighbours in
mobilising long-term savings and allocating these savings to private
sector investment. For example, in 2019 bank deposits in Uganda
were the equivalent of 16.3% of GDP, compared to 36.6% in Kenya.
Insurance penetration stood at 0.72% in Uganda compared to 3% in
Kenya.
Given its importance for national economic development, it was vital
that these weaknesses were addressed. The sector was also being
rocked by external forces, not least the rapid advancements in digital
5. 5
technology that were revolutionising the way finance operated across
the globe. To get to grips with these forces we needed to update our
approaches to financial regulation, management and innovation.
And so, the Financial Sector Development Strategy was born. The
FSDS has been developed not as a siloed initiative, separate from the
rest of the economy, but as one of this government’s key strategic
forces as it drives Uganda’s economic transformation. The FSDS is
central to our economic aspirations. It articulates a holistic vision in
which “Uganda has a sound and integrated financial sector that
supports sustainable and inclusive economic growth”.
From this context flows the FSDS’s three strategic objectives:
financial services for all, financial services for markets, and financial
services for growth. First, I want to take you through each of these in
turn and tell you why they are important. Then I will explain what we
are doing now and in the future to achieve them.
Financial services for all means that every Ugandan has access to
the financial services they need. There should be a suite of financial
services that provides for all sections of society. This is not simply an
issue of fairness. Rather, financial inclusion combats multiple
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economic ills, including slow growth and income inequality. It
ensures no opportunities for entrepreneurship and innovation are
missed. Economies in which financial services are available to all are
fairer, more innovative and ultimately more prosperous.
Financial services for markets means a financial environment
conducive to new firm entry, business innovation and growth. Easing
financial constraints can spur the entry of new firms into our
markets, making them more competitive. It can also catalyse
investment by existing firms, boosting productivity and creating jobs.
Financial services for growth means an efficient and effective sector,
with savings mobilisation, capital allocation and risk management all
contributing to economic growth. It links the first two objectives,
mobilising the savings of a financially included population and
allocating these resources to productive economic activities.
Financial services geared towards growth play a critical role in the
structural transformation necessary for economic development.
So, there we have our three strategic objectives of the FSDS. To
achieve these objectives, we identified 4 areas of intervention.
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The first area of intervention is to increase access to and use of
finance. The Government of Uganda has a target of 80% of Ugandans
being formally financially included. To achieve this, interventions will
include boosting the range of products available, expanding delivery
channels, improving financial education and continuing to
strengthen the development and supervision of Tier 4 institutions
and money lenders.
Central to this will be the second Financial Inclusion Strategy, which
begins this year. The first strategy ran from 2017 to 2022. It
developed a consolidated definition, vision and strategy for improving
financial inclusion in Uganda, with the ultimate goal of families being
financially secure. The second strategy redoubles our commitment to
advancing this agenda.
Financial inclusion is also being driven by the Emyooga programme,
which continues to gather pace. The programme has so far set up
6,644 SACCOs with a total membership of 4.1 million Ugandans.
249 billion shillings has so far been disbursed as seed capital and 72
billion shillings of savings have been mobilised.
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The Parish Development Model is well into the process of introducing
more than 10,000 new SACCOs into the most financially excluded
sections of society. In its entirety, the PDM is a multi-sectoral
strategy to create socio-economic transformation by moving the 39%
of households out of the subsistence economy into the money
economy. The new SACCOs – along with complementary activities,
such as business development services – form the financial inclusion
pillar of the PDM. This pillar deepens formal savings and strengthens
credit delivery mechanisms to support inclusive growth at the
household level. It is supported by the Parish Revolving Fund to the
tune of 1 trillion shillings per year.
The second area of intervention is increasing access to long-term
finance. This will boost the ability of companies to raise capital to
implement long-term strategies to expand their businesses. It will
also increase the capacity of households and firms to address life-
cycle challenges. Interventions include enhancing the development of
capital markets, improving the government securities market,
creating an enabling environment for infrastructure bonds,
promoting municipal bonds, fostering the development of the
corporate equity and debt markets, expanding retirement benefits
and increasing life insurance penetration – to name but a few.
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Under this area of intervention, the government, in partnership with
the private sector is implementing the Small Business Recovery Fund
in the wake of Covid-19. The Fund is helping businesses to bounce
back after the economic shock of the pandemic by providing an
affordable credit facility. What’s more, with support from government
the Uganda Development Bank now has capital worth 1 trillion
shillings. The Bank provides affordable long-term financing for
investment in infrastructure, tourism and along the agricultural
value chain.
The third area of intervention is strengthening innovation and
supporting infrastructure. To foster financial innovation, we are
creating an enabling environment for FinTechs, providing supportive
regulation and promoting digital payments, including through
migrating government payments to digital platforms. In terms of
financial market infrastructure development, the strategy
strengthens data collection, use and sharing. It also expands the
coverage of the Credit Reference Bureau and the use of the movable
chattels security. Furthermore, we are working to improve the
insolvency regime contract enforcement.
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The fourth area of intervention is strengthening financial stability
and integrity. This area recognises that government plays a key role
in coordinating, supervising and regulating stakeholders across the
financial system. We are working to build a sector that inspires trust
and is a pilar of stability within the economy. This means improving
our framework for coordination and cooperation through promoting
strategic partnerships between regulators, development partners and
think tanks. It also means strengthening the system’s regulatory and
supervisory capacity, complying with international standards and
coordinating with domestic financial service providers. We will also
seek to strengthen the framework for financial crisis detection and
management, partially through the Financial Sector Stability Forum.
In this vein, the introduction of the National Payment Systems Act,
2020 and subsequent regulations provide for the oversight of our
evolving systems of payment, including mobile money and other
branches of fintech. They bolster consumer protection, ensuring all
those making digital payments are safeguarded.
In addition, the FSDS seeks to strengthen the framework for Anti-
Money Laundering and Combating the Financing of Terrorism. On
this, we have already made significant progress in implementing the
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Financial Action Task Force (FATF) action plan for Uganda, including
the amendment of five laws: the Anti Money Laundering
(Amendment) Act, 2022; the Anti-Terrorism (Amendment) Act, 2022;
the Companies (Amendment) Act, 2022; the Trustees Incorporation
(Amendment) Act, 2022; and the Partnerships (Amendment) Act,
2022. We have also strengthened domestic and international
cooperation and boosted awareness of these issues.
Moreover, the fourth area of intervention improves consumer
protection. This includes raising the awareness of consumers,
strengthening Bank of Uganda’s supervisory techniques and working
with financial service providers to ensure compliance with our
Financial Consumer Protection Guidelines.
Those are our four areas of intervention articulated in the FSDS. As
can be seen, within them lie a multitude of targeted polices,
programmes and actions. I hope that our level of commitment to
building a prosperous financial sector is clear.
As I mentioned at the beginning of my remarks, we need a tax
system that supports the strategic objectives of the FSDS. That’s why
we commissioned Dr Christopher Wales to produce a report on “The
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taxation of the financial sector in Uganda”. Its remit was to identify
opportunities to improve the design and functioning of Uganda’s tax
system, specifically as it relates to providers and users of
conventional and digital financial services.
I am very pleased to have received a draft of this report and would
like to thank Dr Wales and the appreciate the efforts of the
International Centre for Tax and Development and TAXDEV team.
This report can form the basis for discussions today, tomorrow and
beyond. These are discussions that the ministry is keen to have. We
recognise the importance of developing constructive working
partnerships and building consensus across the tax and financial
services sectors to deliver on the ambitions of the FSDS.
The ministry is open to ideas in this regard, and I am hopeful that
this conference will provide plenty of them. So, I encourage you to
engage openly and honestly, and I remind you that we are all
working towards the same ultimate goal – a prosperous and inclusive
Uganda.
I thank you.