“I was fired with almost no savings, fired with a salary loan, fired with retired parents depending on me, fired with a young daughter in school, and fired with one semester left in my master’s degree.”
Those were the words of Daniel Ayebare, Chairperson of the Uganda Financial Literacy Association (UFLA), recalling the moment his life was upended after nearly a decade in the banking sector.
Two years earlier, he had registered a small non-profit aimed at empowering young people through financial and social business education, inspired by Nobel Laureate Muhammad Yunus.
But like many chasing stability, he had postponed his purpose. When restructuring came, his dreams and savings vanished together.
Ayebare sought refuge at a relative’s home, too ashamed to face his parents, watching as belongings he once helped others with were taken from him.
Yet this fall from grace became his awakening.
“By the grace of God, I stand here today a better man,” he said. “I learned that financial literacy is not about how much you earn, but how well you plan, manage, and purpose your resources.”
His experience reflects a broader truth in Uganda on how many lack knowledge on how to manage money.
In towns and villages across the country, hardworking citizens rise with the sun, trade diligently, and carve out a living.
Yet for many, the key to a secure financial future lies not merely in earnings, but in understanding the money in their hands.
Financial literacy, once dismissed as a soft skill, has emerged as one of the most urgent development priorities of our time.
That was the message when the Rotary Club of Bulindo, together with its partners under Rotary District 9213, launched a nationwide Financial Literacy Program to transform how Ugandans think about, manage, and grow their money.
Unveiled in Kampala by District Governor Geoffrey Martin Kitakule, the program positions Rotary Clubs as catalysts of economic empowerment, delivering structured financial literacy sessions in communities, schools, and workplaces.
Kitakule emphasizes that the conversation around money must move from access to comprehension.
Drawing from his dual background in computer science and financial services, he champions financial and digital literacy as twin pillars of social mobility.
“Digital literacy is a bridge from misery to hope,” he said. “But if you do not understand the language of money, you remain an economic slave, no matter how educated or connected you are.”
The fragility of Uganda’s financial base becomes even clearer when examining retirement.
At the National Social Security Fund (NSSF), 83 percent of members have less than UGX 10 million in savings, and 80 percent spend their entire pension within two years.
With only 14.6 percent of Uganda’s 23.5 million-strong labor force covered by social security, nearly 18 million citizens remain just one paycheck away from poverty.
The FinScope data reveals a population that is financially active but economically fragile, a nation where most people save informally, borrow inefficiently, and plan inconsistently.
“These are not just statistics,” he emphasized. “They represent lives, families, and futures.”
Recognizing this, the Bank of Uganda and the Ministry of Finance, Planning and Economic Development developed the Strategy for Financial Literacy in Uganda, identifying financial knowledge as a key enabler of sustainable development.
The framework covers critical areas such as personal financial management, saving and investment, debt management, insurance, planning for old age, understanding financial service providers, and digital financial literacy.
Over the last decade, the central bank has trained more than 2,500 financial literacy educators across 77 districts, speaking 33 local languages.
These trainers now form the backbone of the Uganda Financial Literacy Association, established in 2023 to professionalize financial advisory work and expand financial education across the country.
This year, UFLA launched its flagship initiative, Project “Take UFLA Home,” aimed at decentralizing financial literacy by establishing local chapters in every district.
By June 2026, each of Uganda’s districts will have its own UFLA chapter, coordinated by trainers who live and work within their communities.
Regional centers in Gulu, Mbale, Mbarara, and Masaka are already operational, serving as hubs for training, research, and community capacity building.
“We are moving financial literacy from policy to practice from Kampala to every parish, every home, every Ugandan,” Ayebare said. “And with Rotary’s network, this vision will go even further.”
Indeed, it is this partnership between UFLA and the Rotary Club of Bulindo that has set the stage for a new chapter in Uganda’s financial literacy journey.
On October 17th, the Rotary Club of Bulindo, alongside other partner clubs under District 9213, officially launched the Rotary Financial Literacy Program, with District Governor Godfrey Martin Kitakule presiding over the event.
For Percy Lubega, President of the Rotary Club of Bulindo, the program represents more than a project, it is a national mission.
“This program will ensure the full participation of Rotary clubs in imparting financial literacy skills and knowledge among the people of Uganda,” he said.
Irene Mwoyogwona: Beyond the Numbers – How Pride Bank's Award-Winning CFO Combines Profitability and Social Impact“Our goal is to create a financially literate world that enables people to make sound financial decisions and ultimately achieve social and economic empowerment.”
Lubega explained that financial literacy touches every dimension of human life from health to education, from environmental stewardship to family stability.
“Money, or its scarcity, profoundly influences nearly every facet of human existence,” he said. “It determines the quality of healthcare one receives, the schools one’s children attend, and even the harmony within families and communities.”
He challenged the misconception that formal education equates to financial wisdom.
“Many highly educated individuals lack basic financial knowledge,” he noted. “Financial illiteracy cuts across class, age, and education levels. It is a silent pandemic that erodes dignity and keeps people in a perpetual cycle of struggle.”
Under Rotary’s global focus area of community economic empowerment, the club has committed to expanding financial literacy training nationwide.
Through partnerships with institutions like UFLA, Centenary Bank, Old Mutual, CEO Magazine, and AfroMobile, Rotary will use its expansive network to drive awareness, advocacy, and training across Uganda.
Each Rotary club will become a local hub for teaching saving, budgeting, investment, and responsible borrowing.
The initiative will also advocate for integrating financial education into the national curriculum, ensuring that future generations grow up understanding the value and mechanics of money.
The partnership between Rotary and UFLA symbolizes a convergence of reach and expertise.
Rotary brings the human and social infrastructure; volunteers, clubs, and community trust while UFLA provides the technical foundation built on years of research and national strategy.
Together, they intend to deliver financial knowledge at every level of society, from urban professionals to rural farmers, from students to retirees.
“When Rotary’s vast network meets UFLA’s framework,” Ayebare declared passionately, “Uganda will never be the same again. We kicked polio out of Uganda. Now it’s time to kick poverty out.”
When Centenary Bank’s Chief Brand and Marketing Manager, Ngulumi Immaculate, speaks about partnership, her words carry both pride and purpose.
For years, the bank has stood side by side with the Rotary Club of Bulindo, supporting initiatives that create lasting change in the community.
“We have supported Bulindo Rotary Club right from the installation of the current president, where we contributed UGX 5 million,” she shared with a smile. “With the current leadership, we have forged several partnerships, and many more are yet to come.”
That spirit of collaboration has already borne fruit.
Earlier this year, the two institutions joined hands to plant 1,000 trees at St. Kizito Primary School in Galamba, Wakiso, contributing to environmental conservation and community education. Centenary Bank’s contribution of UGX 3 million helped make the project a reality.
Now, the partnership is taking another bold step, this time moving into the realm of financial empowerment.
Through a UGX 25 million contribution, Centenary Bank is backing Rotary’s latest financial literacy program, an initiative designed to help Ugandans make informed financial decisions.
“Financial literacy forms a core part of our corporate social responsibility, but it’s also a key business driver,” Immaculate explained. “We believe it is our responsibility to educate our customers and the entire community on financial matters to aid their decision making.”
The financial literacy gathering marked by warmth, conviction, and purpose saw Old Mutual Uganda reaffirm its partnership with Rotary Uganda, unveiling a renewed commitment to financial literacy and community empowerment.
“Rotary has always been our good friend since 2015,” the Old Mutual Head Marketing & Distribution, Stephen Lubowa said-.
“Our partnership is built on trust, accountability, and a shared passion for transforming lives.”
Lubowa used the moment to make a clarion call that seeks to deepen understanding around financial wellness and insurance, areas still misunderstood by many Ugandans.
“You cannot talk about financial inclusion without looking at risk,” he reminded the audience.
“And you cannot talk about wealth creation without insurance, it is the invisible foundation supporting every dream.”
As the audience listened, the message grew more urgent. “We are all one hospital bill away from total poverty,” he said. “But with the right knowledge, families can rise above uncertainty and protect what they’ve worked so hard to build.”
Old Mutual’s belief in communities runs deep. “They are our existing customers, our future customers, our partners in progress,” he said.
That philosophy has now inspired a tailor-made insurance product for Rotarians, designed to ensure that those who serve others are also protected.
The initiative forms part of a broader push to weave financial education into the fabric of everyday life.
Old Mutual’s upcoming ‘New Chapter of Financial Wellness’, set for unveiling on October 8, promises to build momentum for this vision.
