As Uganda’s digital economy expands, financial literacy is emerging as a powerful tool helping women unlock new opportunities for wealth creation and investment.
With mobile banking, digital wallets, and online learning platforms reshaping personal finance, experts say empowering women with financial knowledge is key to bridging the gap between savings, credit, and sustainable growth.
In an exclusive interview with Business Times Uganda, Carolyn Mary Amase, a renowned Financial Literacy Master Trainer and Coach at Trade Avenue Uganda, emphasized the need for Ugandan women to take advantage of emerging trends in banking and finance to secure their financial future.
She highlighted the critical role of financial education, digital literacy, and responsible borrowing in enabling women to grow wealth and achieve long-term financial independence.
According to Amase, the world is rapidly shifting towards digital transformation, and women cannot afford to be left behind. She called on Ugandan women to embrace financial education and, even more importantly, digital literacy.
By doing so, women can position themselves to take advantage of online learning platforms and numerous finance-related courses available globally, giving them the tools to make informed financial decisions.
“Women in Uganda should invest in financial education and even more importantly, digital literacy being that the world is going digital and you cannot afford to be left out in the digital literacy space,” she said.
Amase explained that digital financial platforms have revolutionized personal finance management by enabling women to save, invest, and borrow more effectively.
These platforms, offered by banks, fintechs, and telecom companies, provide flexible solutions designed to meet diverse financial needs. They help women build their creditworthiness, strengthen financial discipline, and improve confidence in navigating the financial ecosystem.
With mobile wallets, online banking, and investment-linked products now widely accessible, women have an unprecedented opportunity to participate more actively in Uganda’s growing digital economy.
Speaking to young women at the start of their careers, Amase stressed the importance of cultivating a savings culture and investing early. She advised them to take advantage of their youth, which often comes with fewer financial obligations and more disposable income, to accumulate savings and build investment portfolios.
“For the young women out there just starting their careers or just starting to have some income coming through, there is no better time to accumulate savings for investment than in your youth,” she explained.
Amase cautioned against succumbing to “black tax” pressures, where young earners are burdened with financial responsibilities for extended family members before they have built their own foundations.
She urged young women to set realistic financial goals, manage their expenses diligently, and avoid unnecessary debt. Youth, she said, provides room for making mistakes and learning from them, something that becomes harder when responsibilities increase later in life.
Her advice to young women was clear: budget for every shilling, take calculated risks, and focus on adding value to oneself through continuous learning and career growth.
Education, Amase emphasized, is not just a path to formal qualifications but an investment that pays long-term dividends. She encouraged young women to seek knowledge continuously and build their skillsets to enhance their earning potential.
“Study more, build your skills because this is an investment. If you position yourself well and utilize your potential, it will enable you to earn more money over time,” she said.
Turning to mothers and household managers, Amase highlighted the power of banking tools in helping families stretch their incomes further. She noted that effective household budgeting begins with identifying financial goals, estimating income from all sources, and listing expenses while prioritizing savings.
However, she emphasized that the real game-changer lies in the strategic use of digital banking tools to allocate funds across multiple accounts or wallets automatically. By directing money for specific needs such as emergencies, school fees, medical expenses, or leisure activities into designated accounts, women can avoid the temptation of diverting funds meant for important priorities.
Amase praised financial institutions and telecom companies for introducing innovative products such as mobile wallets, instant microloans, and investment-linked programs that encourage saving and make financial services more accessible.
Through collaborations between banks and telecom providers, wallet-to-bank transactions have simplified financial management and improved convenience for women across Uganda. This integration, she said, is empowering women to transact, save, and invest more efficiently, provided they embrace these tools wisely.
Financial literacy, according to Amase, remains a critical skill for women seeking financial independence and business growth. By equipping women with knowledge, practical skills, and confidence, financial literacy enables them to make better financial decisions and avoid debt traps.
She explained that financially literate women understand the importance of budgeting, setting aside savings as a fixed expense, and evaluating financial products before committing to them. Such women are more likely to assess the cost of borrowing carefully, considering factors such as interest rates, repayment periods, and associated charges before taking out loans.
Addressing the common narrative around “good debt” and “bad debt,” Amase offered a different perspective. In her view, the distinction lies not in the nature of the debt but in the behavior of the borrower.
“I want to say that there’s nothing like good or bad debt, but there’s always a bad borrower and a good borrower,” she explained, underscoring the importance of responsible borrowing. Through financial literacy, women can learn to borrow strategically and sustainably, turning loans into tools for wealth creation rather than financial distress.
Amase also called for stronger integration between formal banking services and informal women’s savings groups, which continue to play a vital role in community finance. She acknowledged that many women still rely heavily on self-help groups, merry-go-rounds, and informal circles for saving and accessing credit.
While these systems have cultural and social value, she argued that banks remain the safest spaces for saving money and accessing structured investment opportunities.
To bridge this gap, she urged financial institutions to invest in continuous sensitization campaigns, educating women about the benefits of formal banking products and helping them match the right financial tools to their specific goals.
For example, Amase pointed to bancassurance products that combine banking and insurance services, enabling women to save for long-term goals such as school fees or retirement while earning returns on their contributions.
However, she noted that many women are unaware of such products and their benefits. Raising awareness, she said, is essential for empowering women to make informed choices and access tools that align with their financial objectives.
Understanding spending triggers is another crucial aspect of effective financial management, Amase explained. Recognizing personal spending habits allows women to select financial products that support their savings goals and limit impulsive withdrawals.
For example, individuals prone to impulsive spending may benefit from insurance-linked savings products that restrict access to funds for a set period, helping them stay disciplined while working toward long-term objectives.
Amase stressed that financial institutions must continue playing an active role in sensitizing women through training sessions, campaigns, and financial literacy programs. These initiatives should aim to build women’s confidence in using formal banking systems while equipping them with the tools to make smarter financial decisions.
At the same time, she encouraged women to take ownership of their financial journeys by continuously educating themselves, exploring new products, and leveraging opportunities in the rapidly evolving financial landscape.
The integration of digital platforms, financial literacy, and innovative banking products presents an unprecedented opportunity for Ugandan women to build wealth and achieve economic empowerment.
By embracing technology, understanding available tools, and making informed choices, women can take control of their financial futures and secure greater stability for themselves and their families.
In closing, Amase called on Ugandan women to seize the moment and take advantage of the financial opportunities available in today’s digital age.
By combining financial education with digital literacy, she believes women can navigate the financial ecosystem more confidently and effectively, unlocking new paths to wealth creation and long-term prosperity.
