Why Most People Don't Have Bank Accounts in Uganda: The surprising Technology filling the Gap
Why Most People Don't Have Bank Accounts in Uganda: The Surprising Technology Filling the Gap For many people around the world, accessing a bank account is a necessary tool for receiving salaries, paying bills, and saving for the future. However, in many parts of Uganda, this is not the reality on the ground. Traditional banking, with its need for physical branches and formal paperwork, has often failed to reach vast rural populations such as those in the villages of Teso, Lango, and Acholi regions, as well as people with lower or irregular incomes. This is not because people lack money or financial needs; they pay school fees, settle bills, and support families. The question then arises: how do they manage their economic lives in terms of transactions and payments? The answer lies in a surprising technological innovation that has, in many cases, overtaken traditional banking entirely: the widespread adoption of mobile money. The Scale of Adoption The move to mobile money...