The Deputy Governor of the Bank of Uganda, Michael Atingi-Ego, has urged citizens to save their hard-earned money with caution, advising that they should do so with regulated financial institutions.
Atingi-Ego made this plea at Sheraton Hotel in Kampala during the World Savings Day event on October 31st, his voice resonating with the wisdom of ages, urging the nation’s savers to embark on a journey of financial enlightenment.
With fiery fervor, he implored, “The only way to preserve and grow the value of your money is to earn a return greater than inflation!”
A sea of eager faces gathered below, their eyes gleaming with anticipation, as the Uganda Institute of Banking and Financial Services (UIBFS) and the Uganda Bankers Association orchestrated a symphony of financial enlightenment.
The air was thick with the promise of prosperity, as key finance players, regulatory titans, and financial service providers convened in unity.
“Regulated financial service providers are the guardians of your hard-earned treasures,” declared Atingi-Ego, his words like a beacon of hope amidst a tumultuous sea of economic uncertainty.
“They ensure the security of your savings, preserving their value and bestowing upon you the boon of interest!”
As the echoes of his proclamation reverberated through the hall, the crowd hung on his every word, enraptured by the revelation that stashing away coins under mattresses was a folly of yesteryears.
Atingi-Ego’s wisdom flowed like a river of enlightenment, carrying with it the revelation that money, left untouched, dwindled in potency against the unyielding march of time.
The Financial Capability Survey (FCS) of 2020 painted a stark portrait of Uganda’s financial landscape, revealing that only a mere 20.4% embarked on the noble journey of saving for life’s grand milestones.
The experts, assembled on this hallowed day of World Savings, preached fervently, their words dripping with the nectar of financial acumen.
“Don’t merely trust in luck, invest in your future!” they cried, a rallying call to arms against the capricious whims of fate. Certificates were presented, ceremonies concluded, and the air was charged with an electric energy, a promise of newfound wealth and prosperity.
In a climactic denouement, the CEO of UIBFS, Mrs. Gomasadde, and the Chair of the Uganda Bankers, Arapta Sarah, sealed the festivities with a flourish, their gestures an oath to safeguard the nation’s financial future.
With solemn grace, they bequeathed certificates to the chosen few, anointing them as torchbearers of fiscal wisdom.
The echoes of this grand event will reverberate through the annals of Uganda’s financial history, a testament to the unwavering dedication of the Bank of Uganda in its quest to illuminate the path of financial prudence.
From the Sheraton’s hallowed halls, a clarion call was issued, resounding through the hearts of savers across the nation: “Set your goals, start with the little you have, and let patience and consistency be your guiding stars!”
For in the embrace of regulated financial institutions lies the promise of a future, secure from the treacherous snares of Ponzi schemes and cyber fraud.
And so, on this World Savings Day, a new chapter was written, a chapter of financial enlightenment, where the promise of prosperity danced in the eyes of a nation, united in their pursuit of financial freedom.
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