In addition, the government wants to improve access to long-term finance as a way to help companies raise capital and help families overcome life cycle challenges. Under this plan government will be looking to develop the capital markets, introduce infrastructure and municipal bonds, increase insurance penetration and improve the environment for the issuance of corporate equity and debt.
Strengthening innovation and supporting infrastructure is the third intervention envisioned under the strategy. This will help create an enabling environment for the development of the FinTech sector, and expand the coverage of the credit reference bureau and other relevant legal and policy frameworks required for the fast-changing sector.
And finally, the strategy provides for interventions to ensure the sector inspires trust and is a pillar of the economy through improved regulatory and supervision capacity, compliance with international standards, and better coordination with domestic financial service providers.
Kagwa also said improved consumer protection through improved consumer awareness and ensuring compliance with the Financial Consumer Protection Guidelines are key to driving financial inclusion.
He also thanked the International Center for Tax and Development for a report on taxation in Uganda, which formed the basis of discussion at the conference.
“That’s why we commissioned Dr. Christopher Wales to produce a report on “The taxation of the financial sector in Ugandaâ€. Its remit was to identify opportunities to improve the design and function of the Uganda tax system, specifically as it relates to providers and users of conventional and digital financial services.â€
