By Our Reporter

Kampala: The Insurance Regulatory Authority of Uganda (IRA) recently received the giant savings bank from the Uganda Insurers Association at a function held at the Insurance Tower in Kampala.

The giant savings bank was received by the IRA Director in charge of Planning, Research and Market Development, Mr. Protazio Sande on behalf of the Chief Executive Officer.

The giant savings bank is part of the Savings Challenge which was launched as part of the events to commemorate the World Savings day on October 31, 2022. It is spearheaded by the Uganda Institute of Banking and Financial Services (UIBFS) and Bank of Uganda and supported by other financial sector regulators and financial sector service providers.

The IRA is the fifth participating institution to receive the giant savings kit. The other institutions it has been to are UIBFS, Uganda Bankers Association, Deposit Protection Fund and the Uganda Insurers’ Association.

In his speech, Mr. Sande said it was a great honor for IRA to be a part of the savings challenge, noting that it is a statement of confidencethat the insurance fraternity has a key role to play in entrenching the saving culture.

He advised that people should strive to save before consumption as consuming before saving may leave one with nothing to save, given the high cost of living.

IRA will be in possession of the savings kit for a week, where all staff will be encouraged to take part in the saving challenge.

Mrs. Goretti Masadde, the UIBFS Chief Executive Officer, applauded IRA for participating and reiterated the urgent need to inculcate a saving culture among all Ugandans.

She added that the initiative provides a platform for the participating institutions to take a lead in practicing what they preach.

Mrs. Masadde noted that the funds from the drive will be committed to green Corporate Social Responsibility initiatives, especially those led by women and the youth. These initiatives will be nominated by the public.

The savings challenge is organised under the theme; “Start Small. Grow Big. Be Green Smart”.

The Head of Financial Literacy at Bank of Uganda, Mrs. Tilda Nabbanja Turyagenda noted that while this drive is spearheaded by financial institutions, it reminds everyone of their personal responsibility regarding saving. She further noted that this challenge calls onto everyone to be mindful that the seemingly little resources can lead to something significant if someone is purposeful.

The UIA Chief Executive Officer, Mr. Jonan Kisaakye, commended all institutions taking part in the challenge. He noted that saving is not easy and that one has to be intentional, set a target and work towards achieving it.

He added that  teamwork and an effective strategy played a great role in enabling UIA mobilise savings from its staff and members.