In a major drive to empower small business owners and promote financial inclusion, the Bank of Uganda (BoU), in partnership with the Rotary Club of Sonde, has launched a nationwide financial literacy campaign targeting market vendors and small-scale traders.
The initiative officially kicked off at Goma Farmers and Vendors Market, commonly known as Goma Market, where hundreds of traders gathered for a hands-on training session aimed at improving their financial management skills and protecting them from fraud.
The interactive session was led by Ms. Ritah Karungi and Rotarian Priscilla Tuhirimwe from the Bank of Uganda, who guided participants through practical topics such as saving and budgeting, proper record keeping, borrowing responsibly, accessing formal credit, and avoiding fraudsters.
During the event, traders shared their personal experiences and struggles in managing their finances. Many admitted to losing money to fake moneylenders or suffering from poor saving and bookkeeping practices.
“The training has opened our eyes,” said Ssalongo Ibrahim Katongole, the chairperson of Goma Market. “Many of us have fallen prey to conmen and lacked proper saving habits. Now we know how to keep records, save safely, and make informed financial decisions.”
Goma Market, which hosts more than 250 traders, is one of the busiest local markets in Mukono Municipality. Most traders earn modest daily incomes and have limited access to affordable financial services — a gap the new initiative seeks to address.
Empowering traders through financial knowledge
The Rotary Club of Sonde spearheaded the collaboration with the Bank of Uganda, recognizing that many traders work hard but remain trapped in cycles of low income and debt due to limited financial literacy.
Mr. David Salasata, the incoming president of the Rotary Club of Sonde (2025–2026), said the partnership was born out of compassion for local vendors struggling to grow their businesses.
“These traders work tirelessly from morning to evening, but their standard of living hasn’t improved much,” Salasata explained. “By partnering with the Bank of Uganda, we want to help them see the value of saving — even small amounts like one or five thousand shillings a week can create a culture of discipline and progress.”
He added that the program encourages vendors to form and register Savings and Credit Cooperative Organizations (SACCOs), giving them access to cheaper loans from formal financial institutions. The sessions also emphasized the importance of using mobile money and digital platforms safely, given the rising cases of cyber fraud targeting small traders.
Rotarian Margaret Bunoti, one of the key facilitators, said the training placed strong emphasis on record keeping, budgeting, and investment planning as vital tools for business growth.
“We encouraged traders to document their daily income, expenses, and investments,” Bunoti noted. “Budgeting on a daily, weekly, and monthly basis helps them monitor progress and make informed decisions about reinvesting profits.”
She also cautioned traders to be alert to digital scams, advising them to safeguard their PIN codes and mobile money accounts against unauthorized access.
Many participants expressed gratitude for the training, saying it had transformed their mindset about saving and managing money.
“I’ve learned how to manage my money better,” said Mr. Juma Michael, a shoemaker at Goma Market. “Even if I earn little, I can save and reinvest in my business instead of spending everything.”
The Bank of Uganda and Rotary Club of Sonde have pledged to extend the financial literacy campaign to other markets in Mukono District and beyond, aiming to reach thousands of small traders across Uganda.
“Our goal is to see vendors not just working hard, but working smart — saving, investing, and improving their livelihoods,” Salasata concluded.
The initiative marks a significant step in bridging the financial knowledge gap among Uganda’s informal business community and strengthening the foundation for sustainable economic growth.
