Use of Financial Services over Time in Uganda
This paper examines clients' use of financial services in Uganda over a twelve-year period. The study uses the following methods:
- A time series analysis-based "MFI Use over Time" tool;
- Interviews with clients to discuss the evolution of their use of financial services over this period.
The key results of the study are:
- Clients use:
- "Rotating Savings and Credit Associations" (ROSCAs) and " Accumulating Savings and Credit Associations"a (ASCAs);
- Multiple financial institutions.
- Clients seek:
- Products and service delivery methodologies that meet their needs;
- Good customer care and friendly staff;
- Financial institutions that serve them quickly, both over the counter, and in terms of loan processing time;
- Institutions with good premises and security guards to deposit money in;
- Individual loan products, rather than the group-based methods;
- Lower charges in financial institutions;
- Transparency in all financial dealings.
The study concludes with the statement that clients look for ease of access to savings when they join a particular institution, and use informal institutions like ROSCAs and ASCAs to build lump sums.