The UK Government has stepped down from funding Financial Sector Deepening Uganda (FSDU) and handed over that role to the Bill and Melinda Gates Foundation, it said on June 15 in a media statement.
Since 2015, the UK Government has invested Shs 85 Billion (£17m) to establish and support Financial Sector Deepening Uganda (FSD Uganda), giving over 600,000 individuals and 4,000 micro, small and medium enterprises increased access to and utilization of formal financial services.
Over this period, FSD Uganda has evolved from an overseas development assistance programme into an independent not-for-profit Ugandan organization.
Bringing the Bill and Melinda Gates foundation on board will ensure FSDU continues its operations, supporting Uganda to grow its economy sustainably.
FSD Uganda is the only think-tank that provides direct policy and regulatory advice to all financial sector regulators in Uganda. The organization has supported key policy and regulatory shifts through advice and input into a number of financial sector policies, bills, and regulations.
Andrew Ockenden, the former Development Director, British High Commission Uganda at Foreign Commonwealth and Development Office said, “The UK is proud of the institution we have established and excited about the new expertise and focus that the Gates Foundation will bring. It is a huge mark of success that FSD Uganda has attracted the wider donor support that has enabled FSD Uganda to succeed independently of the founding donor. The UK remains fully committed to FSD Uganda and the results we know it will continue to deliver.”
Jason Lamb, Deputy Director at the Gates Foundation said, “The Gates Foundation recognizes FSD Uganda’s focus on marginalized and excluded citizens and micro/small enterprises and the positive impact on their lives. We are delighted to fund the next stage of their work. We would also like to recognize the UK government for its vision as the founding donor.”