Stanbic Bank has urged Ugandans to embrace a saving culture as a foundation for achieving long-term financial stability and economic growth.
The call was made by Israel Arinaitwe, Head of Personal Banking at Stanbic Bank Uganda, as January draws to a close, a period often marked by financial strain following festive season spending.
Arinaitwe said saving should be treated as a priority rather than an afterthought, noting that economic progress, whether at an individual or national level, depends on the accumulation of capital.
“Saving before spending is critical. Economic development is built on capital, and capital is built through saving,” he said.
He made the remarks while reflecting on Stanbic Bank’s latest brand campaign, Keep Growing, which he described as more than a corporate slogan but a broader call to action for Ugandans to pursue continuous financial progress.
“At Stanbic, we say Uganda is our home and we drive her growth. Keep Growing speaks to our responsibility to support individual and national development,” Arinaitwe said.
He stressed that saving is not a habit reserved for high-income earners, but a discipline that can be adopted at any income level.
“One of the biggest misconceptions is that people save what remains after spending. In most cases, nothing remains. Saving must come first,” he said.
Arinaitwe likened saving to traditional household practices where essentials were set aside before consumption, arguing that the same principle should apply to personal finances.
According to him, saving enables individuals to invest in productive assets such as businesses, land, and tools, which are critical for improving livelihoods.
“If you are in business, continue growing it. If you are employed, save intentionally because you will need capital in the future, whether for investment or emergencies,” he said.
Arinaitwe also pointed to improved financial inclusion across the country, noting that digital banking and agent banking have made it easier for Ugandans to open and operate bank accounts.
“Banking services are now within reach. You can open an account using your phone or through an agent near you,” he said.
Despite these developments, he revealed that nearly 30 percent of Ugandans still keep their money at home, where it does not earn interest and remains vulnerable to loss.
“When money is kept in a savings account, it earns interest and grows. That is how wealth is built,” he said.
Beyond savings accounts, Arinaitwe highlighted Stanbic Bank’s investment products, including unit trusts and money market funds, which allow customers to earn returns on their savings.
“The goal is to move from working for money to allowing money to work for you,” he said, encouraging Ugandans to consider investment options such as unit trusts, treasury bills, bonds, and property.
He added that the bank also supports clients interested in land development and rental investments as part of long-term wealth creation.
Arinaitwe encouraged parents to begin saving for their children early, noting that Stanbic Bank offers interest-earning accounts for minors.
“A child’s saving journey can begin from birth. This helps families plan better for education and future needs,” he said.
