How FINCA Spesho Is Opening Doors for First-Time Banking Customers.

For many Ugandans in the informal sector, the biggest challenge is not finding customers but finding the capital to keep their businesses running. A market vendor may need money to restock produce, a farmer may require quality seeds and fertilisers ahead of the planting season, while a boda boda rider or salon owner may need financing to repair equipment or expand operations.

Yet for many of these entrepreneurs, access to formal financial services remains limited. Some have never owned a bank account, relying instead on cash transactions and mobile money to manage their daily finances. While these channels provide convenience, they may not always meet the growing financial needs of small businesses and households.

Recognising this gap, FINCA Uganda has introduced the Ka FINCA Spesho campaign to encourage first-time banking customers to take their first step into the formal financial system. The initiative seeks to simplify the banking experience for people who have never had an account while connecting them to financial solutions, including Ka FINCA Spesho loans of up to UGX 10 million repayable over six months at specially discounted interest rates tailored to the customer’s loan amount and assessment, to support their personal and business aspirations.

According to Moses Ogwal, a Business development Manager of FINCA Uganda, this is a banking solution giving an opportunity to the unbanked people. “This campaign is designed to solve the problems of vendors, that have been relocated from the streets and need quick fix especially youth, women and people with disabilities.”

The campaign comes at a time when Uganda’s financial inclusion agenda is evolving. Policymakers are increasingly focusing not only on expanding access to financial services but also on ensuring that more Ugandans actively use products that can improve their livelihoods and strengthen economic resilience.

At the 2025 Annual Financial Inclusion Forum, stakeholders observed that the country’s next challenge is encouraging greater use of formal financial services, particularly among underserved populations and people working in the informal economy.

Meeting these needs requires financial solutions that are accessible and easy to understand, especially for people who may be entering the formal banking system for the first time.

Ogwal further added: “The initiative has been designed to make that first step easier through a simplified account opening process and guided support for new customers.”

For many entrepreneurs, opening a bank account is not simply about having a place to save money. It can provide access to financial products that support business growth, help manage unexpected expenses and create opportunities to invest in the future.

As Uganda continues to deepen financial inclusion, initiatives that address the practical needs of ordinary people are likely to play an important role in bringing more individuals into the formal financial sector.

By simplifying the journey into banking and creating opportunities for eligible first-time customers to access financing, FINCA Uganda is seeking to make formal financial services more relevant to the everyday realities of Ugandans working to build their businesses and improve their livelihoods.