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The report finds that while identification and mobile money access for refugees in Uganda improved significantly due to policy changes, formal financial service adoption remains hindered by high transaction costs and long travel distances to agents. Refugees rely heavily on non-employment income and informal savings groups (ASCAs and ROSCAs), with a notable increase in cash kept at home for health emergencies. The COVID-19 pandemic disproportionately reduced refugee incomes and increased expenditures, particularly for food and medicine. The report recommends expanding branchless banking, improving digital and financial literacy, and introducing microinsurance and sustainable energy solutions to enhance refugee financial health.

The FI4R endline survey reveals that non-employment income remains the primary source of funds for refugees in Uganda, though there has been an increase in the use of mobile money, savings groups, and cash held at home. The report highlights the role of implementing partners like Equity Bank Uganda Limited, VisionFund Uganda, and the Rural Finance Initiative in providing bank accounts, wholesale credit models, and digitized savings tools to refugees and host communities.

The report finds that COVID-19 significantly reduced refugee incomes from employment and self-employment, leaving non-employment income as the primary source of support. While there is openness to digitizing savings groups to improve speed and safety, significant barriers remain, including low smartphone ownership, high transaction costs, and fears that digital tools may undermine group cohesion and meeting attendance.

The Financial Inclusion for Refugees (FI4R) baseline survey analyzes the demographics, income sources, and financial instrument usage of refugees and host communities across several Ugandan settlements, including Nakivale, Bidibidi, and Palorinya. It identifies a high reliance on informal savings and credit mechanisms, such as ASCAs and ROSCAs, and a significant shift toward mobile money usage after displacement. The report also outlines the specific implementation strategies of partner financial service providers—Equity Bank Uganda Limited, VisionFund Uganda, and the Rural Finance Initiative—to increase access to bank accounts, wholesale credit, and digitized savings products for these underserved populations.

The report examines the financial lives of refugees in Uganda, focusing on the settlements of Nakivale, Bidibidi, Palorinya, and the capital, Kampala. It highlights a significant shift from regular employment to self-employment, with the share of refugees in regular jobs dropping from 25% in their home countries to 6% in Uganda. The average monthly income for refugees is 160,000 UGX, with Kampala having the highest median (205,000 UGX) and Palorinya the lowest (90,417 UGX). The study notes a strong adoption of new financial tools, specifically mobile money (increasing from 7% to 30%) and Accumulating Savings and Credit Associations (ASCAs). Women have shown significant economic progress, with their median monthly earnings nearly tripling from 46,000 UGX to 130,000 UGX. The report also identifies critical vulnerabilities, such as the high cost of charcoal and limited access to medical care, with 20% of refugees unable to afford necessary doctors or medicine.

The Financial Inclusion for Refugees (FI4R) project, launched in 2019 by FSD Africa, FSD Uganda, and Access to Finance Rwanda, aims to provide financial services to forcibly displaced people (FDPs). In Uganda, the project supported Equity Bank Uganda Limited, Vision Fund Uganda, and the Rural Finance Initiative, resulting in over 93,300 households registering on a digital platform and 65,484 households receiving digital payments. In Rwanda, Equity Bank Rwanda opened 57,000 accounts for refugees. The project has helped overcome barriers such as insufficient documentation and lack of financial history, with updated regulations now allowing over 600,000 refugees with attestation letters to access mobile-enabled services in Uganda.