Refugees can open bank accounts using the refugee ID card, as required under the 2004 Financial institutions Act and the 2015 Anti-Money Laundering Regulations. However, in practice most banks do not lend to refugees even when they meet the requirements, citing reasons of refugee mobility. 

Refugees can also take out loans from formal financial institutions, but they are often unable to provide the required guarantees. Furthermore, many financial service providers require contact addresses or a letter of introduction from a local leader, which can often be difficult for refugees to provide. As such, very few refugees open bank accounts and/or access other financial services such as loans and insurance.

Refugees can access mobile phones and the mobile phone banking system based on an instruction to all mobile network operations (MNOs) from the Uganda Communication Commission, which is the regulator for MNOs. The instruction sets out that refugees can access SIM cards or mobile phone banking if they meet the Know Your Customer (KYC) requirements. These require them to provide either the asylum seeker attestation letter issued upon their registration in Uganda or the refugee ID card issued by OPM. Most refugees are in possession of a mobile phone and are increasingly using mobile money services. However, there are challenges with the Application Programming Interface (API) that affects the issuance of SIM cards.