Next financial divide isn’t between rich and poor but between investors and consumers

What the report says

The Observer argues that Uganda’s emerging financial divide is less about income and more about whether people are building assets or financing consumption. In the Kampala-based commentary, the writer says the gap is visible across East Africa: some households are gaining ownership through savings, unit trusts, securities accounts and retirement products, while many others rely on borrowing for day-to-day spending.

The article cites Capital Markets Authority data showing Uganda’s collective investment schemes reached Shs 5.6 trillion by December 2025, but says ownership remains narrow, with only about 180,000 individual investors and just over 200,000 active securities accounts in a country of roughly 45 million people. It also points to National Social Security Fund figures indicating only 2.5 million Ugandans actively save for retirement. The piece uses similar regional examples from Kenya, Tanzania and Rwanda to show that formal financial participation is still limited even where national savings or market figures appear strong.

According to the commentary, this matters because salary alone no longer defines financial security. A higher earner who borrows to consume and holds no investments may still be vulnerable, while a lower earner who saves and invests can build long-term stability. The writer says banks, advisors, brokers and regulators should make it easier for ordinary people to move from saving to owning, including through SACCOs and lower-barrier investment products.