Uganda pushes diaspora on remittances

What the report says

Bank of Uganda deputy governor Prof. Augustus Nuwagaba has called on Ugandans living abroad to move beyond sending remittances and channel more of that money into long-term investments at home. According to The Observer, he said the central bank is working on a Diaspora Bond intended to give the diaspora a safer investment option, alongside other opportunities linked to energy infrastructure. He also encouraged investors to consider sectors that do not require close day-to-day supervision, such as real estate, financial technology, digital infrastructure and payment systems.

Nuwagaba made the remarks at Equity Bank’s 2026 Diaspora Webinar, which brought together Ugandans from several regions, as well as government and central bank officials. The event was held under the theme of turning remittances into investment capital for Uganda’s economic transformation. Equity Bank managing director Gift Shoko thanked diaspora clients for their support and said the bank wants to help them invest in Uganda’s long-term development.

The finance ministry also used the forum to outline wider economic ambitions, including a future $500 billion economy built on innovation and industrialisation. Commissioner Joseph Enyimu pointed diaspora investors toward priority sectors such as agro-industry, tourism, minerals, oil and gas, and science, technology and ICT, and urged them to form structured investment groups. Equity officials highlighted services for overseas customers, including digital banking, property and construction finance, and support for obtaining national IDs, which they said are increasingly important for financial and property access.