Uganda’s pension sector takes aim at growth

What the report says

Uganda’s pension industry is being presented as a potential driver of the country’s long-term economic expansion, according to The Independent Uganda. At the inaugural Stanbic Uganda Pensions Conference in Kampala on October 1, government officials, regulators, fund managers and financial-sector players discussed how retirement savings could support Uganda’s Tenfold Growth Strategy and its goal of reaching a US$500 billion economy by 2040.

The report says speakers argued that pension money could help fund infrastructure, housing, businesses and capital markets if it is mobilized and invested more effectively. Stanbic Uganda Holdings said the conference also marked the expansion of its investment management operations into pension fund management through SBG Securities Uganda. Company leaders framed retirement savings as a source of long-term domestic capital, while also stressing the need to build a stronger savings culture.

A key theme was widening access to pensions beyond formal salaried workers. Labour ministry official Simon Mulongo said enrollment must expand, including through partnerships with SACCOs, village savings groups, banks and mobile money platforms so that informal workers can participate. The Uganda Retirement Benefits Regulatory Authority’s Daisy Nabakooza said pension assets under management had reached about Shs36 trillion by June.

National Social Security Fund chief investment officer Kenneth Owera said NSSF’s assets were about Shs35 trillion, but noted that investment opportunities have not grown at the same pace. The discussion matters because it highlights both the promise and the limits of using pension savings for development: Uganda needs more investable projects, stronger governance and investments that protect savers while delivering returns.