The story of the birth and evolution of the Uganda Retirement Benefits Regulatory Authority (URBRA) begins with the enactment of the URBRA law by the Parliament of Uganda and ultimately, the Presidential assent on 28th June 2011. Given the sector reforms and developments over the years, this birth was indeed joyful and timely.

Knowing how poor institutional management can quickly unsettle stakeholders, URBRA for its ten-year existence shied away from scandals that for long dogged this sector, hence the faith that her stars have aligned. As Lord Tennyson would say, “The old order changeth, yielding place to new…”

With URBRA as the regulator, that old order in the sector has since changed and is bound to continue changing for the better.

“It is no longer the scandal-riddled sector that you knew many years ago,” assured the Authority’s current CEO, Mr. Martin Anthony Nsubuga during an interface with journalists.

A decade ago, many Ugandans, especially the youth, were not enthusiastic about saving for retirement. For a country with the youngest population in the world, the general attitude was that saving for retirement was a resolve for the “old”. Today, it is evident that the youth have engaged themselves in saving for retirement hence doing away with the old mentality – thanks to URBRA’s relentless public education programmes about saving for retirement.

Other manifestations of URBRA’s success are there for all to see. By January 2022, for example, a total of 64 schemes had been licensed. Of these, 3 are mandatory, 12 umbrella, and 49 occupational. The Authority also licensed, 6 fund managers, 5 custodians, 10 administrators, 243 active trustees, and 4 corporate trustees. Undoubtedly, these numbers will keep going up. This has been possible due to improved governance, scheme operations and efficiency.

Better still, the scheme members are now able to use up to 50% of their savings to secure housing loans and mortgages.

This would guarantee a quality of life and dignity commensurate to their labors. Meanwhile, one can start saving for their retirement with as low as UGX 2000, with a scheme licensed by URBRA. A confluence of factors, may explain the Authority’s remarkable success. One of those factors is its able leadership and dedicated staff. The other is the public faith in the Authority that has steadily increased over time.

Information about the Authority is readily available to the public— both in soft and hard copy. Timely feedbacks at URBRA is the norm. There have been serious efforts geared toward engaging the public in various ways, including mainstream media, social media, the Authority’s official website, and community meetings.

Equally important, is the duty and need to continuously engage in institutional/sector research and innovation to not only remain relevant, but also to keep up with the times. There is no bending backwards. 

Finally, URBRA’s aspirations as clearly laid down in its vision and professed in its Core Values, remain an area of focus. For now, the Authority’s stars seem aligned, at least well enough to make a lasting mark beyond the next decade.