On September 26th 2011, the URBRA Act was enacted. That marked the beginning of a journey of change in Uganda’s retirement benefits sector. That October, the URBRA Board of Directors was constituted, appointed and given the task of setting up a functional regulator. As is commonly said, the rest is history. Here we are ten years later, with a well-established, functional and effective regulator.

It has been quite a learning curve at individual, institutional, and sector level. Everyone who has been involved in Uganda’s retirement benefits sector over the last ten years has their own story to tell. Some have been involved as trustees, investment analysts, advisors, fund managers. Many Ugandans have also been involved in their capacity as savers – the ones that save with different schemes, contributing to long term domestic saving and ultimately to national GDP. Various institutions have also been involved in the sector.  It has been ten years of sector realignment, streamlining, capacity building, efficient scheme management, investment and growth. It has been a decade of shedding old, undesirable tendencies typical of unregulated environments.

The objectives upon which the Regulator was established were: to improve the scope and efficiency of the Retirement Benefits Provision; protect members’ funds and those of their beneficiaries; and ensure stability and integrity of the retirement benefits sector and that of the financial sector in general.

I have no doubt that in the last ten years, we have delivered on all the objectives. There is growing adherence to good governance and prudent investment practices, which are key to the protection of members’ funds.  We have also seen improvement efficiency in service delivery and adherence to disclosure requirements as Trustees exercise their fiduciary responsibility.  The sector also boasts a pool of licenced professionals in schemes administration, custodial services and fund investment.  All these have greatly contributed to the integrity of the retirement benefits sector, which currently accounts for 50% of Uganda’s savings to GDP and a significant presence in the financial sector.

The Retirement Benefits Sector now stands as the fastest growing sector in Uganda, worth more than UGX18.9 trillion Shillings as of June 2022. This is a result of deliberate efforts by sector players, under the regulation of URBRA. For URBRA as an institution, it has been a period of tremendous growth. I wish to congratulate everyone who has been part of this journey. From those who saw the need for sector reform and led the process of establishing a regulator; those who undertook the protracted task of drafting the URBRA Act; the pioneer Board of Directors, the staff, stakeholders and the Government of Uganda. You have all made it worth the while. Your input, advice, guidance, watchful eyes…, have enabled the sector to bloom. Thank you so very much!

As we look to the next ten years, its our hope that the sector will continue to thrive. It’s our hope that more Ugandans will realise the need to save for retirement and the joy of a poverty-free old age.