The dominant conversation in the retirement benefits sector is how to include informal sector workers in the available saving arrangements. In that regard, Uganda Retirement Benefits Regulatory Authority (URBRA) in collaboration with the Uganda Institute of Banking and Financial Services (UIBFS) organised a sensitization session at Nakawa Central Market in Kampala, targeting market vendors as the key audience. The session focused on financial literacy, retirement planning and environmental sustainability.
The informal sector, which constitutes a significant portion of Uganda’s workforce, often lacks access to structured financial systems. UIBFS and URBRA designed this initiative to bridge the gap by equipping market vendors with practical tools and knowledge to enable the market vendors embrace retirement planning and saving.
Market vendors were introduced to a variety of saving and investment opportunities, which are all available through licensed and regulated saving schemes. Vendors were encouraged to approach retirement savings with the same commitment they show toward their short-term SACCO contributions. Small, consistent savings were highlighted as a simple yet impactful way to build wealth over time.
Vendors were also cautioned about the rampant financial fraud, with practical tips on how to safeguard their money from scams.
The program further discussed integration of environmental sustainability in all investments. Vendors were encouraged to adopt eco-friendly practices, such as proper waste management, could contribute to the longevity of their businesses while aligning with broader financial goals.
Further on retirement planning, Nakawa market vendors were encouraged to start as early as possible because the longer one saves, the better their returns, owing to the principle of compounding interest. Additionally, starting early ensures that one makes the most of their youthful and productive years, before income reduces with the onset of old-age and its attendant bodily ailments. Most importantly vendors were advised to take responsibility for their individual retirement planning, knowing well that with societal changes, there is no guarantee of support from children and relatives. The Youths were inspired to reassess their spending habits and explore the investment options introduced during the session.
Having been inspired to embark on the retirement saving journey, the vendors were assured that under URBRA’s regulatory and supervisory mandate, their funds would be safe and prudently invested to ensure a good outcome for all.
The myth that retirement planning was only for individuals with formal jobs will soon fade away with such continuous efforts of sensitisation and knowledge sharing.
Growing old is a blessing but requires financial planning to ensure dignity, independence, and peace of mind. UIBFS and URBRA are committed to empowering Uganda’s informal sector, ensuring no one is left behind on the journey to financial security.