Uganda’s Retirement Benefits Sector is transitioning from infancy to maturity. In a sit-down with Lydia Mirembe, the URBRA CEO, Martin Anthony Nsubuga shared his thoughts on expanding coverage, embracing innovation and building lasting financial security for all Ugandans.

Question: Over the past two years, you’ve been observing the sector from the outside. What were your impressions, and what did you observe that you had missed as an insider?

Answer: To give you some context, the Uganda Pension Reform started back in 2003 and eventually culminated in the establishment of the regulator in 2012. From the beginning, our focus was on building a solid foundation to ensure the protection of members’ funds, to galvanize supervisory oversight, and to contribute to the stability of the financial sector. The ultimate outcome was long-term savings mobilization. The past two years gave me reassurance that the work we did in the past to establish a strong regulator has been tested and proven resilient. The regulator maintained strong oversight. Stakeholders continued to perform their duties and observe regulatory requirements. On the investment side, there was strong compliance with appropriate asset classes. It is highly rewarding to see that our early efforts from 2003 are yielding such positive results.

Question: Your recent reappointment in a way marks a new dawn for URBRA and for the sector. What does “new dawn” mean in practical terms?

Answer: The “New Dawn” is like a new dispensation, building on the past and taking us into the next phase. We are advancing from a foundational stage to a fully grown regulator with advanced capabilities, system functionalities, and full compliance. Think of it like a growing child. When a baby is growing, you are tolerant because you want them to grow. That is how we worked in the past. But now, a fully grown regulator we must do things differently, because we have strong functioning systems, capabilities, and high standards.

Practically, this means high competence in our service delivery and continuous collaboration with our stakeholders. We want to shift from a “regulator-regulated” relationship that sometimes implies a punitive approach, to a collaborative relationship to develop the sector together. Ultimately, we want to support every Ugandan who is planning and preparing for retirement, but the regulator cannot do this alone. Collaborating with different stakeholders is key and that’s what this new dawn is about.

Question: With sector assets recently crossing the UGX 30 trillion mark, what is URBRA’s plan for maintaining this 20%+ growth trajectory over the next five years?

Answer: The numbers are impressive, but the real story is how we got here. When the regulator came into place in 2012, the sector had less than 5 trillion shillings in assets under management. Hitting 35 trillion in less than 15 years, means the regulator is doing something right and the market is responding positively.

The growth has been driven by stronger compliance, which means more contributions, but the biggest driver has been prudent investment. Members have enjoyed double-digit returns for more than seven years because of strict adherence to investment standards and approved asset classes. We closely evaluate scheme investment policies, scrutinise fund managers and ensure Boards of Trustees fulfil their fiduciary duties. Going forward, fund managers must strengthen their research capabilities and stay closely engaged with trustees to ensure member interests remain at the centre of decision-making.

Beyond that, we want to get more people saving, but we are also looking at the volume of savings. Because saving is not easy for many people, we are thinking about indirect ways of saving that leverage today’s digitalized environment. We want to collaborate with telecom companies and fintechs to build up portfolios and propel a stronger saving culture.

Question: What innovations do you plan to deploy to ensure every Ugandan worker can save for a dignified retirement, especially the informal sector workers?

Answer: We are working on a major initiative, the National Long-Term Savings Scheme (NLTSS). We know technology is key to delivering this. There are many innovations out there, but we haven’t given them room for testing. So, alongside the NLTSS, we are setting up a regulatory sandbox to allow innovators to pilot ideas and subsequently take them to the market.

We also want to explore collaborations with telecoms, fintechs, and the Uganda Bankers Association (UBA). We want to capitalise on UBA’s long term interest in a cashless economy. They are considering introducing minimum acceptable transaction levels that go without charges, where the waived charges are directed into a saving vehicle such as retirement saving. such an intervention would yield great results.

Government programmes such as the Parish Development Model are also creating opportunities. Our role is to connect these initiatives to long-term savings so that beneficiaries can build lasting financial security.

Question: There is growing debate about life-long social protection. How does URBRA evolve from being a pension regulator to a broader guardian of financial security?

Answer: To bring this into context, we must look at life expectancy. Life expectancy in Uganda has grown from 45 years a decade ago to 63 today, and it is predicted to reach 70 in the next five years. This makes lifelong social protection critical, especially when you consider that workers access NSSF benefits at 55 and public servants retire at 60. With an improving lifespan, retirees will live many years spending money without earning an income.

This is why we must rethink the benefits model. Beyond lump-sum payments, how do we preserve funds so that retirees enjoy a steady cash flow throughout retirement? What additional benefits can be bundled into that package, such as access to healthcare or other forms of social protection?

It is not easy because average savings are still relatively low. But even modest, consistent payments can transform lives. We have seen this through Social Assistance Grant for Empowerment (SAGE) initiative, where small monthly amounts make a meaningful difference.

The solution lies in partnerships. We need insurance companies and other players to help package additional benefits around retirement savings. That is the direction we want to take. It moves us beyond simply enforcing regulations to becoming a true guardian of financial security—from the early years of life, through accumulation, and into retirement.

Question: How do you intend to position Uganda as a regulatory leader within the EAC and at the global level?

Answer: Our aspiration is to be the best regulator in the region, but “best” isn’t just a word; it is defined by capabilities, competencies, systems, and actual compliance levels. For example, four years ago we started building a risk-based supervision system. It is one of the best in the region, and we are advancing it further. We want to demonstrate to our peers that you can have a comprehensive, real-time risk-based supervision system that actively protects members’ funds.

We also want to drive more research to inform policy and guide high-level discussions within the region. We want to make our own mark. In the economic world, they talk about “emerging regulators” with high-end capabilities that develop immense strength in a short time. We want Uganda to be exactly that—a prime case study for international benchmarks.

Question: The pension sector relies heavily on public confidence. What is your message to the millions of savers who may harbour uncertainty about the sector?

Answer: I just want to reiterate that the foundation laid to develop this sector regulator has been tested and found to be incredibly solid. It has successfully protected members’ funds up to this point, and I have no doubt that this foundation will remain secure. When you build a very strong foundation, long-term stability is guaranteed.

The work we have done, the systems we’ve put in place, our internal competencies, and our ambitious, forward-looking structure should reassure the public. On top of that, our strict prudent investment demands on Boards of Trustees point directly to a positive future with consistent, double-digit returns. Protection for member funds is more than assured.