Uganda’s retirement benefits sector is at a defining moment. While retirement savings have grown significantly, a large proportion of Ugandans particularly those working in the informal sector remain outside formal pension arrangements. This was a central concern at the 2nd Annual Thought Leaders’ Forum on Pension, organised by the Uganda Insurers Association (UIA), where industry leaders, regulators and policymakers called for greater collaboration, innovation and practical solutions to expand pension inclusion.
Speaking on Sustainability and Long-Term Investment, Capital Markets Authority CEO Ms. Josephine Okui Ossiya noted that Uganda’s retirement savings have grown to approximately UGX 36 trillion, covering about four million scheme members. However, she emphasised that expanding coverage to informal workers and SMEs must remain a priority. She called for stronger public-private partnerships and greater innovation in investment products, including infrastructure bonds, to create more opportunities for deploying growing retirement savings.
Flexibility also emerged as a critical requirement for expanding coverage. Ms. Ossiya argued that contribution mechanisms should reflect the irregular income patterns of many Ugandans, allowing them to save as and when they earn. She further highlighted insurance as an important component of retirement security, particularly through affordable life, disability and income protection products that can shield households from financial shocks.
UIA CEO Mr. Jonan Kisakye reinforced the importance of collaboration, innovation and public trust. He noted that expanding pension coverage requires accessible information, strategic partnerships and solutions that respond to the realities of Uganda’s workforce. He also emphasised the need to improve public understanding of the role of insurance within the retirement ecosystem.
The challenge of inclusion was further underscored by Mr. Kirya Hassan Alimansi, Chairman of Finance, Planning and Investment at the Informal Workers Social Protection Scheme. He observed that approximately 80% of workers are in the informal sector and remain largely unprotected because conventional pension and insurance products were not designed around their income patterns and risks. He called for affordable, flexible micro-pension and micro-insurance solutions supported by partnerships among government, regulators, insurers, technology providers and workers’ organisations.
From the regulatory perspective, Daisy Lynda Nabakooza, URBRA’s Chief Manager of Supervision and Market Conduct, stressed that pension planning is not solely an informal-sector issue. With savings remaining low and people living longer in retirement, she urged Ugandans to begin preparing early. Adding that Under URBRA’s current five-year plan, Uganda aims to increase informal-sector pension inclusion to 20 percent, from less than one percent. Framing meaningful inclusion around three principles: accessibility, affordability and quality at scale.
Similarly, Mr. Patrick Kimathi, CEO of Old Mutual Uganda, called for micro-pension products that allow informal workers to contribute daily, weekly or monthly according to their incomes. Mr. Andrew Mwangi Ngumo of Zamara emphasised that pension reform must focus on people rather than merely assets under management, advocating for digitisation and individual-centred retirement solutions.
The Chief Guest, Mr. Bua Victor Leku of the Ministry of Public Service, highlighted the need to prepare for Uganda’s growing population and future elderly population, while noting the Government’s step in the right direction of introducing a funded, contributory defined-benefit scheme for public servants.
Closing the discussions, URBRA CEO Mr. Martin Anthony Nsubuga emphasised that no single institution can achieve pension inclusion alone. He called for deliberate collaboration between the pension, insurance and banking and telecom sectors, with technology playing a central role in making retirement saving more accessible.
The key message from the UIA Forum was clear, Uganda’s pension future will depend not only on growing savings, but on making those savings accessible, flexible, protected and meaningful to every Ugandan.