Mr Martin A. Nsubuga the (URBRA) acting chief executive officer. COURTESY PHOTO
Uganda’s
pension sector on average receives Shs200b annually, according to
Uganda Retirement Benefit Regulatory Authority (URBRA).
Speaking
during the launch of Enwealth Financial Services, a new financial
service provider in Kampala last week, Mr Martin A. Nsubuga the (URBRA)
acting chief executive officer, said the pension sector has evolved
faster than anticipated, thus necessitating a regulatory framework to
guide the industry.
“Uganda’s pension sector is
growing at an average of 20 per cent. At last Shs200b is added in the
sector annually,” he said, adding that the sector has grown to a total
portfolio of Shs11 trillion.
Enwealth, which offers
pension retirement training and consultancy, was founded in Kenya in
2011, and currently manages pension assets in the excess of Sh2 trillion
shared among 120 clients.
Mr Simon Wafubwa, the Enwealth managing director, said the pension sector has grown steadily, requiring sustainable investment options that provide a regular cash-flow such as income drawdowns, diaspora and expatriates fund and post-retirement healthcare fund to guarantee security in retirement.
Mr Simon Wafubwa, the Enwealth managing director, said the pension sector has grown steadily, requiring sustainable investment options that provide a regular cash-flow such as income drawdowns, diaspora and expatriates fund and post-retirement healthcare fund to guarantee security in retirement.
The
company, he said, will target corporate entities as well as small and
medium enterprises that have not put serious focus on guaranteeing
savings for workers’ retirement.
According to a 2016
World Bank World development indicators report, Ugandans save around 5
percent of their monthly incomes, the lowest record in comparison to
other East African countries such as Kenyans who save up to 23 per cent.
Tanzanians and Rwandans save up to 13 and 18 per cent, respectively.
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