The inaugural Stanbic Uganda Pensions Conference has opened with a strong focus on how pension savings can support both workers’ retirement security and Uganda’s long-term economic growth.The conference, organised by Stanbic Bank Uganda in partnership with SBG Securities Uganda, brought together regulators, policymakers, pension scheme trustees, administrators and other industry leaders to discuss the role of the pensions sector in accelerating Uganda’s Tenfold GDP Growth Strategy.
Opening the conference, Mark Ocitti Ongom, Chief Executive Officer of Stanbic Uganda Holdings Limited, said retirement savings should first protect the dignity and security of people who have worked and contributed to pension schemes. He, however, noted that when such savings are professionally managed, prudently invested and properly governed, they can also provide important long-term capital for the economy.According to Stanbic, Uganda’s ambition of building a much larger economy will require capital that can remain invested for many years. Pension funds, because they are built through long-term contributions, can potentially provide this type of patient capital for productive investments.Ocitti said pension capital could support areas such as infrastructure, housing, agro-industrialisation, tourism, minerals, science and technology and other productive businesses.
He also stressed the need to bring more women, young people and farmers into formal savings and retirement systems.The conference also marked the launch of SBG Securities Uganda’s Pension Fund Management Service, expanding the company’s investment management activities into the pensions sector. The new service is intended to strengthen the management of pension assets and help mobilise long-term domestic capital for investment.Minister of State for Labour, Employment and Industrial Relations Simon Mulongo, who delivered the keynote address, said Uganda’s Tenfold Growth Strategy cannot be achieved by government alone. He called for financial institutions and other private-sector players to provide capital, investment expertise and other support needed to grow productive businesses.Mulongo also emphasised that pension money must be handled carefully because it represents workers’ savings and future security.
He said pension investments should be guided by proper governance, transparency and sound investment decisions rather than being directed into projects simply because they are linked to national development priorities.The minister further called for wider pension coverage, particularly among Ugandans working outside the formal employment sector. He said pension products should take into account the different income patterns of farmers, traders, salaried workers and Ugandans living abroad so that more people can participate in long-term saving.Daisy Nabakooza, Director of Supervision and Market Conduct at the Uganda Retirement Benefits Regulatory Authority (URBRA), also highlighted the need to protect pension savings over the long term. She cautioned that excessive reliance on lump-sum payments could make it harder for pension funds to provide sustained long-term capital for the economy.The discussions come at a time when Uganda is seeking to increase domestic savings and mobilise more capital for investment.
The conference therefore placed pensions beyond the traditional discussion of retirement benefits, highlighting their wider role in supporting investment, business growth and economic development.Mona Muguma Ssebuliba, Board Chairperson of SBG Securities Uganda, said pension assets represent years of workers’ effort and sacrifice and therefore require strong governance, transparency and disciplined risk management. She said the success of pension fund management should not only be measured by growth in assets, but also by the trust created among members and the value delivered to them.
The conference is expected to contribute to discussions on how Uganda can expand pension participation, improve investment management and ensure that retirement savings remain protected while also supporting productive economic activity. Stanbic said the initiative reflects its broader focus on strengthening Uganda’s long-term savings and investment ecosystem.
