The Thought Leaders Forum on Pension, held on 3rd July, at Mestil Hotel in Kampala, brought together leaders from Uganda’s insurance industry, regulatory bodies, government ministries, and the private sector to discuss the evolving landscape of retirement planning. Under the theme: Demystifying the Insurer’s Role in Growing the Pension Sector, the forum aimed to discuss the state of the pension sector, educate the public on retirement planning and foster collaboration toward building a more inclusive and resilient pension system in Uganda.
CEO of the Uganda Insurers Association (UIA) - Jonan Kisakye opened the forum by stressing the need to build trust in insurance and elaborate the insurer’s role in retirement planning. He pointed out that while the insurance sector has grown by 13.2%, many Ugandans still misunderstand its contribution to long-term financial security. Jonan emphasized the need for accurate public information, innovation, and cross-sector collaboration to support the retirement ecosystem.
Emmanuel Mwaka, representing Patrick Kimathi, Chairman of Life Council and UIA Chairperson - Ruth Namuli, reinforced the forum’s purpose of clarifying insurance’s role in the retirement space. He reflected on past micro-insurance and micro-pension initiatives that, despite early challenges, provided valuable insights for more strategic products today. He called for partnerships and collaboration, particularly in light of the upcoming Public Service Pension Act.
Speaking on behalf of the Permanent Secretary for Ministry of Public Service - Catherine Bitarakwate, the Commissioner of Pension - Bua Victor Leku highlighted the need to reform Uganda’s retirement system. He revealed that only about 10% of the working population is covered by pension schemes, with the public service accounting for a mere 2%. He emphasized the urgent need for inclusive, flexible pension products and welcomed the anticipated reforms under the new Act. Mr. Leku also called on insurers to innovate and urged employers to integrate pensions into their workforce strategies.
Benerd Obel, Director of Supervision at Insurance Regulatory Authority (IRA), reminded participants that insurers are more than just providers of car or property coverage, but are also essential to retirement planning. He emphasized the value of life insurers in offering long-term financial solutions and praised IRA’s efforts in streamlining access to financial advice, especially through digital tools aimed at the informal sector. He described insurance agents as crucial in bridging the gap between these technical products and everyday Ugandans.
Ritah Faith Wasswa, Acting CEO of Uganda Retirement Benefits Regulatory Authority (URBRA), emphasized the need to shift public attitudes towards retirement, calling for greater public education and promoting an early saving culture. She stressed URBRA’s commitment to inclusive retirement benefits for both formal and informal workers and underscored the role of digital platforms in improving accessibility and participation in pension schemes.
Delivering the keynote address, Gralix Actuaries CEO & President of the Actuarial Society of Zambia – Mulenga C. Mutai provided a continental perspective, highlighting that 95% of Africa’s pension assets are concentrated in just five countries. He warned of the fragility of many public pension systems due to unemployment and a large informal workforce. Mutai urged insurers to innovate by designing products that actively manage long-term risks and give policyholders more control, an essential step in creating a sustainable, inclusive pension ecosystem.
Panel discussions featured Florence Nabakiibi from ICEA Lion Life Assurance, Joshua Akena from Old Mutual Life Assurance Uganda, and Viola Janet Namayanja from Jubilee Life Insurance who shared on their companies’ innovations in retirement products that also target informal workers, low-income earners, and the self-employed. They emphasized flexibility in contribution schedules and accessibility as key to expanding coverage.
Technology was a focal point in the second panel discussion led by Aeko Ongodia, CEO of Xeno & REXIAL. He stressed the importance of building modern digital platforms to track contributions, and support retirement planning. Aeko clarified that most Ugandans are part of retirement schemes and not pensions, noting the importance of evolving beyond NSSF-type systems to those that guarantee lifetime income. He called for clear definitions and technological investment to improve efficiency and access across the sector.
In her presentation, Daisy Lynda Nabakoza, URBRA Supervision and Market Conduct Officer emphasized the importance of complying with the URBRA Act when developing pension and insurance products. She warned that overlooking tax issues could result in financial hardship during retirement and urged providers to communicate products clearly and transparently. She called for more innovation, collaboration, and inclusivity within the sector.
Throughout the forum, participants acknowledged that building a strong retirement system for Uganda requires collective effort. With only a small percentage of the workforce currently covered, panelists and speakers repeatedly emphasized the need for inclusive policies, digital innovations, regulatory reform, and strong partnerships.
The forum concluded with a united call for action: Uganda’s future retirement security depends on the decisions and innovations made today.
