On Tuesday, 8th September, 2026, the Uganda Insurers Association (UIA) convened the 2nd Annual Thought Leaders’ Forum on Pension at Kampala Sheraton Hotel, bringing together policymakers, regulators, insurance and financial sector leaders, industry experts and other key stakeholders to discuss strategies for expanding pension coverage and strengthening retirement security in Uganda.

Held under the theme “Expanding Pension Coverage through Insurance Innovation, Partnerships and Financial Inclusion,” the Forum provided a platform for stakeholders to examine the evolving retirement landscape, identify barriers to pension inclusion and explore practical solutions capable of reaching Uganda’s largely underserved informal sector.

In his opening remarks, UIA Chief Executive Officer, Mr. Jonan Kisakye, emphasized the need for greater collaboration, innovation and public trust if Uganda is to significantly expand pension coverage.

Mr. Kisakye noted that strengthening the country’s retirement system requires accurate and accessible information, strategic partnerships and solutions that respond to the realities of Uganda’s workforce. He highlighted the progress made in the retirement sector and underscored the important role of the insurance industry in supporting long-term retirement security.

He stressed that innovation must ultimately translate into practical solutions that enable individuals to progressively build sustainable retirement income.

Mr. Kisakye further called for closer collaboration between Government, regulators, employers and industry players to create systems that make pension contributions more accessible and efficient. He noted that many Ugandans still do not fully understand the role of insurers within the broader retirement ecosystem, making public awareness, transparency and confidence critical to increasing participation.

The Chief Guest, Commissioner at the Ministry of Public Service, Mr. Bua Victor Leku, representing Minister Hon. Gen. Edward Katumba Wamala, highlighted Government’s role in modernizing the public service and strengthening the long-term financial security of public servants.

Mr. Leku noted that Uganda’s population is projected to grow from 45.9 million to 100 million over the next 25 years, creating an urgent need to prepare for a growing elderly population and ensure sustainable retirement solutions.

He called on pension and insurance sector players to work together to develop products that promote longevity and address the long-term social security needs of retirees. “We must work together, innovate and develop sustainable solutions that will ensure our retirees can enjoy financial security and dignity throughout their retirement years.”

Delivering the keynote address on “Scaling Pension Growth through Public-Private Partnerships,” Head of Business at Zamara Actuaries, Administrators & Consultants Uganda Limited, Mr. Andrew Mwangi Ngumo, called for pension reforms to move beyond discussions and translate into practical action centered on people.

Mr. Ngumo noted that Uganda’s pension sector has made significant progress, with the Uganda Retirement Benefits Regulatory Authority (URBRA) licensing 10 administrators, six fund managers and five custodians, alongside 200 licensed trustees. Retirement savings have also grown by 21 percent, from UGX 24.5 trillion to UGX 30.7 trillion. However, he noted that an estimated 22 million Ugandans remain outside the retirement system, highlighting the need to shift from employer-centered pensions towards individual-centered retirement security.

Mr. Ngumo highlighted the role of insurance in protecting individuals through changing circumstances and called for the digitization of savings, rather than focusing only on the administration of existing schemes. He noted that millions of Ugandans already save, invest and borrow and challenged stakeholders to find ways of connecting these existing financial behaviors to long-term retirement savings.

Chairman of the UIA Life Council and CEO of Old Mutual Life Assurance Uganda - Mr. Kimathi Patrick, emphasized the need for practical and innovative approaches to expand retirement planning and pension coverage.

Mr. Kimathi noted that life insurance can complement savings and retirement plans by providing tailored solutions that help individuals build sustainable retirement income. He urged Ugandans to begin planning for retirement early rather than postponing it, noting that life insurance can serve as an important financial planning tool.

He also called for flexible retirement solutions that reflect the diverse income patterns of Ugandans, particularly those in the informal sector. He proposed micro-pension products that would allow individuals with irregular incomes to make small contributions daily, weekly or monthly.

Director of Supervision at the Insurance Regulatory Authority of Uganda (IRA) - Mr. Benerd Obel, called for a broader approach to retirement planning, noting that many Ugandans continue to associate retirement planning primarily with NSSF despite the wider range of solutions available through the insurance industry.

Mr. Obel emphasized that insurance should not be viewed solely in the context of conventional packages or property coverage, but also as a reliable safety net for major life transitions, including retirement.

He stressed the importance of designing solutions that respond to the needs of farmers, young entrepreneurs and workers in the informal sector, enabling them to retire with dignity.

Mr. Obel further highlighted the role of life insurers in developing innovative, long-term financial and retirement solutions. He also noted IRA’s efforts to strengthen access to reliable financial information, streamline financial advice and embrace digital innovation, particularly in serving the informal sector.

Chief Executive Officer of the Uganda Retirement Benefits Regulatory Authority (URBRA), Mr. Martin Anthony Nsubuga, emphasized the urgent need to change how Ugandans perceive retirement planning. Mr. Nsubuga noted that while retirement remains a distant concern for many people, it is one of the most important stages of life and requires early preparation and consistent saving.

“At URBRA, we understand that we cannot do this alone, and this is why we are working hand in hand with other partners. We need to work deliberately together, with the insurance and banking sectors. We also believe that technology plays a bigger role for the retirement scheme to work out,” Mr. Nsubuga said.

Speaking during the session on “How Can Uganda Accelerate Pension Inclusion Through Public-Private Partnerships?”, Mr. Patrick Kimathi, CEO of Old Mutual Uganda, reiterated the need for flexible retirement solutions that reflect the diverse needs and income patterns of Ugandans.

Mr. Kimathi also stressed the importance of protecting the retirement journey from an early stage, simplifying pension products, expanding access, developing affordable solutions and strengthening partnerships across the sector. He further proposed a national retirement awareness campaign to encourage Ugandans to begin planning and saving for retirement early.

Chief Manager of Supervision and Market Conduct at URBRA, Ms. Daisy Lynda Nabakooza, presented on the “State of Retirement Systems in Uganda”, emphasizing that retirement planning is not only an informal sector issue, noting that savings remain low while Ugandans are living longer in retirement, making early financial preparation increasingly important.

She highlighted the opportunity for the pension and insurance industry to develop practical products that enable more Ugandans to save and invest for retirement. Under URBRA’s current five-year plan, Uganda is targeting 20 percent pension inclusion in the informal sector, up from less than one percent currently. 

She emphasized that true inclusion must address accessibility, affordability and quality at scale. “It does not make sense for us to discuss inclusion when the informal sector person will end the year with 20,000 shillings in their account. That’s not inclusion.”

Ms. Nabakooza called for solutions that enable Ugandans to contribute consistently and grow meaningful retirement savings rather than simply opening pension accounts.

Chairman, Finance, Planning and Investment at the Informal Workers Social Protection Scheme (ISPS) - Mr. Kirya Hassan Alimansi, highlighted the scale of the challenge facing informal workers across Africa.

Mr. Alimansi noted that approximately 80 percent of African workers are in the informal sector and remain largely unprotected because conventional pension and insurance models were not designed around their realities.

He called for a new approach to social protection that recognizes the unique nature of informal work and provides flexible, accessible and affordable solutions based on workers’ income levels, contribution patterns and specific risks, including illness, disability and loss of household income.

He further called for greater innovation in micro-insurance and pension solutions, alongside stronger partnerships among Government, insurers, regulators, technology providers and workers’ organizations.

According to Mr. Alimansi, such collaboration will be critical in transforming local innovations into scalable solutions and creating sustainable pathways to long-term financial security for informal workers.

Chief Executive Officer of the Capital Markets Authority (CMA) - Ms. Josephine Okui Ossiya, speaking on “Sustainability and Long-Term Investment,” noted that Uganda’s retirement savings have grown to approximately UGX 36 trillion, with around four million scheme members covered.

She stressed the need to extend coverage to informal workers and SMEs while strengthening public-private partnerships to mobilize savings and create more investment opportunities. Ms. Ossiya noted that increasing retirement savings must go hand in hand with expanding investment opportunities capable of absorbing these funds.

She called for greater private-sector innovation, including the development of investment products such as infrastructure bonds, and advocated for flexible contribution mechanisms that allow individuals to save in line with how they earn. 

Ms. Ossiya further highlighted the role of insurance in protecting retirement savings, noting that affordable life, disability and income protection covers can help households manage unexpected financial shocks without disrupting their long-term retirement contributions.

In his closing remarks, UIA Manager Life, Medical & Pensions - Mr. Badru Bengo, expressed appreciation to all stakeholders for their contributions towards the success of the 2nd Annual Thought Leaders’ Forum on Pension.

Mr. Bengo commended the speakers for sharing their expertise and insights throughout the Forum and thanked all participants for taking the time to attend and actively engage in the discussions.

The Forum reaffirmed the need for collective action among Government, regulators, insurers, financial institutions, employers, technology providers and workers to build a retirement system that is accessible, affordable, inclusive and sustainable for all Ugandans.