Finance Minister Matia Kasaija officially inaugurated the new boards of the Uganda Retirement Benefits Regulatory Authority (URBRA) and the Insurance Regulatory Authority of Uganda (IRA), emphasizing their role in strengthening Uganda’s retirement savings and insurance sectors.

The inauguration ceremony took place on the 12th at the Ministry of Finance, Planning and Economic Development headquarters in Kampala.

Government commitment to financial sector growth

Speaking at the event, Kasaija said the retirement benefits and insurance sectors play a vital role in safeguarding the financial security of Ugandans, mobilising long-term savings, and supporting national investment.

“Government remains committed to strengthening the regulatory environment to ensure that both sectors operate with the highest standards of governance, transparency and accountability,” he said.

New URBRA board leadership

The newly inaugurated URBRA Board of directors is chaired by Henry Balwanyi Magino, who pledged to strengthen governance, provide strategic leadership to the authority’s management and staff, and expand retirement benefits coverage to Uganda’s informal sector.

Other members of the URBRA board include; Prof. Irene Nalukenge, Moses Zziwa, Alex Asiimwe, Florence Kutesa and Musa Lukwago.

New IRA board

The board of the Insurance Regulatory Authority is chaired by Keto Kayemba, with Grace Mugabiire serving as Vice Chairperson. Sulaiman Ddumba is also a member of the board of directors.

Role in Uganda’s economic transformation

Speaking on behalf of the Permanent Secretary and Secretary to the Treasury (PSST), Dr. Ramathan Ggoobi, Director of Economic Affairs Moses Kaggwa said Uganda’s transformation under the government’s Ten-Fold Growth Strategy requires sustained growth across all sectors of the economy, including retirement benefits and insurance sectors. 

“The retirement benefits sector is central to this agenda. Today, the sector contributes over 60 percent of gross national savings and more than 13 percent of Uganda’s GDP,” he said on behalf of the PSST.

Kaggwa also noted that the insurance sector continues to grow steadily, with gross written premiums reaching approximately UGX 1.85 billion, reflecting annual growth of about 10 percent.

However, the PSST noted that insurance penetration in Uganda remains below 1 percent, being among the lowest rates in the region.

“This clearly shows that there is still enormous potential for expansion and innovation within the sector,” PSST Dr. Ggoobi said, adding that the role of the new boards will be critical in driving sector growth.