The Minister of Finance, Planning and Economic Development, Henry Musasizi Ariganyira, has tasked the Uganda Retirement Benefits Regulatory Authority (URBRA) with ensuring the successful implementation and effective regulation of the new Public Service Pension Scheme.
Minister Musasizi said a well-regulated retirement benefits sector, whose assets have grown to about Shs36 trillion, can provide patient capital to support Uganda’s Tenfold Growth Strategy.
He urged stakeholders to ensure retirement savings are properly managed and invested in productive sectors of the economy. He also called on URBRA to continue engaging stakeholders to promote voluntary savings.
He made the remarks on Thursday while meeting URBRA’s Board and Management at the Ministry of Finance. The delegation was led by Board Chairman Henry Balwanyi Magino and Chief Executive Officer Martin Anthony Nsubuga.
Magino said URBRA’s Strategic Plan for 2025/26–2029/30 is anchored on the theme, “Harnessing Retirement Savings for Sustainable Socio-economic Transformation.”
He said increased domestic savings will be critical to achieving the Tenfold Growth Strategy, with retirement savings playing a central role in mobilising capital for investment.
“Every shilling saved for retirement is not only securing the future of a Ugandan worker—it is also building the capital that finances Uganda’s future,” Magino said.
He added that a stronger pensions sector would lead to increased domestic savings, stronger capital markets, greater investment, job creation and faster economic growth.
Meanwhile, Musasizi has also urged the Board and Management of the Financial Intelligence Authority (FIA) to ensure that all necessary measures are taken to safeguard the integrity and stability of Uganda’s financial system.
The Minister made the remarks during a meeting with the FIA team led by Board Chairperson Alinaffe Kalule and Executive Director Samuel Were Wandera at the Ministry of Finance.
Musasizi warned that the financing of criminal and terrorist activities undermines the reputation and credibility of the country, urging the FIA to remain vigilant in combating financial crimes.
He commended the Authority for its efforts in combating money laundering, terrorism financing and proliferation financing, saying it had positioned itself as a centre of excellence in the fight against financial crime.
FIA was established to detect and deter money laundering by collecting, analysing and disseminating financial transaction information to law enforcement agencies.
Kalule said the Authority would continue executing its mandate diligently to enhance the integrity and stability of Uganda’s financial system and the broader economy.
He revealed that Uganda is expected to undergo another mutual evaluation in 2028, while Wandera reported that the drafting of a Bill to regulate virtual assets and virtual asset service providers is ongoing.
