Government bets on New URBRA, IRA boards to drive savings and insurance uptake
The ceremony took place at the Ministry of Finance, Planning and Economic Development, where the minister urged the new boards to strengthen governance and deepen public confidence in the retirement benefits and insurance industries.
The Minister of Finance, Planning and Economic Development, Matia Kasaija, has officially inaugurated new boards of directors for the Uganda Retirement Benefits Regulatory Authority (URBRA) and the Insurance Regulatory Authority of Uganda (IRA), emphasising the critical role the two sectors play in safeguarding the financial future of Ugandans.
The ceremony took place at the Ministry of Finance, Planning and Economic Development, where the minister urged the new boards to strengthen governance and deepen public confidence in the retirement benefits and insurance industries.
In his remarks, Kasaija said the two sectors are vital pillars of Uganda’s financial system, helping to mobilise long-term savings and support investment across the economy.
“These sectors play a vital role in safeguarding the financial security of Ugandans, mobilising long-term savings and supporting investment in the country,” Kasaija said.
He added that the government remains committed to strengthening regulation to ensure both sectors operate with high standards of transparency, governance and accountability.
“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
The newly inaugurated board of the Uganda Retirement Benefits Regulatory Authority will be chaired by Henry Balwanyi Magino.
Speaking at the event, Magino pledged to strengthen governance within the authority, provide strategic leadership to management and expand retirement benefits coverage to Uganda’s large informal sector.
Other members of the URBRA board include Irene Nalukenge, Moses Zziwa, Alex Asiimwe, Florence Kutesa and Musa Lukwago.
New IRA Leadership
The board of the Insurance Regulatory Authority of Uganda will be chaired by Keto Kayemba, with Grace Mugabiire serving as vice chairperson. Sulaiman Ddumba is among the board members.
Officials said the boards will play a key role in guiding the strategic direction of the two regulatory institutions as Uganda works to deepen financial inclusion and expand insurance and pension coverage.
Sector Key to Economic Transformation
Speaking on behalf of the Permanent Secretary and Secretary to the Treasury, Ramathan Ggoobi, the Director for Economic Affairs at the ministry, Moses Kaggwa, said Uganda’s ambitions under the government’s Ten-Fold Growth Strategy require sustained development across all sectors of the economy.
“The retirement benefits sector is central to this agenda,” Kaggwa said. “Today, the sector contributes over 60 percent of gross national savings and more than 13 percent of GDP.”
He noted that the insurance industry is also steadily expanding, with gross written premiums reaching about UGX1.85 trillion, reflecting annual growth of roughly 10 percent.
Despite this progress, Kaggwa acknowledged that insurance penetration in Uganda remains low.
“Insurance penetration in Uganda remains below one percent and among the lowest in the region,” he said. “This clearly shows that there is still enormous potential for expansion and innovation within the sector.”
He emphasised that the newly appointed boards have a critical role to play in unlocking that potential and strengthening the contribution of retirement benefits and insurance to Uganda’s broader economic growth.
