Henry Musasizi asks Uganda Retirement Benefits Regulatory to strengthen pension sector for economic growth
Henry Musasizi said the retirement benefits industry, whose assets have grown to about Shs36 trillion, holds significant potential to support the country’s economic transformation through investment of savings into productive sectors.
Finance Minister Henry Musasizi has tasked the Uganda Retirement Benefits Regulatory Authority (URBRA) to ensure the successful implementation and effective regulation of the new Public Service Pension Scheme to strengthen Uganda’s retirement benefits sector.
Henry Musasizi said the retirement benefits industry, whose assets have grown to about Shs36 trillion, holds significant potential to support the country’s economic transformation through investment of savings into productive sectors.
He urged URBRA to work closely with government and stakeholders to ensure retirement savings are well managed and contribute to the achievement of the Tenfold Growth Strategy.
The Minister made the remarks during a meeting with URBRA Board and Management officials at the Ministry of Finance. The delegation was led by Board Chairman Henry Balwanyi Magino and Chief Executive Officer Martin Anthony Nsubuga.
Musasizi also called on the regulator to continue promoting voluntary savings among Ugandans to expand the country’s pension base.
Balwanyi said URBRA’s new Strategic Plan for 2025/26–2029/30 is focused on “Harnessing Retirement Savings for Sustainable Socio-economic Transformation.”
He noted that increasing domestic savings is key to achieving the Tenfold Growth Strategy, with retirement savings playing a central role in financing Uganda’s development.
“Every shilling saved for retirement is not only securing the future of a Ugandan worker but is also building the capital that finances Uganda’s future,” Balwanyi said.
He added that a stronger pensions sector would boost domestic savings, capital markets, investments, job creation and accelerate economic growth.
