The Minister of Finance, Planning and Economic Development, Matia Kasaija, has officially inaugurated the new Boards of Directors for the Uganda Retirement Benefits Regulatory Authority (URBRA) and the Insurance Regulatory Authority of Uganda (IRA).
The ceremony was held at the Ministry of Finance headquarters in Kampala.
In his remarks, Minister Kasaija emphasized that the retirement benefits and insurance sectors play a vital role in safeguarding the financial security of Ugandans, mobilising long-term savings, and supporting investment across the country.
He reaffirmed government’s commitment to strengthening the regulatory environment to ensure that both sectors operate with the highest standards of governance, transparency, 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,” the Minister said.
New URBRA Board
The new Board of the Uganda Retirement Benefits Regulatory Authority will be chaired by Henry Balwanyi Magino.
Speaking at the inauguration, Magino pledged to address governance gaps, provide strategic leadership to management and staff, and expand retirement benefits coverage to Uganda’s informal sector.
Other members of the URBRA Board include:
- Irene Nalukenge
- Moses Zziwa
- Alex Asiimwe
- Florence Kutesa
- Musa Lukwago
New IRA Board
The new Board of the Insurance Regulatory Authority of Uganda will be chaired by Keto Kayemba, with Grace Mugabiire serving as Vice Chairperson. Sulaiman Ddumba is also a member of the Board.
Retirement Benefits Key to Uganda’s Growth
Speaking on behalf of the Permanent Secretary and Secretary to the Treasury, Ramathan Ggoobi, the Director of Economic Affairs, Moses Kaggwa, said Uganda’s economic transformation under the Ten-Fold Growth Strategy requires sustained expansion across all sectors of the economy, including retirement benefits and insurance.
He noted that the retirement benefits sector currently contributes more than 60 percent of Uganda’s gross national savings and over 13 percent of the country’s GDP.
Meanwhile, the insurance sector is steadily growing, with gross written premiums reaching approximately UGX 1.85 billion, representing an annual growth rate of about 10 percent.
However, he pointed out that insurance penetration in Uganda remains below 1 percent, one of the lowest levels in the region.
“This clearly shows that there is still enormous potential for expansion and innovation within the sector,” he said, adding that the role of the Boards will be critical in driving sector growth.
