Finance Minister Hon. Matia Kasaija officiated at the inauguration of the Board of Directors of the Uganda Retirement Benefits Regulatory Authority (URBRA) and the new Board of the Insurance Regulatory Authority (IRA) at Ministry of Finance, Planning, and Economic Development headquarters.
In his remarks,the Minister said these sectors play a vital role in safeguarding the financial security of Ugandans, mobilising long-term savings and supporting investment in the country.
“Government remains committed to strengthening the regulatory environment to ensure that both sectors operate with the highest standards of governance, transparency and accountability,” said the Minister.
The new Board of Directors of URBRA is chaired by Henry Balwanyi Magino who pledged to plug the governance gaps,provide strategic leadership to management and staff and also expand coverage to the informal sector.
The other members of URBRA Board are: Prof. Irene Nalukenge,Moses Zziwa,Alex Asiimwe, Florence Kutesa & Musa Lukwago.
The IRA Board is chaired by Keto Kayemba and Grace Mugabiire is the Vice Chair of the Board.Sulaiman Ddumba is member of the Board.
The Director Economic Affairs Moses Kaggwa on behalf of the Permanent Secretary and Secretary to the Treasury (PSST) Dr. Ramathan Ggoobi said Uganda’s transformation under the 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 ans more than 13 percent of GDP,” said the PSST.
He also said the Insurance sector is steadily growing with gross written premiums reaching approximately UGX 1.85 billion reflecting annual growth of about 10 percent.
The PSST however, noted that insurance penetration in Uganda remains below 1 percent and among the lowest in the region.
“This clearly shows that there is still enormous potential for expansion and innovation within the sector,” said the PSST,adding that the role of the Board is critical in sector growth.
