Stanbic Opens Pensions Conference With Call To Turn Retirement Savings Into Economic Growth
Stanbic Bank Uganda has called for greater use of the pensions sector to support Uganda’s long-term economic growth while ensuring that workers’ retirement savings remain protected.The call was made during the inaugural Stanbic Uganda Pensions Conference held under the theme, “The Role of the Pensions Sector in Accelerating the Tenfold GDP Growth Strategy.” The conference brought together regulators, policymakers, pension scheme trustees, administrators and other industry leaders to discuss how pension savings can contribute to Uganda’s economic transformation.
Stanbic Bank said retirement savings should first provide dignity and financial security to people who have worked and contributed to pension schemes. However, the bank noted that when pension funds are professionally managed, properly governed and invested responsibly, they can also become an important source of long-term domestic capital.Mark Ocitti Ongom, Chief Executive Officer of Stanbic Uganda Holdings Limited, said Uganda’s ambition of building a much larger economy will require patient capital that can support businesses and productive investments over a long period.
He said pension funds can play an important role in providing such capital while continuing to protect members’ retirement interests.The conference also focused on the need to expand access to pension saving beyond people with regular monthly salaries. Speakers said women, young people, farmers and workers in the informal sector should have opportunities to participate in formal long-term savings schemes.Minister of State for Labour, Employment and Industrial Relations Simon Mulongo said pensions should not remain a privilege mainly enjoyed by people earning regular salaries. He called for the sector to become a practical savings option for more working Ugandans.Mulongo said the pensions sector has two important responsibilities — providing dignity to Ugandans after their working years and providing patient capital that can support economic development.
He said the two objectives can work together when pension funds are properly governed and invested responsibly.The minister, however, stressed that pension money must be protected because it belongs to workers. He said funds should not be invested in projects simply because they are presented as national development projects. Instead, investments must meet the required standards for safety, returns, governance and accountability.During the conference, SBG Securities Uganda also officially launched its Pension Fund Management Service, expanding its investment management activities into the pensions sector. The company said the new service will focus on managing pension assets and deploying long-term capital into investments that can contribute to Uganda’s economic growth.SBG Securities Chief Executive Grace Semakula said the company had taken time to build the expertise needed to serve Uganda’s investment market before entering pension fund management.
The company said the service will complement existing Stanbic Uganda pension-related services and support efforts to mobilise more long-term domestic savings.Mona Muguma Ssebuliba, Board Chairperson of SBG Securities Uganda, said pension assets represent years of work and sacrifice by members and therefore require strong governance, transparency, disciplined risk management and professional investment decisions. She said growing pension assets alone is not enough, adding that the sector must also build trust, improve access and create value for members.The discussions at the conference placed pensions at the centre of Uganda’s wider conversation about savings, investment and economic transformation.
Participants explored how long-term pension capital could support sectors such as infrastructure, housing, agro-industrial development, tourism, minerals and technology, while ensuring that workers’ savings remain secure.Stanbic and SBG Securities said the conference is part of their wider effort to strengthen Uganda’s savings and investment ecosystem. The discussions are also expected to contribute to efforts aimed at increasing pension coverage and making long-term saving more accessible to Ugandans across different sectors of the economy.
