By David Mwanje.
At the All Africa Pension Summit 2025 held at Speke Resort Munyonyo, Bank of Uganda Governor Michael Atingi-Ego urged countries to use domestic savings to drive their economies. He said sound monetary policy is not just about numbers but about ensuring dignity and security in old age.
Atingi-Ego explained that Uganda’s monetary policy, which targets inflation at 5 percent, aims to keep the country’s capital markets stable and attractive for long-term investors. “How do we invest in a 25-year bond if inflation is high? How do you convince a young graduate to start saving for retirement if inflation is eating away their contributions?” he asked.
He pointed out that Uganda ranked third in the 2025 ABSA Financial Market Index among 29 countries but placed only 11th in pension fund development, showing what he called “extraordinary untapped potential.” Uganda’s pension assets per working-age person are below $120, compared to $6,300 in Botswana and $5,700 in Namibia. Only 18 percent of Uganda’s 15.9 million workers are covered by any pension scheme, and just 3.9 percent of the elderly receive benefits far below the sub-Saharan average of 7.3 percent.
Nearly 90 percent of Uganda’s workforce is in informal employment, which means most people have no retirement savings. Atingi-Ego said new models are needed to reach them, pointing to successful trials like the Maxima and Casita micro-pension schemes, which allow flexible contributions through mobile money. He called for scaling up such initiatives to make saving easier for informal workers.
Ongoing reforms, including the Public Service Pension Act 2025, are making government pension systems contributory while improving regulation under the International Organisation of Pension Supervisors. The Bank of Uganda is also supporting micro-pension development and making private pension schemes more portable and predictable for contributors.
Other speakers at the summit backed this push for inclusive pensions. NSSF Uganda’s Chief Commercial Officer Geoffrey Sajjabi said pension schemes should think beyond their members and invest in community transformation. “When we invest in impact, we create jobs, strengthen societies, and secure our collective future,” he said.
Equity Group’s Chief Legal Officer Gertrude W. Karugaba noted that the informal sector is not “outside” the economy but the economy itself. She said empowering small businesses to save helps build wealth across generations.
UN Resident Coordinator Leonard Zulu said pensions should not only protect retirees but also drive development by funding projects that power homes, link markets, and support communities.
Desmos Capital’s Peter Moyo emphasized the need to include informal workers, arguing that traditional employer-based pension schemes are too narrow. With more than 80 percent of Africans working informally, he said flexible pension systems are essential.
Prime Minister Robinah Nabbanja, representing President Yoweri Museveni, said Africa’s pension funds could provide vital capital for infrastructure such as electricity and roads. She called for self-reliance and less dependence on foreign aid.
Experts believe the summit marked an important turning point. Africa’s pension assets are now worth an estimated $1.3 trillion, and channeling even a portion of these funds into infrastructure, housing, and small businesses could transform the continent’s economies. Still, challenges such as weak regulation and low coverage remain.
