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) in a ceremony at the Ministry of Finance headquarters in Kampala.
Speaking at the event, Minister Kasaija emphasised the strategic role of the retirement benefits and insurance sectors in securing the financial future of Ugandans, mobilising long-term savings, and supporting national investment.
“Government remains committed to strengthening the regulatory environment to ensure that both sectors operate with the highest standards of governance, transparency and accountability,” he said.
Henry Balwanyi Magino was sworn in as Chairperson of the URBRA Board. He pledged to tackle governance gaps, provide strategic oversight to management, and expand retirement benefits coverage to Uganda’s informal sector.
Other members of the URBRA Board include Prof Irene Nalukenge, Moses Zziwa, Alex Asiimwe, Florence Kutesa, and Musa Lukwago.
For the Insurance Regulatory Authority, Keto Kayemba will chair the Board, with Grace Mugabiire serving as Vice Chairperson and Sulaiman Ddumba as a board member.
During the ceremony, Moses Kaggwa, Director of Economic Affairs at the Ministry, delivered remarks on behalf of the Permanent Secretary and Secretary to the Treasury, Ramathan Ggoobi.
He highlighted the critical contribution of the retirement benefits sector, which accounts for over 60 percent of gross national savings and more than 13 percent of GDP.
The insurance sector was also praised for its steady growth, with gross written premiums reaching approximately Shs1.85 billion, reflecting an annual growth rate of around 10 percent.
However, Kaggwa noted that insurance penetration in Uganda remains below one percent, among the lowest in the East African region, pointing to significant opportunities for innovation and expansion.
The Minister and officials underscored that the new boards will play a pivotal role in enhancing governance, ensuring sector growth, and contributing to Uganda’s broader economic development goals under the Ten-fold Growth Strategy.
The inauguration signals a renewed focus on strengthening regulatory oversight, promoting accountability, and leveraging both sectors to support national investment and financial inclusion.
