KAMPALA– There is alot that needs to be done regarding the pension sector though there is some great progress that has been achieved so far. In the same spirit, Uganda Retirement Regulatory Authority (URBRA) together with other key stake holders was privileged to host the fourth Annual Pension Supervisors Association ( APSA) at Kampala.
The two -day engagement that kicked off on Monday September 27- 28, 2023 was aimed at promoting Sustainable Pension Inclusion in Africa through sharing of experiences, knowledge, innovations and avenues from different players.
In his welcoming remarks, Hon. Julius Junjura Bigirwa, Chairperson , URBRA said that it was a great opportunity for Uganda to host the conference and the coming together of various stake holders was crucial inorder to shape the future of the Pension Sector in the country.
He also noted that most of the people in Uganda have not embraced the idea of saving and focus on immediate results and they are working around the clock to encourage, inform and support them to take it on gradually inorder to fight old age poverty.
The Chief Executive Officer , URBRA, Martin Nsubuga asserted that they are focusing on sustainable pension inclusion and Uganda’s situation is not unique and there is alot that they going to learn since people who have succeeded in this from India, Rwanda and others were there to share plenty of knowledge so that they set the ball rolling.
In his key note, Mr.Augustine Kpehe Ngafuan, Country Director African Development Bank emphasized the need of Sustainable inclusion since pension provides a reliable income for life in the future , noting that in Africa approximately 5 percent are included and tht rest of the 600million are in the informal sector with alot that is needed to do.
He also explained that the advances in public health, nutrition, education among others have led to shift which means that life expectancy has increased and most likely pensioners are likely to survive for about 20 years yet most are not financially stable to take on this for some time.
” Pensions must be progressive and reliable in order to have all people with the right policies to make sure that those that are excluded like the youth and the informal sector are brought on board through policies by government such; as digitalization, massive awareness campaigns are tools to attract those left behind.
Africa is a young continent and 9- 10 percent will be 60 years by 2050 and stories show that the trend we are taking needs alot of work to do”. Ngafuan Added.
He also shaded light that the good things like the micro pension plans, for non- salaried are in plan and should take them seriously to encourage the youth create some sustainable avenues and a pool of savings can be made inorder to improve on the infrastructure , employment and create economic development.
Ngafuan affirmed that they are ready to grow the sector through capacity building and when ever they are called .
Parul Seth Kharma, CEO, Pin Box Solutions said that there was no need to re-invent the will and that they should embrace technology by adapting and adopting ways that fit best the country before she launched their book titled ” Templatising Micro pensions in Africa.
The day also had various sessions with Allan N.Lwetabe, Director Investments Deposit Protection Fund, Benjamin Mukiibi,Chief Manager Research & Strategy URBRA, Gautam Bhardwaj, director PinBox Solutions among others.
