I&M Capital Limited has officially launched operations in Uganda, marking a significant step in the I&M Group’s strategy to provide customers with a more comprehensive range of investment and wealth-management solutions.
The launch brought together executives from the I&M Group, I&M Capital, I&M Bank, customers, regulators- the Capital Markets Authority (CMA), and other stakeholders within Uganda’s financial services sector.
I&M Capital is a wealth and investment management company within the I&M Group PLC, focusing on helping individuals, businesses and institutions manage, grow and diversify their wealth through investment solutions such as portfolio management and advisory, money-market investments, government securities, equities and offshore investments.
I&M Capital Limited was officially licensed in Uganda by the Capital Markets Authority (CMA) in November 2025 to operate as a Fund Manager, thereby becoming an authorised participant in Uganda’s capital markets.
Silas Ngumi Mutuku, the I&M Capital Limited CEO, stated that wealth management solutions had traditionally been available primarily to high-net-worth individuals, but that has changed due to an increase in the number of young professionals, entrepreneurs and affluent individuals, who are focused on building wealth and increasingly asking critical questions on how to grow, protect and manage it.
“So why Uganda? Quite simply, we see the same opportunity that inspired us when we started I&M Capital in Kenya: a growing economy, a young and increasingly sophisticated professional population, entrepreneurs building businesses and a growing number of people who want to move beyond simply saving and start investing more deliberately for their future.
We want to be there as a young professional builds a career, as an entrepreneur builds a business, as a family grows and as wealth is accumulated, diversified and ultimately passed on to the next generation. We also want to play our part in building a stronger culture of investment and financial literacy in Uganda,” Mutuku said.
In his remarks, I&M Bank CEO- Robin Bairstow noted that customers are currently looking for solutions beyond traditional banking.
“Customers are asking new questions. How do I grow my wealth? How do I diversify my investments? How do I preserve what I have worked hard to build? How do I create long-term value for my family, my business and future generations? I&M Capital is positioned to help answer all these questions,” he said.
However, Bairstow added that I&M Capital does not replace what I&M Bank already offers; “It rather complements it. Together, our banking and investment capabilities create a more complete financial ecosystem, allowing us, as the I&M Group, to support customers at every stage of their financial journey.”
At the heart of the launch was a fireside chat hosted by I&M Capital Country Manager Uganda, Philip Musinguzi, with I&M Bank Uganda Board Chairman, Francis Kamulegeya, as the guest.
“Whether managing UGX 100 million or UGX 1 billion, effective wealth management requires balancing liquidity, risk protection and multi-generational transfer. It is about ensuring that your wealth remains resilient through changing market conditions, while ensuring that it can be preserved and transferred efficiently to the next generation,” Kamulegeya said.
He also noted that the way the next generation views inheritance is changing. For many young people today, inheritance is no longer simply about receiving land, property or other physical assets. They are increasingly looking for financial assets that can give them liquidity, flexibility and the ability to invest, grow and create their own opportunities.
The Capital Markets Authority (CMA) similarly highlighted the expanding role of Uganda’s capital markets in supporting long-term financing and economic transformation, noting that the sector has evolved into an increasingly important pillar of the country’s financial system.
CMA representative Denis Kizito, a Market Supervisor, stated that Uganda’s growing capital markets are playing an increasingly important role in connecting investors with businesses and projects in need of long-term financing.
“Capital markets provide the mechanism through which savings can be transformed into equity, corporate debt, infrastructure finance, collective investment vehicles, real estate vehicles, investment vehicles and other forms of long-term financing. The entry of I&M Capital into the market further strengthens this ecosystem,” he said.
I&M Bank Uganda Head of Marketing and Corporate Communications, Annette Nakiyaga, said the launch demonstrates I&M’s commitment to giving customers greater choice and access to solutions that can support their financial goals.
“Through I&M Capital, we are expanding the solutions available to customers and opening up greater opportunities for them to participate in Uganda’s growing investment landscape, supported by professional expertise and the strength of the I&M Group,” she said.
The launch comes at a time when Uganda’s capital markets are experiencing significant growth, with increasing participation and a growing role in mobilising long-term capital.
According to the CMA, domestic market capitalisation increased from UGX 4.33 trillion in June 2021 to UGX 21.77 trillion in March 2026, while assets under management in Collective Investment Schemes grew from UGX 731 billion to UGX 6.02 trillion over the same period. Funded investor accounts also increased from approximately 29,000 to more than 220,000.