The Capital Markets Authority (CMA) on Tuesday, June 6, 2023, recognised and celebrated persons who espouse values of exemplary efficiency and customer-centric solutions.
They include; Sanlam Investments East Africa Limited, Sanlam Investments East Africa Limited, UAP Old Mutual Financial Services Ltd and Andrew Mwima.
This is aimed at enhancing innovation, improving efficiency and customer-centric solutions developed by the players.
During the CMA-CIS Breakfast held at the Uganda Business Facilitation Centre in Kololo, the CEO of Capital Markets Authority, Keith Kalyegira, said the CIS industry Assets under Management (AUM) have grown tremendously over the last 5 years.
“Five years ago, Ugx 1.75 trillion AUM was a dream. To put this in perspective, at the end of the financial year 2015/2016, AUM stood at Ugx 21.9 billion,” he noted.
He said the growth in AUM and clients can be attributed to among other things, increased awareness of Collective Investment Schemes (CIS) among local investors, which has seen more Ugandans open CIS accounts and save through them.
“Today, we gather to acknowledge the individuals and organisations that have embraced this responsibility with unwavering determination and expertise. While we celebrate the growth of AUM in the industry, efforts to make CIS a mass-market product similar to Ghana’s case should be our focus going forward.”
He gave an example of Ghana which has over 900,000 CIS accounts with the average savings per account being the equivalent of Ugx 3.7 million.
In contrast, in Uganda, with 56,787 CIS accounts, the average savings per account is Ugx 31.25 million.
“Continuous innovation, improved turnaround time, and integration of mobile technology services will be key in ensuring the general population in Uganda can access CIS.”
On his part, Saul Seremba, the Chairman Board of Directors at CMA, said the awards recognise outstanding achievements representing the highest level of performance, innovation, and dedication in the CIS industry.
“Your unwavering dedication to excellence, investor protection and growth has propelled the collective investment schemes industry to new heights of success. Through your expertise and commitment, you have played a pivotal role in providing investors with a trusted avenue to participate in the capital markets and achieve their financial goals,” he said while congratulating the award winners.
He said collective investment schemes can change lives, shape futures, and provide financial security.
He congratulated the industry upon reaching the UGX 1.02 trillion target for NDP III 3 years ahead of time.
“The current Assets under management of UGX 1.75 trillion by the CIS industry were a dream that, even the third National Development (NDPIII) did not envision. It is because of your collective efforts that the UGX 1.02 trillion target of the NDP III was achieved three years ahead of time,” he noted.
List of Winners:
1. CIS AWARDS 2022/23-YEAR-ON-YEAR GROWTH IN CIS ACCOUNTS- SANLAM INVESTMENTS EAST AFRICA LIMITED
2. CIS AWARDS 2022/23-YEAR-ON-YEAR GROWTH IN AUM- SANLAM INVESTMENTS EAST AFRICA LIMITED
3. CIS AWARDS 2022/23-CIS MANAGER OF THE YEAR- UAP OLD MUTUAL FINANCIAL SERVICES LTD
4. CIS AWARDS 2022/23-INVESTOR RESOURCE PERSON OF THE YEAR- MR. ANDREW MWIMA