Kampala — The Minister of Finance, Planning and Economic Development, Hon. Matia Kasaija, has officially inaugurated the new Board of Directors for the Uganda Retirement Benefits Regulatory Authority (URBRA) and the Insurance Regulatory Authority (IRA), emphasising the importance of strong governance in safeguarding the financial security of Ugandans.
“These sectors play a vital role in mobilising long-term savings and supporting investment in the country,” said Minister Kasaija during the ceremony. “Government remains committed to strengthening the regulatory environment to ensure that both sectors operate with the highest standards of governance, transparency, and accountability.”
The newly inaugurated URBRA Board is chaired by Henry Balwanyi Magino, who pledged to address governance gaps, provide strategic leadership to management and staff, and expand coverage to Uganda’s informal sector.
Other board members include Prof. Irene Nalukenge, Moses Zziwa, Alex Asiimwe, Florence Kutesa, and Musa Lukwago.
The IRA Board is chaired by Keto Kayemba, with Grace Mugabiire serving as Vice Chair and Sulaiman Ddumba as a board member.
Speaking on behalf of the Permanent Secretary and Secretary to the Treasury (PSST), Dr Ramathan Ggoobi, Moses Kaggwa, Director of Economic Affairs, highlighted the economic significance of the retirement benefits and insurance sectors in Uganda’s development agenda.
“The retirement benefits sector is central to our Ten-Fold Growth Strategy, contributing over 60 percent of gross national savings and more than 13 percent of GDP,” Kaggwa noted. “Similarly, the insurance sector is steadily growing, with gross written premiums reaching approximately UGX 1.85 billion, reflecting annual growth of about 10 percent.”
However, Kaggwa cautioned that insurance penetration in Uganda remains below 1 percent, among the lowest in the East African region. “This clearly shows that there is still enormous potential for expansion and innovation within the sector. The role of the Board is therefore critical in driving sector growth and improving access to financial protection for all Ugandans,” he added.
The inauguration of the new boards signals a renewed focus on strengthening regulatory oversight, expanding sector coverage, and promoting innovation to support Uganda’s broader economic transformation.
