FAMReports News Desk | November 2025
Ugandan financial leaders have made a powerful call for inclusive, community-centered pension reforms, highlighting the urgent need to expand coverage, encourage savings, and promote impact-driven investment. The conversation emerged at the All Africa Pension Summit 2025 (AAPS 2025), where key speakers emphasized the importance of rethinking traditional pension models to align with Uganda’s socioeconomic realities.
Delivering a strong message on the current state of Uganda’s pension system, Michael Atingi-Ego, Governor of the Bank of Uganda, revealed a striking disparity. Pension fund assets per working-age Ugandan stand at just under USD 120, compared to USD 6,300 in Botswana and USD 5,700 in Namibia.
“This underscores both the challenges and opportunities before us, to strengthen our pension systems, deepen domestic savings, and build a more resilient financial future for all Ugandans,” Atingi-Ego said.
NSSF Vision 2035: Expanding Coverage to 50 Percent of the Workforce
Speaking on long-term reforms, Patrick Ayota, Managing Director of NSSF Uganda, highlighted the Fund’s Vision 2035, a ten-year strategic plan designed to extend social security coverage to 50 percent of Uganda’s workforce — over 15 million people by 2035.
“Our strategy focuses on creating both the capacity and the willingness to save,” Ayota explained, reaffirming NSSF’s mission to deliver social security services to all eligible Ugandans, including those in the informal sector.
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He further noted that Uganda’s average pension coverage for the elderly stands at only 3.9 percent, far below the Sub-Saharan Africa average of 7.3 percent. With nearly 90 percent of Uganda’s workforce in the informal sector, he questioned the relevance of traditional pension models that leave the majority of workers excluded.
“Financial inclusion is critically important. We must integrate informal workers into the monetary economy and enable them to contribute consistently to their pensions,” he stated, reaffirming the Central Bank’s commitment to championing inclusive financial systems.
NSSF Champions a Broader Social Impact Vision
Adding to the discussion, Geoffrey Sajjabi, Chief Commercial Officer of the National Social Security Fund (NSSF) Uganda, urged pension schemes across Africa to look beyond returns and focus on impact investing — initiatives that uplift communities and drive sustainable development.
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“It’s not enough to think only about our members; we must think about the broader community. When we invest in impact, we create jobs, strengthen societies, and secure our collective future,” Sajjabi emphasized, noting that true pension success should be measured by how it transforms lives beyond financial returns.
As Uganda seeks to build a stronger, more inclusive financial ecosystem, leaders agree that collaboration, innovation, and impact-oriented investment will define the next decade of pension transformation.
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