New URBRA Board to Enhance Programs and Research

Henry Musasizi, Minister of State for General Duties, has promised the Uganda Retirement Benefits Regulatory Authority continuing support from the Ministry of Finance Planning and Economic Development (MoFPED) (URBRA).

This will be accomplished through the provision of financial resources, direction, and representation of the Authority’s interests.

The Honorable Musasizi spoke at the inauguration of the new URBRA Board of Directors at the Serena Hotel in Kigo.

The departing Board was inaugurated in October 2011, shortly after the Uganda Retirement Benefits Regulatory Authority (URBRA) Act, 2011 was enacted to establish the Regulator. It was presided over by Chief Counsel Andrew Kasirye.

The Honorable Musasizi praised the founding Board, prior and present CEOs, and personnel for their contributions to URBRA’s current position.

He emphasized that under URBRA’s stringent regulation and supervision environment, there have been no instances of schemes losing investors’ money.

He praised the Board and staff for properly carrying out URBRA’s responsibility to safeguard the retirement benefits of savers.

Concerning outstanding difficulties, the Minister informed the incoming Board that the sector requires additional assistance to continue contributing to national development.

He remarked that if schemes are properly governed, they will flourish and create sufficient funds to sustain the economy. This will prevent capital flight and lessen the government’s reliance on borrowing from other economies.

Minister Musasizi further observed that many individuals do not wish to save for their golden years, preferring to spend their money while they are still healthy and active. He observed that many individuals did not comprehend the distinction between retirement savings and SACCOs.

He challenged URBRA to convince more individuals to save for retirement and prevent poverty in old age. In light of this, he advised the incoming Board to set an example by engaging in individual voluntary savings.

The incoming Chairman of the URBRA Board of Directors, the Honorable Julius Bigirwa Junjura, thanked the Minister for entrusting him with this responsibility.

Having served on the departing Board for the last three years, the Honorable Junjura praised his colleagues for guiding and preparing him for his new position.

He congratulated the Board of Directors for their stewardship over the previous decade and pledged to continue the good work and establish even more milestones to propel the Authority forward.

Among their aims, according to the Honorable Junjura, the new Board will improve the Research Directorate to transform URBRA into a one-stop-shop for information on pensions concerns.

He also vowed to work with the ministries responsible for government programs such as the Parish Development Model to ensure that URBRA is incorporated into the implementation processes. Additionally, the Honorable Junjura vowed to strengthen ties with the Ministry of Health and the Ministry of Education.

“You cannot discuss retirement without collaborating with the Ministry of Health on healthy living.” “We must also involve the Ministry of Education so that students are involved in the development of a saving culture,” added Junjura.

In addition, he promised to strengthen existing programs, boost retirement benefits, and promote retiring dignity.

The Honorable Julius Bigirwa Junjura is the new UBRA Board Chair.

Senior Counsel Andrew Kasirye, the outgoing Board Chairman, greeted the incoming Directors and vowed his full assistance and direction to his successor.

Mr. Kasirye, reflecting on the origins of URBRA, remarked that the Authority began with nothing more than a Congressional Act. He praised the founding Board and staff for establishing a solid basis for the Authority.

He praised former CEOs Mr. Moses Bekabye and Mr. David Nyakundi for establishing a solid foundation, as well as the present CEO, Mr. Martin Nsubuga, for upholding those standards.

According to Senior Counsel Kasirye, the greatest accomplishment of his Board is enhanced scheme governance and professionalism in the industry.

“When we entered the industry, sector assets under management were less than four trillion dollars; today, the industry is worth twenty trillion dollars.” There are already 65 schemes, although there were just three known schemes when we began. Because of our efforts to provide a rigorous framework for regulation and oversight,” he stated.

Senior Counsel Kasirye suggested liberalization to promote competition and enhance the efficacy and performance of existing schemes in order to stimulate sector growth. In addition, he emphasized the need for improved public knowledge of retirement savings and visibility for URBRA.

Mrs. Rosemary Ssenabulya, a departing Board member, recommended the incoming Board to adopt the “eyes on, hands off” strategy that allowed the previous Board to maintain a positive working relationship with management.

Given her extensive expertise in the labor and employment sector, she vowed continuing assistance. She was pleased with the caliber of employees they had attracted, exposed, and retained.

“We leave behind a workforce that is professional, knowledgeable, and skilled.” It took us time and effort to acquire the top performers, and we have fiercely sought to keep them. “Make every effort to retain our talented employees so that they do not quit,” she suggested.

Dr. Robert Okello, one of the Board’s founding members, urged the new Board Chairman to remember that URBRA is not just for Kampala, but for the entire nation. He recommended them to have a representative Board composition.

New board members join the URBRA

Former journalist (2000-2010) and former Member of Parliament from the Kabale District, Ninsiima Ronah Rita is a member of the Honourable House of Representatives (2011-2016).

Former Member of Parliament for the Buikwe South Constituency (2016-2021) and Managing Director of World Point Group.