Author: user user

The fintech sector is redefining financial access and innovation across East Africa. At the heart of this transformation is Vincent Tumwijukye, the chairperson of the Financial Technologies Service Providers Association (FITSPA), a setup bringing together more than 50 licensed payment service providers.

He discusses how FITSPA is tackling cybercrime, influencing regulation, empowering startups, and shaping the country’s digital economy.

Cybercrime is a major concern for financial service providers. How are you addressing this threat?

It is one of the biggest challenges facing the financial sector today, and it’s constantly evolving.

To combat it, we have created a multi-stakeholder consortium that includes Uganda Bankers Association, Bank of Uganda, Financial Intelligence Authority, UCC, and the police that facilitates real-time information sharing, maintains fraudster blacklists, and conducts regular training sessions.

By pooling expertise, we can identify emerging threats early and respond collectively. We also follow the Central Bank’s guidelines on penetration testing, ensuring members conduct regular system audits and work with certified cybersecurity consultants.

Beyond technology, we emphasize staff and customer awareness because security is as much about people as it is about systems. Our goal is to make our infrastructure robust so that attackers find it impenetrable.

How do you engage with regulators to shape the fintech landscape?

We work hand in hand with Bank of Uganda, Uganda Communications Commission, and the National Payment Systems Council to develop forward-looking policies that balance innovation with consumer protection.

We played an active role in the National Payment Systems Act, which established a solid foundation for fintech operations. We are now exploring frameworks that allow non-licensed fintechs to collaborate with licensed institutions, encouraging innovation, while maintaining regulatory oversight.

We aim to ensure policies evolve as fast as the technologies driving the industry.

What are the biggest challenges fintechs face today, and how are you helping overcome them?

Regulatory uncertainty, limited access to capital, and cybersecurity threats.

Many of our laws, like the Financial Institutions Act and the 2013 Mobile Money Guidelines, were crafted before fintech innovation took off, so they don’t always reflect current realities.

We want flexible and adaptive regulations that can accommodate emerging business models.

We are also promoting digital literacy to help users confidently engage with fintech services, which builds trust and fuels adoption.

We are working closely with Bank of Uganda and other stakeholders to create an environment that supports innovation, investment, and responsible growth.

What fintech innovations are you most excited about right now?

Innovations that are empowering communities directly, especially digital solutions for savings groups, or ‘circles.’

These platforms digitise traditional community finance models, allowing members to save, borrow, and manage their money more efficiently while keeping ownership within the group.

We have seen a remarkable impact among women in these groups; some now save multiple times a week and access loans at just 2 percent.

This empowerment translates into tangible benefits like increased agricultural investment and improved livelihoods.

We are also seeing innovation in micro-insurance, addressing low insurance penetration, currently below 2 percent.

Over the next few years, we expect rapid growth in tech-driven insurance products that make coverage accessible and affordable for millions.

How are you supporting fintech startups and entrepreneurs?

Our focus is to help startups grow sustainably and responsibly. We offer platforms for networking, mentorship, and capacity building, and partner with organisations like aBi Trust to promote ESG standards and investment readiness.

We also organize events that bring innovators and investors together. For instance, we have an upcoming conference that will showcase promising fintechs and foster regional collaboration.

Financial inclusion remains a major goal. What role are you playing?

Fintechs are the single most powerful driver of financial inclusion today. Services like mobile money, digital lending, and agent banking have connected millions previously excluded from formal finance.

We now see new partnerships and incubators equipping entrepreneurs with global knowledge and capital. These programs are helping fintechs expand beyond Uganda and position the country as a regional fintech hub for East Africa.

Your last word!

The next two to three years will be transformative. 5G technology, increasing smartphone ownership, and cheaper internet will unlock new opportunities in digital payments, lending, and insurance. We will continue focusing on four pillars: innovation, talent development, investor engagement, and communication.

We will also maintain close collaboration with government and regulators to ensure policies keep pace with change. The fintech journey is built on resilience and collaboration. If we sustain this momentum, we will build a secure, inclusive, and globally competitive digital economy.

Ms Belinda Namutebi, in her article published in the Daily Monitor of September 16, titled, ‘Doctors, please touch us again’, wrote about how doctors of old used to listen with their ears, look at the patient with their eyes and most important of all touch the hurting body, with a hand on the forehead, a stethoscope on the chest, a feel of the belly, among others.

Unlike these days where all you see is a white coat behind a mac computer screen separating you from the physician who types away while you talk, never standing up to touch the patient or looking up to make eye contact. And she was right. But that is just the tip of the iceberg.

Bessel Van Der Kolk in his book, The Body Keeps The Score, says the most natural way that we humans calm down our distress is by being touched, hugged and rocked. This makes us feel intact, safe, protected and in charge.

Now you see why Belinda’s article touched many people. Touch is essential in life. Not just the doctor’s touch. Unless the doctor is your housemate. This touch talk reminded me of a Facebook entry I made a couple of years back. Let me share it here. If you saw it, pretend like you are reading it for the first time.

‘Where I am from, greeting for girls consists of kneeling and smiling or pretend-smiling and saying hello to the elder. Sometimes, the said elder might offer a stiff side hug or pat on the back with big, rough hands.

If memory serves me right, hugging as a form of greeting was officially introduced to my family by two of my six siblings when they returned from their first term at the then fancy and famous Namasagali College. Before that, I do not remember us hugging each other. The only hugs I remember were visited upon us by a couple of rich aunties and uncles who when they came to our place would hug us.

One, (uncle Martin) would kiss our little cheeks and I remember feeling particularly pleased with my little Primary Two self after being pecked on the cheeks. I think that is why more than 20 years later, when he lay on his deathbed in a ward in Mulago Hospital with no voice because cancer had invaded his body, I would greet him with a kiss on his cheeks and he would smile back with his eyes. Away from that though, I do not recall a lot of public display of affection in our household. That is

of course until Angella and Stella went to Sagali College. Suddenly, people in the house were hugging, hugging us. It felt so foreign and weird, like we were kwekozaring.

In fact, hugging some of my siblings still kinda does. The only time I remember hugging my father was in S.6 vacation. I was 18. When he returned with my UACE results, I had performed really well and he was pleased. We hugged. I think that was the first and last time.

My mama, well, we now hug multiple times when we meet but I do not remember us hugging that much as a child. I think the over hugging now is to make up for lost time. So I guess I have Fr Grimes to thank for normalizing hugging in our household.’

I wrote that in 2022. Now I realise that hugging and other forms of touch are not simply sentimental but are actually essential for wellbeing. So, go hug someone.

If you have annoyed everyone in your circle and no one will touch you with a 20 meter pole, book a slot at the nearest spa and get a good professional therapeutic massage.

Please note, I am not talking about those immoral massages offered to male customers at hair salons these days or the dingy lodges that now identify as massage parlors. Also, forced hugs do not count. Stop forcing people to hug you. Go hug a tree or something.

After taking care of yourself, please hug your children as many times as you can and for as long as you can and save us all the trouble of having to live with angry, perpetually distressed adults in the future.

Every October, the world turns pink to raise awareness about breast cancer, the most common cancer among women globally and one of the leading cancers in Uganda.

Below are some of the most frequently asked questions about breast cancer, with expert answers from UCI.

What is breast cancer and what causes it?

Breast cancer is a disease where cells in the breast grow abnormally and form a lump or mass. If not detected early, these cells can spread to other parts of the body. It can occur in both women and men, though it is much more common in women. The exact cause is not known, but several factors can increase a person’s risk. These include age, as the risk increases with advancing years; a family history of breast cancer, especially among close relatives such as a mother, sister, or daughter; and genetic mutations such as BRCA1 and BRCA2. Lifestyle factors such as alcohol use, obesity, physical inactivity, and unhealthy diets also raise the risk. Hormonal factors, including early menstruation, late menopause, or use of hormone replacement therapy, may further contribute.

What are the warning signs of breast cancer?

Common signs and symptoms include a lump or thickening in the breast or underarm area; changes in the size, shape, or appearance of the breast; dimpling or puckering of the skin; nipple discharge, especially if it is bloody or unusual; nipple pain or inversion; and redness, scaling, or swelling of the breast skin or nipple. Anyone who notices these changes should see a health professional immediately.

Can it be prevented?

While not all breast cancers can be prevented, it is possible to reduce risk. Maintaining a healthy weight, exercising regularly, limiting alcohol intake, and breastfeeding, which has protective benefits, can help. It is also advisable to avoid unnecessary use of hormones and undergo regular screening to detect cancer early.

Breast self-examination is a simple technique where women regularly check their own breasts to detect any changes early. To perform a BSE, stand in front of a mirror with your arms raised and look for any visible changes. Then, feel each breast in circular motions using your fingers, including the armpit area. This should be done monthly, preferably a few days after your period ends. All women aged 20 and above are encouraged to perform breast self-examinations every month.

When should I start screening?

Women aged 20 to 39 years should perform monthly self-examinations and have a clinical breast examination every three years. Women aged 40 and above should have annual mammograms and clinical breast examinations. Those with a strong family history or genetic predisposition are advised to start screening earlier, as recommended by their doctor.

Is breast cancer curable?

Yes. When detected early, breast cancer can be successfully treated. Treatment options include surgery, chemotherapy, radiotherapy, hormonal therapy, and targeted therapy. Many women treated at UCI go on to live long, healthy lives.

Where can I get screened or treated?

Screening and treatment services are available at the Uganda Cancer Institute which serves as the national referral and regional centre of excellence for cancer care. Services are also provided at regional cancer centres in Mbarara and Gulu, as well as partner hospitals and health facilities.

What should I do if I am diagnosed with breast cancer?

Do not panic. Breast cancer is treatable, especially when detected early. Visit the Uganda Cancer Institute or the nearest regional cancer centre for evaluation and management. The UCI provides counselling, diagnosis, treatment, and psychosocial support to help patients through their journey.

Do men get breast cancer?

Yes. Although it is rare, men can also develop breast cancer. The warning signs are similar to those in women, including lumps, nipple discharge, and changes in breast appearance. Men with a family history of breast cancer should also seek regular check-ups.

What is UCI doing to fight breast cancer in Uganda?

UCI leads the national response through early detection and screening programmes across the country, public education campaigns, and community outreaches. The Institute also provides advanced diagnosis and treatment services, trains health workers in oncology, and conducts research and innovation to improve outcomes. In addition, UCI partners with local and international organisations to expand access to cancer care.

How can I support awareness?

You can wear pink during October to show solidarity, share information, and encourage women to get screened. Supporting patients and survivors emotionally and socially, participating in community events organised by UCI and its partners, and contributing to cancer screening and patient care programmes are all valuable ways to help.

A total of 730,668 people aged 10 years and above in the Tooro and Rwenzori sub-regions are living with various mental health disorders, according to the 2024 National Housing and Population Census. The sub-regions have a total population of 3,378,840 people.

The census report states that the disorders include psychological distress, bipolar disorder, depression, anxiety, psychosis, and suicidality. This hints at a widespread and growing mental health burden in the sub-regions. Kasese District has the highest number of people affected, 169,711 individuals; followed by Kyegegwa District with 159,281; and Kyenjojo District with 118,219, the report states.

It adds that the three districts alone account for more than half of the total mental health cases in the two sub-regions.

Despite the high demand for care, Fort Portal Regional Referral Hospital is the only specialised facility with a mental health unit serving the sub-regions. However, the facility is understaffed, underfunded, and overwhelmed.

The unit’s principal psychiatrist, Dr Martin Ibanda, says due to the increasing number of admissions, the facility is overwhelmed.

Rising cases

Dr Ibanda explains that the rising numbers have forced some patients to sleep on the floor, while others are discharged earlier than recommended to create space for new admissions.

‘We are handling about 100 patients every day. To serve them better, we established specific clinic days: on Mondays and Fridays, we conduct major ward rounds; Tuesdays are for epilepsy patients; and Wednesdays are dedicated to patients with drug-related mental disorders,’ he says.

He adds that the hospital conducts quarterly outreach programmes in various districts to follow up on patients who have previously visited the facility.

‘We are supposed to have regular outreaches and home visits, but this remains a challenge because we are not well facilitated. We should be visiting patients and their caretakers in their communities to offer support, but limited resources make this difficult,’ Dr Ibanda explains.

The principal psychiatrist emphasises the urgent need for the government to equip lower-level health facilities in districts to manage mental health cases before they reach the regional hospital.

‘District health facilities need to provide mental health services so that patients can first be attended to before coming here. That way, this facility can handle only referred cases. After we discharge patients here, those lower facilities should also provide follow-up care to help reduce congestion at the regional hospital,’ he says.

He adds that drug and substance abuse are the leading cause of mental health disorders in the sub-regions. He says poorly equipped lower health centres are causing overcrowding at the regional referral hospital.

Patients who should be checked at nearby facilities keep coming back because those centres lack mental health services.

Dr Ibanda adds that feeding admitted patients is also a challenge, as limited funding allows the hospital to provide only one meal a day.

Staffing challenges

Dr Ibanda says the mental health unit is supposed to have seven psychiatric clinical officers, but currently, only four are available. Similarly, the facility is expected to have 28 psychiatric nurses, yet only 16 are on staff.

‘The government has not recruited enough professionals in mental health. Even the few available are overstretched. When I go for support supervision, I often find a single psychiatric-trained nurse who is also running the HIV clinic, yet they must still attend to mental health patients,’ he says.

He adds that the regional referral hospital lacks a rehabilitation centre for patients recovering from substance abuse and other mental health conditions.

‘When we treat patients and they regain their senses, especially those with drug abuse issues, we are supposed to rehabilitate them before reintegrating them into the community. Unfortunately, we don’t have a rehabilitation centre. Those who can afford it go to private facilities or to Butabika hospital in Kampala.’

Depression

Dr Ibanda says: ‘Depression accounts for about 32 percent of the patients we attend to. It often goes unnoticed because many patients take time to disclose their condition. In severe cases, depression can lead to attempted suicide. Most of these patients don’t come directly to the mental health unit-they first report to the general ward and are later referred here after being identified.’

Dr Archbald Newton Sebahire Bahizi, the executive director of Fort Portal Regional Referral Hospital, says the hospital recently trained some health workers to begin handling mental health patients.

‘We trained some of the health workers from district health facilities at health centre IV level to start handling such patients and to open up clinic days at their facilities,’ he says.

He emphasises that addressing the growing mental health crisis requires a multi-sectoral approach that goes beyond the health sector alone.

‘To end this vice, we need a multi-sectoral approach. For instance, when police are having community policing meetings, a health worker should be brought on board to talk about these issues – in schools, churches, and other community gatherings,’ Dr Bahizi explains.

Sensitsation

Dr Bahizi notes that sensitisation is key to ending stigma and misconceptions surrounding mental illness.

‘People need to know that a mental health disorder is not witchcraft or a family curse. Our people need to be sensitised so they know where to seek help,’ he says.

He warns that lifestyle choices and substance use are contributing to the problem.

‘People need to shun all possible causes. Today, a lot of things are being produced, and people consume them for relief but in the long run, they affect the body and mind. When it becomes severe, some people end up committing suicide, while others turn violent,’ Dr Bahizi says.

Mr Isaac Mugisa, the executive director of Humura Vulnerable Children and Youth Support Organisation in Fort Portal City, says with funding from NASF, they are implementing a one-year project in Fort Portal aimed at raising awareness about mental health. The project targets about 500 victims through breaking the silence on mental health advocacy.

‘We want to end stigma, restore hope, and strengthen communities. We are holding community dialogues, training teachers, health workers, and youth leaders on how to support mental wellness,’ he says.

Mr Mugisa adds that they are also working on policy advocacy with Fort Portal City to prioritise mental health in planning, ensuring there is a budget to address it, and establishing support groups and referral pathways for affected individuals.

The Kasese District Health Officer, Dr Amon Bwambale, says during the 2024/2025 financial year, the district recorded 642 mental health cases, of which 160 were linked to drug and substance abuse.

Dr Bwambale attributes the rise in mental health cases to poverty, unemployment, negative social influence, alcohol consumption, and substance abuse. He also cites anxiety, depression, manic episodes, epilepsy, and an increase in suicide cases across the district.

‘We need to work together to integrate mental health actions and responses into our health programming. This will help promote people’s mental wellbeing and advocate for policy changes that prioritise mental health,’ he says.

Statistics on mental health in Tooro and Rwenzori sub-regions for people aged 10 years and above [Ubos 2024]

Fort Portal City: Psychological distress 11,298, bipolar disorder 2,865, depression 8,005, anxiety 3,831, psychosis 1,609, suicidality 919.

Bunyangabu District: Psychological distress 18,635, bipolar disorder 7,019, depression 12,144, anxiety 3,994, psychosis 2,218, suicidality 867.

Kabarole District: Psychological distress 17,953, bipolar disorder 5,487, depression 12,015, anxiety 5,213, psychosis 2,529, suicidality 1,264.

Kyejonjo District: Psychological distress 49,684, bipolar disorder 23,324, depression 26,634, anxiety 11,411, psychosis 4,989, suicidality 2,177.

Kyegegwa District: Psychological distress 51,581, bipolar disorder 20,768, depression 31,950, anxiety 19,476, psychosis 9,554, suicidality 1,348.

Kamwenge District: Psychological distress 24,186, bipolar disorder 6,522, depression 14,503, anxiety 7,511, psychosis 4,710, suicidality 1,336.

Kitagwenda District: Psychological distress 15,061, bipolar disorder 6,173, depression 7,637, anxiety 2,327, psychosis 1,424, suicidality 715.

Kasese District: Psychological distress 68,803, bipolar disorder 25,997, depression 42,043, anxiety 18,608, psychosis 10,123, suicidality 4,137.

Bundibugyo District: Psychological distress 25,286, bipolar disorder 11,291, depression 13,309, anxiety 6,886, psychosis 4,394, suicidality 1,856.

Ntoroko District: Psychological distress 6,984, bipolar disorder 2,305, depression 4,829, anxiety 2,197, psychosis 1,089 and suicidality 548.

A proposal to split Namutumba District and create Bukono District has sparked sharp divisions among political, religious, and cultural leaders ahead of President Museveni’s scheduled visit next month.

Presidential campaigns were officially launched on September 30 and President Museveni is expected in Namutumba on November 24.

Ahead of his visit, leaders from Bukono Chiefdom are urging the President to grant them a new district, create another constituency – Busiki West – and fulfil long-standing pledges to the people of Namutumba.

Among the unfulfilled promises are the tarmacking of the Busembatia-Ivukula-Nangonde Road, the construction of Namakoko Bridge linking Namutumba to Kibuku District, and upgrading the Namutumba-Butaleja-Nabumali Road.

However, these demands have triggered friction among the district’s key leaders, with rival factions racing to find consensus before Mr Museveni’s arrival.

Chief Nabongho Yololim, the royal head of Busiki Chiefdom, said consultations among residents revealed support for the creation of Busiki West Constituency, comprising Kibale Sub-county, Nsinze Town Council, Nabweyo Sub-county, Kibale Town Council, and Nsinze Sub-county. But he rejected the proposed inclusion of his three sub-counties in a new Bukono District.

‘I am not ready to have my sub-counties annexed to four others in Bukono to form Bukono District,’ he said during a meeting with Chief Godfrey Mutyaba of Bukono and Sheikh Saidi Wakibi, the Namutumba District khadhi.

Chief Nabongho argued that allowing Kibale and Nabweyo sub-counties and Kibale Town Council to fall under Bukono District would hand Bukono full control over areas that belong to Busiki Chiefdom.

Unending demand

Bukono Chiefdom has since 2022 demanded district status, citing ‘sabotage’ of its cultural independence. But Mr Nabongho insisted the Busoga Kingdom Constitution grants ownership of sub-counties to their respective cultural institutions.

‘I will not allow that. Let my brother Mutyaba get a district with his four Sub-counties – Ivukula Town Council, Nangonde Sub-county, Ivukula Sub-county, and Nangonde Town Council. Creating a district requires wider consultations since the government hasn’t yet pronounced itself,’ he said.

He added that if the government insists on including Busiki sub-counties in the new district, its name should change from Bukono to one agreed upon by the Namutumba District Council.

Chief Mutyaba, however, said Bukono deserves district status because of its economic contribution to the area.

‘The new district must be called Bukono. Even if it starts with only four Sub-counties, that’s fine. What matters is that Bukono gets its district,’ he said, denying any intention to claim Busiki areas.

Mr Emmanuel Maganda, the NRM flagbearer for Bukono Constituency, warned that the ongoing dispute could derail the district creation process.

Mr David Mukisa, the Namutumba District chairperson, said the council will hold a special sitting to discuss and endorse the proposal before forwarding it to the government.

Mr Simon Peter Wakudumira, the second deputy prime minister of Busiki Chiefdom, emphasised that Bukono remains under Namutumba District administration, which currently hosts two chiefdoms.

‘What Bukono seeks is independence and recognition – nothing more,’ he said.

Uganda has suspended the registration of new asylum seekers from countries not affected by war as the government grapples with dwindling aid and a continuous influx of refugees, a senior official said.

Mr Geoffrey Mugabe, the senior settlement commandant in the Department of Refugees at the Office of the Prime Minister (OPM), said countries currently affected by the halt include Somalia, Eritrea, and Ethiopia.

‘I was asked to share updates regarding government measures in light of ongoing financial constraints, the reduction of World Food Programme rations, and the continuous influx of refugees,’ Mr Mugabe said.

‘We intend to narrow support to only vulnerable refugees. Registration from countries not in conflict, notably Somalia, Ethiopia, and Eritrea, has been closed,’ he added.

The announcement came during the launch of IsraAid Uganda’s 2025-2028 Strategy in Kampala on October 14, which aims to strengthen refugee resilience amid falling donor support.

Mr Mugabe said the closure has reduced incoming refugee numbers by 5,000.

‘We will continue monitoring these closures for countries not experiencing war, as we’ve mentioned,’ he added.

Records show Uganda suspended Eritrean asylum seeker registration on January 10, blocking legal status and support for new arrivals.

A government headcount conducted two weeks ago indicated that Uganda hosts 1,955,370 refugees and asylum seekers.

Of these, 1,914,626 are refugees, while over 40,000 are asylum seekers. Women and children constitute 78 percent of the population, with more births recorded among refugee women in Kampala during the last quarter than in the entire Wakiso District.

Since the start of 2025, an estimated 600 refugees arrive daily, and numbers are projected to reach two million this year. Uganda has long been praised for its open-door policy. Despite being the world’s second-largest refugee host after Turkey, Uganda receives significantly less funding than Kenya and Ethiopia, which host fewer refugees.

Mr Duuki Richard, the inter-agency coordination associate at UNHCR, highlighted a steady decline in donor support over recent years.

‘In 2018, aid stood at $490 million, rising to $500 million in 2019, then declining to $461 million in 2020, $370 million in 2021, $414 million in 2022, $294 million in 2023, $150 million in 2024, and $130-140 million in 2025,’ he explained.

Mr Mugabe said the government is seeking to bridge gaps through local resource mobilisation, voluntary refugee returns, promotion of regional peace, and partnerships with humanitarian agencies.

‘We are collaborating with NGOs like IsraAid to promote self-sustenance among refugees,’ he said. ‘Uganda operates a settlement system, not camps. Refugees are free to develop skills and livelihoods, and can move freely. In Kampala, two out of every 10 people you meet are likely refugees,’ he added.

Ms Delphine Tumusiime Mugisha, the country director of IsraAid Uganda, said the strategy addresses critical refugee needs, including psychosocial support, water, sanitation, hygiene, protection, and emergency response in settlements such as Palorinya, Nakivale, and Nyakabande transit centre. By 2028, the NGO aims to reach over 200,000 beneficiaries.

‘With dwindling global funding, localisation, strategic partnerships, and efficient use of resources will drive our work going forward,’ Ms Mugisha said. She added that recent cuts by the US government created a 54 percent financing gap in Uganda’s refugee programmes. Mr Patrick Okello, the commissioner for refugees at OPM, said refugees require support to enhance livelihood resilience amid funding shortages.

‘The launch of this strategy will greatly benefit refugees through capacity building and resilience-focused programmes,’ he said.

Ms Harriet Ajilong, the commissioner for guidance in the Ministry of Education and Sports, emphasised the need for psychosocial support, noting that displacement causes anxiety and depression among refugees.

Refugees in Uganda

According to UNHCR data as of October 1, 2025, Uganda’s refugee population comes mainly from the Democratic Republic of Congo (52.5 percent), South Sudan (32.8 percent), Sudan (4.7 percent), Eritrea (2.9 percent), Somalia (2.6 percent), Burundi (2.4 percent), Rwanda (1.3 percent), Ethiopia (0.8 percent), and other countries (0.1 percent).

For decades, pension funds have played it safe. Pool workers’ savings, buy secure assets, and pay retirees on time. Members feel protected, regulators are satisfied, and managers meet their duties.

But there is a missing link. Uganda’s pension funds-worth at least Shs26 trillion by June 2025-mainly buy listed shares, government bills and bonds, and prime real estate. These assets are liquid and regulator-approved, fitting their long-term liabilities.

The cost is limited impact. Stocks recycle money within established firms. The government paper mostly funds recurrent budgets, not new roads or power plants. High-end property enriches a few urban zones. While savings are safe, society is not built.

The data shows it. As the Uganda Retirement Benefits Regulatory Authority (URBRA)’s 2025 records show, 80 percent of sector assets sit in government securities.

The allure is in yields that can reach 17 percent on secure assets, but heavy concentration creates risk should repayments or macroeconomics change.

Worse, it crowds out private borrowers because less credit means slower innovation and fewer jobs. Economists call this the ‘crowding-out effect.’

Meanwhile, Uganda’s road plan alone requires over $10 billion, Finance Ministry data shows. Each year, more than 30 percent of the national development budget goes to infrastructure-roads, energy, logistics-yet delivery often lags.

The Karuma hydropower dam proves the point.

Built to add 600MW to the grid, it was commissioned a decade late at a cost of $1.7 billion, most of it borrowed from China’s Exim Bank.

For years, Ugandans paid interest on a project that was not delivering power, while factories in Nwoya and Lira postponed investments. While the debt grew, growth gains did not.

The Standard Gauge Railway tells a similar story. Envisioned as a $2.3 billion modern line linking Kampala to Kenya’s port of Mombasa, it remains stalled because there is no funding for it.

Uganda is left with colonial-era metre-gauge tracks, constraining industrial parks in Tororo and Mbale and keeping freight costs among the region’s highest.

Other big projects-from the Bukasa Inland Port to the Kampala-Mpigi Expressway-show promise but stumble on the same hurdles: land disputes, procurement delays, and funding shortages.

The outcome is predictable: sunk money, missed deadlines, and lost competitiveness.

Why pensions matter

This is where pension funds come in. Unlike banks chasing quick profits, they hold long-term capital that fits the lifespan of infrastructure. Properly structured, their money cuts financing costs, secures projects upfront, and enforces delivery discipline.

Ugandans have already shown they will pay for value. The Entebbe Expressway, a 49.6km road built for $476m with Chinese and government funding, introduced tolls in 2022.

Motorcycles above 400cc pay Shs3,000, light vehicles Shs5,000, and large trucks up to Shs18,000. Daily traffic averages 28,000 vehicles-far above the 18,000 forecast.

In just three years, tolls have raised Shs119.8billion (about Shs3.7billion a month). The lesson is infrastructure can fund itself, creating predictable cash flows for bonds and Private Public Partnerships (PPPs).

The wider demand is massive. East Africa needs tens of billions of dollars each year for roads, ports, rail, energy, and water, according to the East African Community Secretariat.

Pension funds, with their patient capital, are natural partners to close that gap.

For them, this is diversification. A careful shift into infrastructure spreads risk, improves returns, and still meets safety and liquidity rules.

In finance terms, if a new market offers higher risk-adjusted returns, funds should enter it. Members gain, economies grow, and development becomes self-financed rather than aid-driven.

But policy lags

Uganda needs deliberate policy to unlock pension capital for development.

The Uganda National Social Security Fund (NSSF)’s rules allow up to 5 percent asset allocation in private equity (PE) and venture capital (VC), yet less than 1 percent has been deployed.

The flaw is structural: there is a cap but no floor, so managers fall back on the comfort of government paper.

As Amanda Kabagambe, chairperson of the East Africa Venture Capital Association in Uganda, notes: ‘If we are serious about growing SMEs and scaling local firms, we should set minimum local allocations.’

Over 70 percent of private equity or venture capital in East Africa comes from foreign investors, mostly Development Finance Institutions (DFIs), 2025 Financial Sector Deepening Uganda research data shows.

As foreign flows dry up, local firms risk collapse. Worse, borrowing in dollars while earning in shillings creates a currency mismatch. Local shilling capital both hedges risk and aligns with local realities.

This is the essence of productive investment-using long-term savings not only for returns but also growth. By pooling millions of small contributions, pension funds provide steady domestic capital. In theory, more savings mean lower borrowing costs.

Governments could depend less on Eurobonds and donors; firms would access cheaper credit. Pension money becomes a growth engine, not just a retirement cushion.

Others show the way. Nigeria’s pension reforms channel billions of dollars into infrastructure bonds and housing. Kenya’s, with 44 percent of assets in government securities compared to Uganda’s 78 percent, invests directly in affordable housing and PPP projects. Both countries use pensions to deepen markets and broaden impact.

Uganda has barely scratched the surface. NSSF, with over Shs26 trillion under management, has built Pension Towers and Lubowa housing estate. But these projects are slow and elite-focused, with little spill over. What is missing are catalytic investments: power plants to lower energy costs, housing for ordinary families, transport networks to cut logistics costs.

The pension sector remains shallow. Uganda Retirement Benefits Regulatory Authority data shows 3.37 million members in 2023/24, just 12 percent of Uganda’s 9.4 million workers by 2025.

Life expectancy is rising, meaning longer retirements but little savings. Without reform, Uganda faces two risks: old-age poverty and wasted capital.

Pension funds should not be viewed solely as retirement vehicles, but as powerful nation-building institutions.

With their large scale and long-term investment horizons, they have the capacity to drive economic transformation and support national development. And some funds are already testing this role.

Uganda’s NSSF is edging in this direction. It has pledged to co-finance the Kampala-Jinja Expressway and is weighing in on the Bombo-Kampala road that is expected to pay for itself through tolls. Energy projects are also under review.

‘Each project must meet our criteria for returns, risk, and long-term sustainability,’ says Patrick Ayota, the NSSF’s managing director.

Regionally, momentum is building. NSSF Uganda, NSSF Kenya, and Tanzania’s Workers Compensation Fund have formed a task force for joint investments.

The case is scale: African pension funds control about $700billion, according to data from the Africa Social Security Association (ASSA).

Pooling just 1 percent-around $7 billion-could finance five Kampala-Jinja expressways, or fully fund Ethiopia’s Grand Renaissance Dam, which cost about $5billion to build and now supplies power across the region.

Legally, cross-border investment is possible; politically, it is harder. ‘Why put our money in Kenya instead of here?’ some ask. But Ayota insists the test should be what benefits members, not politicians.

The ASSA is pushing for harmonisation. Some countries already allow cross-border flows while others still block them. Partnerships with the Africa Finance Corporation and TDB Bank are helping funds build expertise and manage risk.

‘The goal is a single voice on Africa’s infrastructure agenda. With the right expertise, nothing is impossible,’ says Meshach Bandawe, ASSA’s Secretary General.

The economics also favour diversification. Spreading assets across borders lowers risk and improves returns.

‘We just declared a 13.5 percent interest rate, driven by our diversified portfolio across East Africa,’ says Ayota.

Liquidity is sacred: ‘We promise safety and liquidity. Even if 1 percent of the Fund faced trouble, members would still be paid.’

The resources are already there. The African Union (AU) counts $1.3 trillion in pension assets, $483 billion in public revenues, $427 billion in private savings, $24 billion in sovereign wealth, and $100 billion in remittances.

The gap is not money but mobilisation. ‘Aid is shrinking, geopolitics is shifting, and Africa carries its heaviest debt in 50 years. Fifteen of Africa’s top 20 donors have cut funding,’ says Leonard Zulu, the UN’s resident coordinator for Uganda.

His message: Africa must turn inward-mobilising pensions, savings, and remittances-and move ‘from aid to trade.’

Uganda’s own plans demand it. The Fourth National Development Plan (2025-2030) targets tenfold growth-from $61 billion to $500 billion by 2040 and that is not expected to happen without domestic capital.

Pensions are rising fast: the sector is now worth Shs26 trillion, up nearly 19 percent in a year.

Alongside insurance funds, green bonds, and diaspora flows, pensions are Uganda’s most reliable pool of long-term money.

Examples prove the point. Ethiopia’s Grand Renaissance Dam was funded largely by citizens and diaspora.

‘Local capital must lead local development. We should not be sending our startups to Europe to pitch mobile money to people who have never used it,’ says Kabagambe.

ASSA is launching a continental infrastructure fund, backed by 15 countries including Uganda, Kenya, and Tanzania.

‘Our aim is to mobilise resources, share risks, and pool expertise for roads, energy, ports, health, and education,’ says Bandawe.

Africa’s infrastructure gap is $170 billion a year, while one in three Africans still live in poverty. Mobilising even a slice of pension assets could close part of that gap and strengthen the funds’ long-term stability.

Closing the gap could lift Africa’s Gross Domestic Product by 2.6 percent annually, create jobs, and expand social security membership, according to ASSA’s conservative estimates.

National development plans differ, but most align with the AU’s Agenda 2063, the Sustainable Development Goals, and the Africa Continental Free Trade Area (AfCFTA).

The path challenge is execution.

Too many African states still borrow at 13-18 percent on international markets, punished by ratings that ignore fundamentals.

Uganda has kept inflation under 5 percent for years yet pays nearly 18 percent to borrow abroad.

‘If we use our own domestic capital responsibly, we can cut reliance on expensive debt and finance infrastructure at fairer rates,’ Zulu says. ‘That would speed up the SDGs.’

With only five years to 2030, donor aid is drying up. Uganda alone has lost at least $800 million in aid since 2023, according to data from Bank of Uganda.

‘The time has come for Africa to look inward. Just as families use their own savings to build homes, countries must use theirs to build economies. We must all have skin in the game,’ Zulu concludes.

Who funds what ?

It is fair to ask why private equity, venture capital, and DFIs often shy away from the long-horizon projects pension funds are being urged to embrace. The reason is mandate.

Infrastructure pays off over 15 to 20 years-too slow for PE or VC funds that need quicker exits. Their role usually comes later, financing the companies and services that spring up once the roads, power plants, or ports are in place.

When Vipers limped off the St. Mary’s Stadium turf on Sunday night after a 2-1 loss to Zambia’s Power Dynamos, there was a glaring absence of urgency, rhythm – and one Allan Okello.

The Venoms’ supposed poster boy has virtually gone AWOL across all three Caf Champions League outings this season: the two-legged affair against Namibian side African Stars and now this sobering home defeat to Dynamos.

His anonymity in midfield has become symbolic of Vipers’ broader struggle – a team starved of ideas, tempo, and bite when it matters most.

Even after Yunus Sentamu handed Vipers the lead two minutes into the second half – capitalizing on a chaotic goalmouth melee after the visitors failed to clear their lines – it was evident the Venoms were skating on thin ice.

Tough times

The early breakthrough should have sparked momentum at the fully packed St Mary’s Stadium-Kitende. Instead, it exposed a deeper malaise. They looked vulnerable and disjointed, with Okello continuing to drift around the pitch without purpose or impact.

That vulnerability was ruthlessly exploited just seven minutes later. Power Dynamos’ Moses Shuma pounced on defensive indecision and hesitation from goalkeeper Derrick Kiggundu to slam home the equalizer at the near post in the 53rd minute.

The Zambians, led by coach Oswald Mukuka, smelt blood – and they were only getting started.

Despite late introductions of Enock Ssebagala and debutant Arafat Usama Kizza, Vipers’ finishing woes persisted.

Milton Karisa and Sentamu both saw golden opportunities spurned late in the first half – particularly when Willard Mwanza pulled off a stunning double save at the stroke of halftime. Those misses would come back to haunt them.

With just 13 minutes to go, disaster struck. A low cross from the left wing caught goalkeeper Kiggundu stranded off his line.

Left-back Derrick Ndahiro, in a desperate attempt to clear, inadvertently bundled the ball into his own net – handing Dynamos a priceless away victory.

Not yet sealed

“We are a team on a mission. We are in the lead, and we shall do the job. This is not the end – we have a second half to play,” Mukuka said post-match, visibly delighted. ‘We knew what they were going to do. We defended well apart from that one moment.’

Indeed, Mukuka’s blueprint to sit deep, counter at pace, and exploit Vipers’ sluggishness worked to perfection. He and his side had clearly done their homework – and executed it with clinical precision.

In contrast, Vipers coach Ivan Minnaert downplayed suggestions that the team’s lethargic display was due to a lack of domestic league action. But it was clear for all to see: the Venoms looked leg-weary, second-rate, and lacking sharpness against a well-drilled Zambian outfit.

‘It was hard luck for us because we had a few good chances to score and didn’t take them,’ Minnaert said. ‘We believe 100 percent we can do it because it’s only one goal. We need to go there and try to score as fast as possible. We have 90 minutes to be classified, and we will do it.’

That belief, however, is being tested. Vipers now face a daunting trip to Levy Mwanawasa Stadium on Friday, where they must overturn the 2-1 deficit to reach the lucrative Caf group stages.

Minnaert is walking a tightrope at Kitende. Should he bow out without a fight, questions will intensify over his tenure.

For that fight to materialize, he must hope that Okello, who looks fatigued by the Uganda Cranes three-month duty, finds his form – and fast.

Caf Champions League

Second Preliminary Round

First leg result

Vipers 1-2 Power Dynamos

Friday October 24

Power Dynamos vs. Vipers, 4pm

Games in the StarTimes Uganda Premier League do not always attract mammoth crowds for a large part of the past two decades.

Over the past 10 years, KCCA versus Vipers is the one fixture that packs the stands. You can then look forward to SC Villa, depending on what the club is chasing – survival or title.

Onduparaka, when they played in the top tier, and Kitara, during the 2023/24 season, have been the other oases of colour in the league.

However, when many chose to stay away from games this season due to the wide dissatisfaction over the reforms to the league, the silence in stadiums was loud.

If an empty ghostlike Namboole Stadium on October 4 was a sore sight, last Wednesday was heartbreaking. The scenes at the Fufa Kadiba Stadium were particularly symbolic.

Villa, Uganda’s most decorated club and fan-backed institution, played their first league match at the newly-approved Kadiba home ground.

But instead of homecoming celebrations, they were met with yellow and blue stands and bitter silence.

Outside the gates, a group of Villa loyalists staged mock celebrations, complete with beer parties and chants – yet none of them entered the stadium to watch their beloved Jogoos, who were held to a 1-1 draw by newcomers Entebbe UPPC.

Their resistance against the three-tier format complemented the rejection by Vipers and their president Lawrence Mulindwa whose team refused to play Kitara a fortnight ago at Namboole when a double-header was planned. The other game that day was KCCA’s 2-1 win over Villa.

In a desperate measure, KCCA dragged their causal labour force to Lugogo last Thursday for their goalless draw with Lugazi.

Someone had to see, let alone hear the rebuff by fans. Fufa president Moses Magogo on Saturday afternoon bowed, announcing the suspension of the controversial format.

The federation will revert to the traditional home-and-away system that has governed Ugandan football for decades.

Consultations

In a statement issued after an Executive Committee meeting, Magogo confirmed: ‘The Fufa Executive Committee has taken a decision to suspend the format of the 2025/2026 StarTimes Uganda Premier League season after consultations with the UPL clubs, league sponsors and the Uganda Premier League Board.

“Rule 14:4-12 of the Fufa Competition Rules 2025 will now not apply for this season.’

Magogo admitted: ‘Our new format failed because of a lack of adequate sensitisation. We shall revert to it in one year’s time after trying it in the lower leagues.

‘We have listened to the clubs, sponsors and fans, and decided to allow more time for explanation and preparation before full implementation.’

‘For this season, we shall play home and away fixtures, with all points accumulated across both rounds, similar to the previous campaign.

‘By the end of this season, we expect to have had enough time to explain the objectives and benefits of the new format so that everyone moves in the same direction.’

The league will now proceed under the old system, with already played matches standing. Newly-promoted Buhimba United Saints is top on nine points from three games.

Will fans now turn up? Under former club president Ben Misagga, Villa always sold a slogan that goes: there is no fun without fans. It was often a call for fans to show up in big numbers.

Stands have emptied largely due to the match fixing scandal (2003), Fufa’s fight with clubs in 2012-2013 which delivered two leagues and this latest controversy over the format.

No one knows how long the complete healing will take.