Local pensions manager Enwealth has started operations in Uganda after being licensed by Uganda Retirement Benefits Regulatory Authority (URBRA).
Enwealth joins the growing number of other Kenyan financial services sector players including banks and insurance companies that have established solid presence across all the markets in East Africa in a bid to grow their revenues and profitability. where the firm plans to tap into the underserved small and medium enterprises (SME) sector.
“We have keenly observed the Pension industry in Uganda growing steadily under a strong regulatory regime. We are therefore excited to introduce innovative, ICT driven retirement products and services such as the Income Drawdowns, Diaspora and Expatriates fund, and Post-retirement Healthcare funds for a dignified retirement life,” said Enwealth CEO, Simon Wafubwa during the launch in Kampala Sheraton on Thursday.
The firm joins nine other pension administrators that are currently licensed by URBRA as a result of the ongoing reform agenda to liberalize the pensions sector.
The pension’s administrator currently manages pension assets worth over Ksh 60 billion and services over 120 clients within the region. Over the last 8 years, Enwealth has been providing innovative products and services through which more than 40,000 people in 12 countries in Africa have been impacted.
Mr. Wafubwa said that Enwealth’s key target market will be the small and medium enterprises which are currently undeserved. The SMEs employ over 2.5 million people; but due to low income levels and lack of access to information, majority of them do not have adequate savings for retirement. Enwealth has tailor-made products for this market as well as financial literacy programmes to encourage the population to save more and secure their financial security in retirement.
“We see a very vibrant, robust and well regulated sector with increased coverage and asset portfolio. With more players joining the market, we will see more products suited for markets that have not had access to retirement benefits before. We are also adapting to modern supervisory tools to ensure that people’s savings are secure, ” said Mr. Martin A. Nsubuga, CEO URBRA at the Enwealth Launch.