Local pensions manager Enwealth has started operations in Uganda where the firm plans to tap into the underserved small and medium enterprises (SME) sector.

Following licensing by the Uganda Retirement Benefits Regulatory Authority (URBRA), the Kenyan company now joins nine other pension administrators serving the country’s population. The firm’s expansion drives comes in the wake of ongoing reform agenda to liberalise the pensions sector in Uganda and broaden the coverage of pension schemes in the neighbouring country. Currently only about two million Ugandans, less than 10 percent of the population, is under pension coverage.

“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 chief executive Simon Wafubwa.

The firm currently manages pension assets worth over Sh60 billion and services over 120 clients within the region over the last eight years. The company says it has so far provided products and services through which it has reached more than 40,000 people in 12 countries within Africa.

The pension’s administrator now joins the growing number of other Kenyan financial services sector players including banks and insurance companies that have established a presence across in East Africa markets in a bid to grow their revenues and profitability.

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