Collective investment schemes grow to 32,988 members
What you need to know:
- 17.4% Growth: Between December 2021 and March savings under Collective Investment Schemes grew from Shs977.6b to more than Shs1 trillion
Collective Investment Schemes have grown to above Shs1 trillion for the period ended March.
The growth represents a percentage expansion of 17.4 percent from Shs977.6b as of December 2021.
Collective Investment Schemes pool together savings of different individuals and entities, after which the money is invested with the purpose of making a profit.
Speaking In Kampala last week, Finance Minister Matia Kasaija, said Collective Investment Schemes have grown to 32,988 savers from 26,936, which demonstrates the growth of alternative saving schemes.
The growth, he said, is a major milestone towards attainment of financial inclusion and savings mobilisation, under the CMA 2021/25 strategic plan.
“About 32,988 Ugandans save through Collective Investment Schemes. The number has grown from 26,936 in the space of three months,” Mr Kasaija said.
As of January 2022, there were six investment scheme managers licensed by Uganda Retirement Benefits Regulatory Authority.
These include Britam Asset Managers, Genafrica Asset Managers, ICEA Asset Management, Sanlam Investments, UAP Financial Services and Xeno Investment Management.
Together, the six have a collective holding, which is in the excess of Shs1 trillion.
Mr Keith Kalyegira, the CMA chief executive officer, said that whereas there has been growth recorded, the number of Ugandans under the investment schemes was still low.
“As earlier mentioned, [the number of] Ugandans is still small,” he said, noting that when compared with countries such as Ghana and Kenya, there was a lot that still needs to be done to bring a sizeable portion of Ugandans into the investment schemes fold.
However, Mr Kalyegira urged savers to be vigilant, noting that there is need to keep constant watch of how investment schemes invest their money.