economy 17 September 2026 Daily Monitor (Uganda)
Informal Sector Workers in Uganda to Benefit from New Retirement Savings Scheme
Uganda's informal sector workers, including boda boda riders and market vendors, will soon have access to a dedicated retirement savings scheme after it received licensing from the Uganda Retirement Benefits Regulatory Authority (URBRA). The scheme aims to provide a crucial safety net for those with irregular incomes. Source: https://www.monitor.co.ug/uganda/news/national/informal-workers-to-get-retirement-savings-scheme-5599240
Informal sector workers in Uganda are set to gain a vital financial safety net with the upcoming launch of a new retirement savings scheme. The Uganda Retirement Benefits Regulatory Authority (URBRA) has officially vetted and licensed the Informal Sector Workers’ Social Pension Scheme, paving the way for its operation.
This initiative specifically targets individuals with fluctuating incomes, such as boda boda riders, market vendors, and salon workers, who often lack traditional social protection. The scheme is designed to allow these workers to make small, consistent savings towards their old age, even when their earnings are irregular.
“You get money today and tomorrow you might not get, but as and when you get money, it is important that you save for your old age, save for your retirement,” stated Ms Rita Faith Nansasi, head of legal services at URBRA. This emphasizes the scheme’s goal of encouraging financial discipline and long-term planning among a demographic often living paycheck to paycheck.
Organizers highlighted that the scheme will not only focus on retirement savings but also offer access to emergency financial support. This feature is intended to help informal workers avoid exploitative lenders when urgent financial needs arise, providing a more stable alternative.
While specific details regarding minimum contributions, fees, and loan terms were not immediately available, the scheme is expected to cater to an estimated seven million informal workers across Uganda, according to data cited from the Uganda Bureau of Statistics. The official launch is slated for September 19, coinciding with celebrations for President Yoweri Museveni’s 82nd birthday.