The Insurance Regulatory Authority of Uganda (IRA) has called on young people to take advantage of affordable insurance packages as a safeguard against life’s unforeseen circumstances.
This message was delivered during the third annual Billi Now Now (BNN) Summit, a youth-focused event under the Billi Now Now movement, aimed at promoting financial literacy and responsible life choices among young Ugandans.
A recent report by Financial Sector Deepening Uganda paints a concerning picture: only 1% of Ugandan adults have formal insurance coverage. Among young people aged 16 to 25, over 4.1 million are uninsured, compared to just 1.7 million with some form of insurance.
In the 25 to 35 age group, 2.2 million are insured while 2.6 million remain without any coverage. This low insurance uptake is attributed to factors such as public mistrust, limited awareness, and a lack of tailored insurance products—especially for low-income earners.
Mariam Nalunkuma, head of Corporate Affairs at IRA, stressed the need for financial education among youth.
“One of the biggest challenges we face in Africa is unemployment. But even when young people find jobs, many lack the financial literacy to make informed decisions. As a result, they often spend their earnings without considering insurance options that could secure their future,” Nalukuma said.
She further emphasized that financial resilience depends on financial literacy, with insurance being a critical tool for protecting against events like accidents or untimely death.
“Even those without formal employment can benefit from affordable insurance packages,” she added. Dr Ruth Grace Kakoba, a gynaecologist, addressed the impact of media on youth behavior.
She highlighted dangerous trends on social media, such as the hashtag #TeenMom, which portray teenage motherhood as fashionable.
“These trends can be misleading. They glamorize teen pregnancy while ignoring the serious health risks and long-term consequences,” Dr. Kakoba warned.
She called for responsible media content that educates rather than misguides, cautioning that unchecked narratives can normalize harmful behaviors. In a powerful speech, Herbert Mugumya, Chief of Staff at the International Rescue Committee, challenged traditional gender norms.
“Being a man is a social construct shaped by upbringing, societal expectations, and roles. Real manhood is not about dominance or wealth—it’s about responsibility and emotional maturity,” Mugumya stated.
He critiqued outdated beliefs that discourage emotional expression among men. “Strength lies in vulnerability and the ability to care for one’s family. The idea that a man shouldn’t cry—even at a funeral—is deeply damaging,” he said.
Humphrey Nabimanya, CEO of Reach A Hand Uganda, praised the Billi Now Now movement for producing a generation of changemakers who are committed to shaping a better future.
“Billi Now Now has inspired youth who are now advocates for their peers and the next generation,” Nabimanya concluded.
J-Junior insurance gives the child constant access to medical services. Thank you CEO-Dan Musiime for the wonderful product that hit the market. May be can the price come down to say 500,000 to make it affordable??? Yours Ntoni The Banker -Team Leader@Centre4 savings promotions africa
Let the players carryout countrywide campaigns and stop the notion that “Kampala is Uganda & Uganda stops in Kampala.” Other MDAs hv done so & the numbers hv changed in the last 10-15yrs. #URSB #ERA #BoU #NSSF #URA are testament of up country campaigns & their outcomes