Despite limited awareness, Ugandans are increasingly adopting a culture of investing in money markets, according to Zac Kisesi, managing director of Old Mutual Uganda.
Over the years, the country has seen widespread fraud through various Ponzi schemes, with Ugandans losing billions of shillings. Speaking at the launch of Private Wealth by Old Mutual, Kisesi noted that while the trend is growing, the pace remains slow compared to neighboring Kenya, which boasts over 30 unit trust service providers.
“In Uganda, we have about seven providers, many of which are relatively new. We are still on the journey of growth, but what matters is that the regulator has instilled confidence. If a service provider is licensed to offer such services, they must follow established rules,” he said.
One of the biggest challenges, Kisesi noted, is the presence of unscrupulous businesspeople who lure investors with promises of high returns, often without regulatory oversight.
This leads to significant financial losses for unsuspecting individuals. Private Wealth is one of several new offerings by Old Mutual aimed at helping clients manage and secure their wealth, especially for those concerned about legacy planning after their passing.
“If you’re looking to diversify your investment portfolio internationally, we have the capability. Old Mutual operates in many countries, and we were showcasing this through our local partners, our legal affiliates, and our Private Wealth clients in South Africa,” Kisesi said.
Currently, well-established markets in South Africa and other countries offer Ugandans opportunities to grow their assets with the help of trusted investment professionals just as they do locally through unit trust services.
“We have observed, especially with the unit trust product, that many clients have passed away without mechanisms in place to continue managing their investments. If we could design investment vehicles to keep their portfolios running, many would have embraced such solutions,” he added.
“We are now offering solutions for people thinking about managing their legacies and planning their estates. We can structure investment vehicles and legally reinforce them, both domestically and for Ugandans in the diaspora.”
Kisesi recalled that in 2018, few people in Uganda were familiar with unit trusts. Back then, we introduced a solution we believed in—and now, in 2025, it has become mainstream. Unit trusts are widely understood, and we’ve even introduced a Dollar Unit Trust.
If you can invest in shillings, you can just as easily invest in dollars. He noted that Old Mutual continues to expand access for clients to invest across jurisdictions making it easy for its existing clients to buy into this vision, and keep growing.
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