UAP Old Mutual, NSSF Uganda Host Financial Education Session in Kampala

The General Manager of UAP Old Mutual James Maguru has emphasized the pivotal role of insurance in safeguarding financial security.

Muguru who was speaking during a highly informative financial education engagement hosted in collaboration with the National Social Security Fund and UAP Old Mutual in Kampala noted that Insurance acts as a safety net during unforeseen circumstances and provides an injection of funds that greatly reduces the risk.

He said that understanding the diverse insurance products available would enable individuals to shield themselves and their families from potential financial hardship.

Meanwhile, Mr. Gerald Kasato, Acting Deputy Managing Director, NSSF Uganda, further emphasized the role of education in financial empowerment, saying, that it empowers individuals to take control of their investment future

The UAP Old mutual collaboration with NSSF Uganda aims to enhance the financial well-being of individuals through financial education training across the country.

The highly informative financial education engagement at the Kampala Sheraton Hotel was held under the theme ‘’Prosper in Retirement and Beyond’’.

The event targeted customers who are soon to be eligible for midterm and age benefit, as well as those who are almost at retirement age.

The engagement focused on financial education through promoting investment in insurance and effective asset management strategies critical for achieving long-term financial security, especially after retirement.

The engagement commenced with an inspiring keynote address by Robert Kabushenga, Board Director of Old Mutual Life Assurance who noted that the relevance of retirement planning, as a key financial tactic is becoming increasingly noticeable, particularly among adults nearing the age of 45 to 55 years.

‘’According to the 2020 Financial Capability Survey by the Bank of Uganda, this demographic cohort tends to consider retirement planning most relevant. As esteemed members of our community with retirement benefits, it is therefore crucial to recognize the importance of prudent financial planning and wealth management.  Financial security and knowledge go hand in hand. Coupled with insurance, you can have a proactive approach towards retirement planning and can secure a prosperous future for yourselves and generations to come,” he emphasized.

The session then had an engaging and insightful panel discussion featuring industry experts from the insurance and financial sectors.

The panelists included James Maguru - General Manager, UAP Old Mutual Insurance, Gerald Kasato, Acting Deputy Managing Director NSSF Uganda and Robert Kabushenga, UAP Old Mutual Board Member.

James Maguru emphasized the pivotal role of insurance in safeguarding financial security. He affirmed that Insurance acts as a safety net during unforeseen circumstances and provides an injection of funds that greatly reduce the risk if not stripped. It also shortens the time of recovering even beyond the benefit of financial support. Understanding the diverse insurance products available enables individuals to shield themselves and their families from potential financial hardship.

On his part, Gerald Kasato, Acting Deputy Managing Director, NSSF Uganda, highlighted the significance of prudent investment decisions.

He noted that effective investment strategies are crucial for maximizing returns and ensuring long-term financial stability. NSSF members should consider diversifying their investment portfolios and seeking professional advice to make informed decisions.

He further emphasized the role of education in financial empowerment, saying, that through investing in financial education and empowering individuals with knowledge, we empower them to take control of their future.