The Independent Uganda: You get the Truth we Pay the Price
Kampala, Uganda | THE INDEPENDENT | Old Mutual Uganda has officially launched Private Wealth, a new offering designed to help Ugandans manage, grow, and protect their assets, particularly in legacy and estate planning. The launch marks a significant milestone in the country’s evolving investment culture, as more Ugandans begin to explore regulated financial markets despite historical skepticism and limited awareness.
Speaking at the event, Zac Kisesi, managing director of Old Mutual Uganda, highlighted the increasing interest among Ugandans in structured financial products, particularly money markets. He acknowledged, however, that while the adoption rate is improving, it still lags behind neighboring Kenya, a regional leader with over 30 unit trust providers compared to Uganda’s seven.
“We are still early in our journey,” Kisesi said, “but the important thing is that the regulatory environment has matured. Licensed providers must adhere to stringent rules, which build trust and confidence among investors.”
Uganda’s investment landscape has long been marred by fraudulent schemes.
Ponzi operations have cost Ugandans billions, creating deep public distrust in financial services. Kisesi pointed out that one of the main hurdles remains unscrupulous actors who exploit public ignorance by offering unregulated, high- return investment opportunities.
“Many people have lost money to illegal schemes,” he noted. “That’s why Private Wealth is not just about growing wealth—it’s about doing so with guidance, transparency, and legal structure.”
Kisesi emphasized that Old Mutual’s footprint across Africa, including mature markets like South Africa, allows Ugandans to diversify their portfolios beyond national borders. Through Private Wealth, clients can tap into international investment opportunities with support from local legal affiliates and Old Mutual’s cross-border network.
“If you want to diversify globally, we have the platforms and professionals to help you do that,” Kisesi said. “We’re aligning our Ugandan clients with global wealth solutions.”
The Private Wealth launch also addresses a growing concern: estate and legacy planning. According to Kisesi, many investors pass away without proper structures in place to manage their portfolios posthumously, leading to lost value and family disputes.
“We are now providing solutions that ensure continuity—investment vehicles that remain active and legally sound even after a client’s passing,” he said. “This is essential not only for domestic investors but also for Ugandans in the diaspora.”
Reflecting on progress since 2018, Kisesi recalled how few Ugandans then understood unit trusts. Fast forward to 2025, unit trusts have gone mainstream, and Old Mutual has even introduced a Dollar Unit Trust, allowing investments in both Ugandan shillings and U.S. dollars.
“Financial literacy has improved. Clients now understand how to manage risk, diversify their investments, and even invest in foreign currencies. We’re here to expand those options even further,” Kisesi said.
With the launch of Private Wealth, Old Mutual is reinforcing its commitment to providing secure, professional, and forward-looking financial solutions. The initiative aims to empower Ugandans with the tools and knowledge needed to build wealth that endures across generations—at home and abroad.
