The Minister of State for General Duties Gabriel Ajedra Aridru has asked Ugandans to learn to save from the little money they earn if they are to overcome poverty.
The minister noted that Ugandans have a poor culture of saving, saying they wait for the time when they have excess money which never happens hence the current state of most of them.
“A Ugandan who spends Shs10,000 per day in a bar will still claim they don’t have enough money to save. This is the poor saving culture that I am talking about. Start with the small you have, that is what will help you to earn more,” Ajedra said.
Ajedra was speaking at the launch of Britam Asset Managers Company, a subsidiary of Britam holdings that took place at Kampala Serena Hotel Thursday evening.
The minister asked the Ugandan community to take advantage of the new company and save their money.
He said: “Africans only want to save in tangible things like land and buildings hence the low numbers in capital markets. This is something that Ugandans should get involved in because the returns are better and safer.”
Benson Wairage, the Britam Group Managing Director, said the new company which has already been successfully operated in Kenya will manage assets on behalf of retail individuals and institutions.
“Britam Uganda is already among the top three financial service company with services like life and health insurance, retirement planning, asset management, property and banking. Uganda is the second country with Kenya where Britam asset managers is being introduced. We chose Uganda because of its resilience even in hard times.” Wairage said.
The CEO Capital Markets Uganda, Keith Kalyegira, said the company has proved to be compliant with the regulations and hopes it will contribute a lot to the capital market sector in Uganda.
“We are ready to support you and we ask Ugandans to do the same because capital markets are the future of finance. We hope that this addition will deepen the pool of financial saving and investments and generate good returns for Ugandans,” Kalyegira said.