Africa-Press – Uganda. Old Mutual Investment Group (OMIG) Uganda’s new board chairperson, Richard Byarugaba, has unveiled an ambitious plan to consolidate the firm’s market leadership while driving rapid growth in the country’s fast-expanding savings and investment sector.
Speaking after assuming his role, Byarugaba said OMIG intends to remain Uganda’s number one collective investment manager by leveraging innovation, efficiency, and a strong distribution network to deliver products that match customer needs.
“The fastest-growing industry in Uganda is collective investments and collective savings. If you look at any town, you’ll find local savings societies. The government has also been very keen on the Parish Development Model, which deals with predictive savings. We believe that the unit trusts offered by Old Mutual are a winning product for this environment,” he said.
Byarugaba added that the company is determined to deepen customer trust and expand its footprint.
“We are currently the market leader, but we don’t take this for granted. Customers love us because we understand their needs and we are able to deliver. We have a very good network of agents, a strong distribution system, and we are both electronic and digital. We believe this allows us to continue offering the promise of savings to our customers,” he explained.
As part of his strategy, Byarugaba said OMIG will strengthen internal operations while equipping staff with the tools and motivation they need to excel.
“First and foremost, we must ensure that our people—management, sales, and operations—have the tools to do their jobs. This means making life easier for them and for the consumer. We need to ensure our operations are efficient and cost-effective, but also that our staff are motivated,” he noted.
The company is also preparing to roll out new investment products beyond its current offerings in equities and fixed income. According to Byarugaba, OMIG will soon introduce opportunities in alternative assets such as real estate and real estate investment trusts (REITs). “This will give customers who want to make long-term savings and grow their wealth the opportunity to consume different products that serve their purpose,” he said.
Looking ahead, Byarugaba projected rapid growth in OMIG’s contribution to Uganda’s economy, which is valued at about $42 billion. “We will remain number one. I believe we will be a major contributor to Uganda’s GDP. We aim to double our assets under management within the next two to three years,” he declared.
OMIG, which already commands the largest share of Uganda’s collective investment schemes, sees itself as the natural partner for savers and investors seeking trusted, professionally managed options.
With Byarugaba’s roadmap, the company is positioning itself not only as a leader in Uganda but as a driver of economic growth through mobilizing savings into productive investments.
OMIG’s Managing Director, Zac Kisesi said Old Mutual has continued to lead the way, specifically mentioned their unit trust that he said is doing well.
“This progress is tied to the need for greater financial literacy, and it is our duty as Old Mutual Investment Group to educate the masses. I believe this space will continue to see unstoppable growth, and it’s our commitment to invest on behalf of our clients,” Kisesi said.
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