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Minister Kasaija urges public to exploit Capital Markets as CIS Assets cross Sh1 trillion

Gilbert Akampa Kakurugu by Gilbert Akampa Kakurugu
May 18, 2022
in Uncategorized
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Keith Kalyegira, CEO Capital Markets Authority addressing the media at the launch of CMA goal on CIS

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By Leonard Kamugisha Akida,

BUSINESS REPORT

Between the lines

• Collective Investment Schemes now hold Ugx1.15 trillion in Assets Under Management (AUM).
• 32,998 investor accounts and growing.
• Five licensed Collective Investment Scheme Managers.

The Minister of Finance, Planning and Economic Development Matia Kasaija has asked Ugandans to exploit Capital Markets in the country if they are to improve tbeir levels of saving and livelihoods.

“The capital markets are one of those opportunities we are yet to fully exploit. I am reliably informed that the capital markets have been operational for the last 26 years and yet we have only ten (10) domestic companies listed”, Kasaija said

https://parrotsug.com/wp-content/uploads/2022/04/VID-20220427-WA0013.mp4

Kasaija made the remarks on Wednesday while updating the country on  Uganda’s milestone on Collective Investment Scheme at Uganda MediaCentre in Kampala.

During the launch ceremony by Capital Markets Authority of Uganda, it was disclosed that Uganda’s CIS assests have crissed Sh1 trillion and the number of persons saving with Capital Markets increased.

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To minister Kasaija, this is one of the ambitious goal of transforming the country from a predominately peasant society to a modern and prosperous one by 2040. He commended Ugandans for saving with Capital Markets calling for more exploitation.

“Allow me to commend the 32,998 Ugandans who have already decided to save through CIS by opening accounts with the five licensed CIS managers, an improvement of 22.5% from 26,936 in a space of three months; however, we can do a lot better.” Kasaija said

He also congratulated CMA on the milestone attained; “Once more, I would like to congratulate the stakeholders in Uganda’s Capital Markets and the investing public on attaining an important milestone within the National Development Plan III, three years ahead of schedule.”

On Wednesday, the Capital Markets Authority (CMA) of Uganda disclosed that Uganda’s Collective Investment Scheme Assets had crossed Sh1.15 trillion in a period of three years.

According to CMA, the growth is by licensed Collective Investment Scheme (CIS) managers, representing savings mobilized from Ugandans.

In a statement released by CMA head of Communications (PRO) Samuel Sanya, the authority says that the achievement is a march towards financial inclusion and savings mobilization in Uganda part of the CMA’s four-year Strategic Development Plan (2021/22 – 2024/25).

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CMA’s data indicates that Uganda has five licensed CIS Managers who include; UAP-Old Mutual Financial Services Limited, ICEA Lion Asset Management Limited, Britam Asset Managers Uganda Limited, Xeno Technologies Uganda Limited, and Sanlam Investments East Africa Limited. Data further indicates that these managers had a total of UGX 1,147.9 billion in AUM at the end of March 2022.

The Authority has recorded a growth of 17.4% from UGX 977.6 billion at the end of December 2021.

The authority has further recorded a growth in the number of Ugandans saving with licensed CIS.

“At the same time, the total number of Ugandans with CIS accounts at the end of March 2022 was 32,998 investor accounts, compared to 26,936 investor accounts in the same period,” read excerpts of the statement.

CMA attributes the growth in AUM and clients to increased awareness about the benefits of investing through CIS vehicles among Ugandans.

Keith Kalyegira, the CEO of the Capital Markets Authority said: “As savings improve, the focus of Ugandans should now turn to avenues, such as the Collective Investment Schemes, through which these savings can earn a high return while keeping risk as low as possible.”

He also asked Ugandans to choose CIS as their investment plans to preserve wealth of the country

“We would like to see more Ugandans choose CIS as their investment vehicles of choice regardless of the size of their savings. The interest earned per scheme type is averages at an estimated 10% or more on an annualized basis, which is attractive in preserving the wealth of Ugandans against inflation”, said Kalyegira

Established in 1996 by the CMA Act Cap 84, CIS’s offer a way to earn interest through passive investments in Government of Uganda Treasury Bonds and Bills, Fixed Deposits, Call Deposits, Commercial Paper, Corporate Bonds, Company stocks and other financial instruments in East Africa.

The schems further ensure that Ugandans enjoy the benefits of having their savings managed by professionals.

Other benefits include risk diversification, lower transaction costs, and access to a wide variety of securities investments with a small sum of at least UGX100,000.

CIS also enables saving members to sell their bank loan securities in case of any emergencies such as to pay school fees, in total or in part at any time.

The Authority has several functions under this Act which include approval of prospectuses or offer documents; development of the capital markets; protection of investors, management of the investor compensation fund, among others

Tags: Assets Under managementCapital MarketsCISCollective Investment SchemesHuman GenomicsKeith KalyegiraMinister Matia Kasaija

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