KCB bank Uganda recently launched its trustee services, joining a list of other banks in the race to reap from the imminent liberalization of the pension sector.
Chairman Samwiri Njuki said the bank would play the main function of a custodian, managing and keeping assets of the fund safe, holding assets for fund managers and doing all the administrative work.
“We shall have a services manager and this will be your contact person. In case you have anything you want, we will be able to provide it,” Njuki said.
Before the launch, KCB was certified by the Uganda Retirements Benefits Regulatory Authority (URBRA) to offer trustee and custodial services. Handing over the certificates, URBRA Chairman Andrew Kasirye said: “Banks will act as gate keepers and service providers in a liberalized pension sector.”
Banks such as Standard Chartered and dfcu have received similar certificates, as Uganda prepares to open up the pension sector. Meanwhile, Kasirye said the reforms in the pension sector would ensure everyone, including those in informal employment, was included in saving schemes.
The current law restricts the mandatory contributions to the National Social Security Fund (NSSF) to businesses employing five people and above.