Business
Absa launches wealth management service
David Wandera, the Absa managing director, said the bank already handles everyday banking, borrowing and business lending, and the new service is meant to extend that relationship into investing.
David Wandera, the Absa managing director (centre), and members of staff at Absa Bank pose for a photo during the launch of the wealth management service at Serena. (Courtesy photo)
By: Ali Twaha, Journalist @New Vision
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Absa Bank Uganda has opened a wealth and investment desk for customers who want to do more with their money than leave it in a savings account or a fixed deposit.
The bank launched the service at Serena Hotel in Kampala as professionally managed investment pools in Uganda crossed sh7 trillion.
Collective investment schemes are funds in which many people put money together. A licensed manager then invests the pool, usually in government paper and other interest-bearing assets, and each investor owns a share of the result.
The growth tracks a wider rise in long-term savings. Retirement benefit schemes held more than sh30 trillion in the 2024/25 financial year.
David Wandera, the Absa managing director, said the bank already handles everyday banking, borrowing and business lending, and the new service is meant to extend that relationship into investing.
“As Uganda’s economy grows and more wealth is created, the conversation must increasingly move beyond how we save to how we invest, diversify and preserve that wealth,” he said.
David Wandera, the Absa managing director, said the bank already handles everyday banking, borrowing and business lending, and the new service is meant to extend that relationship into investing.
“As Uganda’s economy grows and more wealth is created, the conversation must increasingly move beyond how we save to how we invest, diversify and preserve that wealth,” he said.
“Absa Wealth allows us to help customers put their money to work and make more deliberate investment decisions for the future.”
The offer is tiered. Through Absa Invest Plus, run with Sanlam, a customer can start with sh10,000 or the dollar equivalent. The funds are low risk and invest mainly in government securities and similar interest-bearing assets, in shillings or dollars.
Customers can also buy Treasury bills and Treasury bonds directly through the bank. Bills are short-term government debt, usually under a year; bonds run longer and pay a fixed return until maturity.
Josephine Okui Ossiya, chief executive, Capital Markets Authority, said: “The growth in investor participation reflects increasing confidence in Uganda’s regulated capital markets.
Growth, she added, has to stay inside rules that protect investors
The offer is tiered. Through Absa Invest Plus, run with Sanlam, a customer can start with sh10,000 or the dollar equivalent. The funds are low risk and invest mainly in government securities and similar interest-bearing assets, in shillings or dollars.
Customers can also buy Treasury bills and Treasury bonds directly through the bank. Bills are short-term government debt, usually under a year; bonds run longer and pay a fixed return until maturity.
Josephine Okui Ossiya, chief executive, Capital Markets Authority, said: “The growth in investor participation reflects increasing confidence in Uganda’s regulated capital markets.
Growth, she added, has to stay inside rules that protect investors