Chairman of Old Mutual Investment Group Uganda, Prof. Samuel Sejjaaka.
Three months ago, UAP Old Mutual Investment Group (OMIG) introduced a Dollar Unit Trust Fund. This was intended to meet the needs of travelers, savers, and those involved in online transactions. Three months later, OMIC has posted a US$ 11.8 million in savings and a profit of US$ 55, 000.
During the UAP Old Mutual’s 7th Annual General Meeting held on Thursday at the Serena Hotel in Kampala, the Chairman of Old Mutual Investment Group Uganda, Prof. Samuel Sejjaaka, said OMIG’s 2023 performance is a clear testament to a growing culture of saving. “We launched Uganda’s first Dollar Unit Trust Fund, which grew to US$ 11.86 million. OMIG Uganda ended 2023 with 30,165 unit holders, a 42.1% increase from 21,167 in 2022, showing that more Ugandans are embracing saving with financial service products,” said Sejjaaka.
Old Mutual Uganda Chief Finance Officer (CFO), John Golooba, attributed the increase in the number of savers to rigorous financial literacy.
“We performed above our benchmark across all our unit trust funds,” added Golooba.
Data shows that OMIG’s Unmrella Trust Fund returned 11.76%, the Money Market Fund 11.62%, the Balanced Fund 11.03%, and the Dollar Unit Trust Fund 5.48% for the year. According to Prof. Sejjaaka, OMIG saw a 53% growth in fund size, reaching Shs 1.6 trillion in assets under management, up from Shs 1.098 trillion in 2022, with the Umbrella Trust Fund leading the growth at 53%.
Looking ahead, Prof. Sejjaaka said that despite global economic concerns, “We anticipate a smooth economic transition.”
“We expect domestic growth to be supported by strong investments, particularly in preparation for Uganda’s oil production,” added Prof. Sejjaaka.
He appealed to his physical and online audiences to keep on saving, for the power of compound interest is critical. “People are hurrying to harvest. Keep saving money for 2-3 months and want to harvest. Keep money for one month, and they want to harvest,” said Prof. Sejjaaka. He appealed to participants to save longer. “We are planning to start rewarding those who save their money longer,” he said.
