The Minister of Finance, Planning and Economic Development, Matia Kasaija, has inaugurated new Boards of Directors for the Uganda Retirement Benefits Regulatory Authority (URBRA) and the Insurance Regulatory Authority of Uganda (IRA), signaling a renewed effort to strengthen governance and enhance oversight in the financial sector.
Henry Balwanyi Magino has been appointed chairperson of the URBRA Board of Directors. Other members include Prof. Irene Nalukenge, Moses Zziwa, Alex Asiimwe, Florence Kutes, and Musa Lukwago.
The new board replaces the previous one led by Julius Bigirwa Junjura, whose tenure was marred by legal and management disputes that culminated in court proceedings.
In 2025, the High Court, later upheld by the Court of Appeal, ruled that the sitting URBRA board lacked the required competencies under Section 8 of the URBRA Act and ordered the Finance Minister to appoint a new board with appropriate qualifications.
Minister Kasaija emphasized that the retirement benefits and insurance sectors are critical for safeguarding the financial security of Ugandans, mobilizing long-term savings, and supporting investment in the country.
He reaffirmed the government’s commitment to strengthening the regulatory environment to ensure that both sectors operate with the highest standards of governance, transparency, and accountability.
By Our Reporter
13th Mar 2026
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