Zamara Uganda, the country’s oldest and largest retirement benefits administrator, has crossed a major milestone—surpassing Shs1 trillion in assets under administration, covering more than 17,000 members across 42 corporate clients.
At the heart of this success is the Zamara Retirement Fund (ZRF), one of several umbrella and standalone retirement schemes managed by the firm, which has just declared a record 14% interest for its Uganda Shilling portfolio for the year ending December 31, 2024. This figure is the highest since the Fund’s inception in 2006 and significantly outpaces the national headline inflation rate of 3.3%.
Trusted Leadership Through Innovation and Governance
Speaking at the ZRF Annual General Meeting on 15th May 2025, Kwame Ejalu, the Sponsor Trustee and Founder of Zamara Uganda, reflected on the company’s 30-year journey and how this milestone year speaks to Zamara’s resilience, innovation, and fiduciary responsibility.
“Last year, Zamara as a company marked its 30th anniversary—a moment of pride and reflection. From humble beginnings, we have grown to become the largest and oldest retirement benefits administrator in Uganda, with over Shs 1 trillion in assets under administration and a membership base of more than 17,000 individuals,” Ejalu said.
He underscored that this scale is not merely symbolic but translates into impact.
“These numbers are not just statistics; they represent livelihoods, dreams, and dignified retirements for thousands of Ugandans. We are proud of what we have built, and we remain committed to being a trusted partner on your retirement journey.”
As the retirement industry undergoes major shifts—from regulatory reforms to digital transformation—Zamara Uganda has positioned itself as a leader in adapting to this evolving landscape.
Rooted in Kenya and now with operations in Uganda, Kenya, Tanzania, Rwanda, Malawi, Nigeria, and an expanding footprint into the MENA region, Zamara is pursuing a bold Pan-African growth strategy. The firm is known for its commitment to simplicity, empathy, and trust, delivering customer-centric financial services grounded in strong governance and accountability.
“We are operating in a time of remarkable transformation within the retirement benefits industry… At Zamara, we are proud to be at the forefront of these changes—embracing innovation while remaining anchored in sound governance and fiduciary responsibility,” Ejalu noted.
ZRF Posts UGX 88.6 Billion in Assets, Declares 14% Interest for Members
Zamara’s flagship umbrella fund, the Zamara Retirement Fund (ZRF), continues to deliver value to members through growth, prudent investments, and efficient management. In 2024, the Fund’s net assets rose by 27.8%—from Shs69.3 billion to UGX 88.6 billion. This was powered by Shs18.05 billion in contributions, a 68% increase in net surplus after tax to Shs 10.17 billion, and Shs 11.24 billion in investment income.
As a result, ZRF declared a final interest rate of 14% on the UGX portfolio and 5% for the US Dollar portfolio. These interest rates are not only the highest in the Fund’s history but also well above inflation, preserving the real value of member savings.
“Based on the investment performance, the Board of Trustees has declared a final interest rate of 14% for the Uganda Shilling-denominated portfolio and 5% for the US dollar-denominated portfolio for the year ended 31st December 2024,” said George William Egaddu, Chairperson of the Board of Trustees.
“These rates not only surpass the annual headline inflation rate of 3.3% for the 2024 financial year but also ensure the preservation and growth of members’ balances. By exceeding inflation, these interest rates effectively protect the purchasing power of members’ funds and contribute to their overall financial growth.”
ZRF’s return on investment rose to 12.9% from 9.6% in 2023, while maintaining a cost-to-assets ratio of 0.8%, demonstrating efficient fund management. The Fund’s conservative allocation—85.3% in government securities—contributed to both safety and yield.
ZRF membership also grew by 10.6%, from 1,722 to 1,904 members, underlining growing trust from participating employers and contributors.
Zamara’s Umbrella Structure Enables Scalable, Secure Growth
Zamara Uganda administers a range of funds, with ZRF standing out as its flagship umbrella provident scheme. The umbrella model allows multiple employers to participate in a shared governance and administration structure, unlocking economies of scale and professional investment management.
This model has proven particularly beneficial in a regulatory environment that increasingly demands compliance, transparency, and scalability.
Looking forward, Egaddu emphasised the Fund’s strategic focus:
“We remain focused on enhancing member value through prudent investments, strong governance, and proactive risk management. We continue to explore opportunities to grow the Fund sustainably and to deliver competitive long-term returns for our members.”
As one of the few URBRA-licensed umbrella funds, ZRF has passed all regulatory reviews, including an unqualified audit opinion for 2024. Member statements were updated to reflect the declared interest, and contributors were encouraged to keep beneficiary nominations up to date via the Zamara Online Portal.
With its scale, digital capabilities, and strong leadership, Zamara Uganda is emerging not just as a retirement plan administrator but as a long-term partner in financial security for Ugandans.
“As we look to the future, let us do so with confidence—knowing that we are backed by strong governance, a dedicated team, and a shared vision to secure financial well-being for all our members,” Ejalu concluded.
