Absa Bank Uganda has launched a new wealth management service aimed at helping customers invest, diversify and protect their money through a single banking relationship.
The new Absa Wealth proposition comes as more Ugandans turn to formal investment products to build long-term financial security. Data from the Capital Markets Authority (CMA) shows that assets managed through Collective Investment Schemes have grown from Shs731 billion in June 2021 to Shs7.06 trillion, with more than 220,000 funded investor accounts.
The retirement benefits sector has also continued to grow, managing more than Shs30 trillion in assets in the 2024/25 financial year.
Absa says its new service is designed to go beyond traditional banking services such as saving, borrowing and making payments by giving customers access to investment advice, specialised lending, multi-currency banking and investment opportunities in Uganda and international markets.
Speaking at the launch, Absa Bank Uganda Managing Director David Wandera said the growth in Uganda’s economy and investment market is changing the way customers approach their finances.
“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,” Wandera said.
He said Absa Wealth will allow the bank to work with customers on their wider financial needs, including investment and financing decisions.
The service also gives eligible customers access to investment opportunities outside Uganda through Absa Group’s wider network. These include investments in markets such as Mauritius and products denominated in US dollars, euros and British pounds.
Customers can access options such as foreign currency bonds, mutual funds, exchange-traded funds and structured deposits, allowing them to spread their investments across different markets, asset classes and currencies.
Wandera said wealth management should begin with understanding a customer’s financial goals rather than simply offering individual investment products.
The service is aimed at customers at different stages of their investment journey. Through Absa Invest Plus, customers can start investing with as little as Shs10,000 or the equivalent in US dollars.
The investment solution, offered through Absa and managed by Sanlam, provides access to professionally managed low-risk funds in Uganda shillings and US dollars, with investments mainly placed in government securities and other interest-bearing assets.
Customers can also buy government Treasury Bills and Treasury Bonds through Absa, while those with more complex financial needs can access wealth advisory, specialised lending, multi-currency banking and local and international investment solutions.
The launch comes as Uganda’s capital markets continue to attract more investment. According to the CMA, more than Shs23.4 trillion has been mobilised through the country’s capital markets, highlighting their growing role in domestic savings and investment.
The launch event was attended by representatives from the CMA and Bank of Uganda, as well as fund managers and other investment industry players, including Cornerstone, Sanlam Allianz, Prudential and Old Mutual.
CMA Chief Executive Officer Josephine Okui Ossiya said the increase in investor participation shows growing confidence in Uganda’s regulated capital markets.
She said financial institutions have a responsibility to provide properly structured and transparent investment products that match customers’ needs and risk profiles, while also promoting investor education and protection.
Absa said the new wealth proposition is intended to help customers move beyond simply saving money and take a more deliberate approach to investing, growing and preserving their wealth over the long term.
