On December 17, 2025, Uganda took a quiet yet transformative step in its financial evolution with the launch of the Okusevinga Money Market Unit Trust Scheme Pilot.
While the announcement was subtle, its implications are monumental. Conceptualised over several years and refined against International Monetary Fund (IMF) benchmarks, Okusevinga is officially Africa’s first government-owned unit trust scheme.
Under the leadership of Bank of Uganda Governor Michael Atingi-Ego, this initiative represents a strategic shift from merely providing financial access to empowering citizens with financial agency.
The Savings Paradox of Shs40 Trillion
Uganda’s financial landscape is a study in contradictions. According to the 2023 Finscope survey, the nation has made remarkable strides in connectivity, as illustrated below:
81% Financial Inclusion: Up from 77% five years ago.
33.7 Million Mobile Money Accounts: A massive digital footprint that far outpaces traditional bank accounts.
However, a persistent paradox remains; while 60% of Ugandan adults save, the majority of these funds stay in informal setups, literally under the mattress or in unregulated groups.
These savings earn little to no interest, are eroded by inflation, and remain disconnected from the national development engine. It is estimated that Shs40 trillion (nearly a quarter of Uganda’s GDP) is saved informally every year.
Simplicity in Transacting and the Shs10,000 Gateway
Governor Atingi-Ego notes that complex financial products often fail not because citizens lack sophistication, but because the products lack simplicity.
He stresses that “Okusevinga was built to solve this by stripping away the traditional barriers to entry that have long alienated the unbanked.”
He reveals that the core features of Okusevinga include:
USSD-Based Accessibility: No smartphone or expensive data is required; it works on any basic mobile phone.
No Paperwork: Elimination of the traditional bank account requirement and lengthy registration forms.
Micro-Investment Entry: A minimum investment of just Shs10,000 into regulated money market and bond funds.
Governor Atingi-Ego asserts that, “By allowing a rural trader, an urban youth, or a smallholder farmer to invest small, irregular amounts, the government is effectively turning idle cash into productive capital.”
Strengthening the National Fabric
From the central banking perspective, the launch of Okusevinga is key to fiscal sustainability. The impact radiates across three levels:
For Households: It builds resilience against economic shocks, protects savings from inflation, and creates a pathway to formal credit.
For the Economy: Broadens participation in government securities beyond the current 5.9% retail base, creating a more stable investor base.
For the Government: Mobilises domestic savings, significantly reducing reliance on costly external borrowing.
Furthermore, by deepening the domestic capital market, the Bank of Uganda can achieve stronger monetary policy transmission, ensuring that interest rate changes more effectively influence the broader economy.
Trust as the Foundation for Okusevinnga
The Governor reveals that the initiative is currently in a pilot phase involving 200 whitelisted participants. This deliberate pace, he notes, is intended to test functionality, security, and user experience (UX) before a full national rollout. As Governor Atingi-Ego emphasised, “Trust, once lost, is hard to rebuild.”
In time, Okusevinga is envisioned to underpin pensions, channel remittances into long-term investments, and support the credit needs of the population.
The Governor concludes by noting that if successful, the true measure of Okusevinga will not be found in its total balances, but in the improved lives of millions of Ugandans who are finally better prepared for tomorrow.