Enwealth Financial Services makes strategic entry into Ugandan market

Nairobi-based pension consultancy Enwealth Financial Services has launched an operation in the Eastern African nation of Uganda, having obtained an operation license from the Uganda Retirement Benefits Regulatory Authority (URBRA), the legal body in charge of the establishment.

East Africa is an increasingly lucrative region for investment, and economies in the region are increasingly intertwining. Enwealth’s latest foray into the Ugandan market is symbolic of this interconnvectivity, and representative of a broader trend of concern around pernsion and retirement plans in these economies.

Reports in recent times have indicated that in the current context of financial planning, nearly 80% of the current population in working age in Kenya risk sinking into poverty upon retirement. As a result, Enwealth has found itself in a steady stream of business, as professionals look to rectify this scenario.

Enwealth focuses on financial and retirement planning, and offers a wide range of services including scheme administration services, training and consulting services in the retirement benefits domain. The firm also offers advisory services in the insurance and brokerage domain and support with property and real estate planning.

The firm – which currently handles financial assets of more than Sh 2 trillion in Kenya – will now offer its services in the Ugandan market, where it will operate in collaboration with several other pension administrators. The entry into the market is made possible due to regulatory clearance that the firm has obtained from URBRA.

Alongside the expansion into new markets, the firm is also looking to generate a more innovative approach to financial services and planning, a trend that is increasingly prominent across the African market. Digital integration will be the platform through which it hopes to attain these goals.

Commenting on the expansion, Chairman and Board of Directors at the firm Nelson Kuria said, “We are passionate about value proposition. We have done visibility studies to inform sustainability of our business. Our products and services are driven by research. Our driving force is a long term perspective; we have confidence in Uganda’s economy which has potential to grow."