Kampala, Uganda | THE INDEPENDENT | Monetary market regulators are challenged to discourage young Ugandans from sports making a wager and ponzi schemes and make investments in safer regulated agencies.
Here is geared in direction of, now not most effective maintaining them and their cash, but additionally enable the country strengthen the savings ranges and make a contribution to national style.
The Ministry of Finance, Planning and Financial Trend says restricted awareness and ineffective protection measures cling led many youths into shedding there cash into Ponzis and sports making a wager as they gape to acquire reach swiftly.
This used to be delivered by Moses Ogwapus, Commissioner Monetary Products and services, on the 2025 Collective Funding Schemes Awards by the Capital Markets Authority (CMA).
“In our lag in direction of financial inclusion, now we cling sadly, considered an like bigger in dishonest acts particularly moderately a couple of ponzi schemes that cling cheated Ugandans out of their laborious-earned cash,” he said, adding “these unregulated schemes trick of us which shall be unaware and injure the believe that we endure to love”.
Ogwapus smartly-known that moderately a couple of cash used to be being spent nonproductive schemes for wick gains but additionally loses but, little savings could consequence in accumulation of savings.
“It’s now not a saving, now not an funding, but mere speculation that after inserting of endeavor, you most most definitely accumulate and develop precise into a billionaire. There could be a vast various for young men and females staking 1,000 or 5,000 shillings in anticipation that they’ll accumulate, but they if truth be told now not frequently ever accumulate,” he said.
The making a wager business is designed in a this form of map that determines how noteworthy shall be gained, how noteworthy the investors retains and the intention in which noteworthy will toddle to govt earnings, essentially based fully on Ogwapus.
“No longer that sports making a wager is now not regulated, but of us must be directed to position their laborious-earned cash into safer and productive investments admire CISs,” he said.
The 2025 CIS Awards, held beneath the theme “Innovate. Belief. Develop: Utilizing Monetary Inclusion by intention of Unit Trusts,” had been supposed to highlight the serious role Collective Funding Schemes play in increasing access to capital markets for folk and agencies.
CMA said the theme reflected the dedication to increasing access to funding opportunities in the capital markets for all.
Josephine Okui Ossiya, the Chief Government Officer, CMA said the focal level of the authority used to be to access every Ugandan the likelihood to make investments in a CIS on epic of its consolation and safety.
She said the regulatory framework used to be extra and extra being reformed to stay this, so that you simply must well develop the field in phrases of participants of investors and the savings ranges.
“This then methodology that everybody, no matter training degree, location all the intention in which by intention of the country, can access this carrier offers they’ll cling 100,000 Shillings to open an epic”.
As of conclude of March this one year, the CIS market used to be price 4.2 Trillion Shillings, handing grown from 2.8 trillion correct a one year sooner than.
The quantity of fund accounts grew by 12.8 percent from 114,400 in December 2024 to 129,000 by the conclude of March.
“Here is peaceable a plunge in the ocean, pondering the population of Uganda (46 million of us), we must be riding to cling thousands and thousands,” Ossiya said, but added that the expansion figures had been a show conceal of public confidence and believe in the field.
The match brought together a few gamers from unit believe managers, trustees, investor resource persons.
The quantity of licensed entities beneath the CIS segment rose from nine to 12 fund managers between June 2024 and March 2025, while CIS Managers rose from six to eight.
Unit Belief Schemes had been 22 up from 17, with the regulators of the market blissful on the increasing numbers.
“The like bigger in competition is anticipated to consequence in improved products and services, modern merchandise for investor consolation, apart from decrease costs, making products and services extra ideal-looking out and accessible,” said Protazio Begumisa, the CMA Board Chairman.
On the other hand, the disaster, essentially based fully on him, remains the proliferation of unlicensed and unregulated funding schemes, which like bigger the probability to public savings and undermine the general public confidence in the regulated products and services.
Committing to the persisted development in regulation and protection of the market, Begumisa warned the general public to most effective make investments in licensed map.
He additionally urges the companies to make investments in modern merchandise and like the products and services extra comprehensible by the general public.
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