Kampala — Uganda's economy stands to benefit from more Ugandans increasingly embracing financial services according to Old Mutual Investment Group (OMIG) Chairman, Samuel Ssejjaaka.

Ssejaaka was speaking at OMIG Annual General Meeting for Uganda's Unit Trust Holders held at Kampala Serena Hotel on Sept.5, where he updated shareholders about the performance of their funds.

He said OMIG Uganda ended 2023 with 30,165-unit holders, representing a 42.5% increase from 21,167 in 2022. This shows that more Ugandans are embracing financial services products for savings, he said.

He told Unit-Trust Holders that given the mixed economic conditions of 2023, "our investment strategy focused on government securities, which offered better yields than other assets and provided strong returns for our unit trust holders."

He said, the Umbrella Trust Fund returned 11.76%, the Money Market Fund 11.62%, the Balanced Fund 11.03%, and the Dollar Unit Trust Fund 5.48% for the year.

Ssejaaka added that in 2023, the company saw a 53% growth in fund size, reaching Shs1.678 trillion in Assets Under Management, up from Shs1.098 trillion in 2022. The Umbrella Trust Fund led this growth, also at 53%.

The company launched Uganda's first Dollarized Unit Trust Fund, which grew to US$ 11.86 million. The Balanced Fund grew by 20%, while the Money Market Fund decreased by 25%.

"Looking ahead to 2024, despite global economic concerns, we anticipate a smooth economic transition," he said, "We expect domestic growth to be supported by strong investments, particularly in preparation for Uganda's oil production."