By Mulengera Reporters
As more Ugandans and East Africans look beyond traditional savings accounts for better investment opportunities, Equity Group Insurance Holdings Limited (EGIHL) is positioning itself to tap into the region’s fast-growing wealth management market.
The company has appointed veteran financial executive Richard Patrick Byarugaba to head its newly created asset management arm, Equity Asset Management, marking a major expansion into investment services such as unit trusts, money market funds and institutional portfolios.
The former National Social Security Fund (NSSF) Managing Director Byarugaba reportedly assumed the role in March 2026, bringing decades of experience in banking, pensions, insurance and telecommunications to a sector increasingly attracting middle-income earners and institutional investors seeking stronger returns.
His appointment is being viewed by analysts as more than just a leadership change. It reflects the growing competition among regional financial firms racing to capture East Africa’s emerging investment culture, particularly in Uganda where interest in collective investment schemes has steadily increased in recent years.
Byarugaba is perhaps best known for transforming Uganda’s National Social Security Fund (NSSF) into one of the country’s largest financial institutions. During his tenure, the fund’s assets reportedly expanded from about $600 million to nearly $4.7 billion, while pension reforms widened social security coverage to millions of workers.
His move to Equity comes after a brief break from executive management and follows his recent service as chairman of Old Mutual Investment Group Uganda. He reportedly stepped down after Equity entered the same market space.
Beyond pensions, Byarugaba has built a reputation across several sectors. He previously held senior positions at Standard Chartered Bank Uganda and later worked in London as Regional Finance Manager for Africa. He also served as Managing Director of Nile Bank, led Global Trust Bank Uganda, chaired the Uganda Securities Exchange Board, and headed Vodafone Uganda as chief executive officer.
Industry observers say Equity’s decision to recruit a figure of Byarugaba’s profile signals aggressive ambitions to challenge established regional investment firms including Old Mutual, Sanlam, Britam and ICEA LION.
EGIHL, a subsidiary of Equity Group Holdings Plc, currently operates across Uganda, Kenya, Rwanda, Tanzania, South Sudan and the Democratic Republic of Congo. (For comments on this story, get back to us on 0705579994 [WhatsApp line], 0779411734 & 041 4674611 or email us at mulengeranews@gmail.com).
