A Turning Point for Africa’s Pension Systems: From Saving for Retirement to Investing in the Continent’s Future

When leaders, innovators, and visionaries from across Africa gathered at the All Africa Pension Summit (AAPS) in Kampala 5–7 November 2025, one message rang clear: the time has come for Africa to unlock the transformative power of pension funds in driving the continent’s sustainable development.

The summit was organised by the Uganda National Social Security Fund (NSSF) in partnership with the International Social Security Association (ISSA) and the Africa Social Security Association (ASSA) supported by the World Bank, the United Nations in Uganda, the Trade and Development Bank and the Mastercard Foundation. Over 500 delegates attended to discuss innovative pension reforms and investment models for sustainable development.

Held at Speke Resort Munyonyo, the Summit brought together policy makers, regulators, development partners, and pension fund managers under the theme “Harnessing Pension Assets for Africa’s Transformation.” Over three days, participants explored how Africa’s vast pension reserves can be mobilized to finance long-term investments, expand social protection, and strengthen financial inclusion.

A Shared Vision for Africa’s Financial Future

President Yoweri Museveni in a speech delivered by Prime Minister Robinah Nabbajja noted that, “historically, Africa’s problem has been one of under-utilised potential i.e. the paradox of a poor population surrounded by abundant natural resources, including diamonds, salt, gold, iron, cobalt, uranium, copper, etc. Africa is in dire need of capital and entrepreneurship, to trigger its development and socio-economic transformation. Africa’s pension funds, which are estimated at US$ 700 billion, provide a rare opportunity for raising the necessary capital to invest in the critical sectors of the economy, such as electricity, roads, etc. We should use our own resources to address the infrastructure gaps that undermine the growth of businesses.”

In his welcome remarks, Mr. Patrick Ayota, Managing Director of NSSF, described the summit as a mark of a new course: “Africa’s pension funds will become engines for infrastructure financing, domestic development, and prosperity.”

Voices of Global Solidarity

International collaboration was another key theme. The Secretary-General of the International Social Security Association (ISSA) praised the Summit as “a model for Africa’s growing role in defining the global pension agenda.”

The UN Resident Coordinator in Uganda, Mr. Leonard Zulu, noted that pensions are central to both personal dignity and national development. “Pensions are more than a paycheck in retirement. They are a promise to those who spend a lifetime working that their savings will return to them as security in old age and, when invested well, as better services, stronger economies, and healthier communities,” he said.

“African solutions to African challenges must reflect our reality,” said Ms. Cristina Duarte, UN Under-Secretary-General and Special Adviser on Africa to the UN Secretary-General, emphasizing governance, local ownership, and inclusive financial systems.

Ms. Duarte underscored that Africa is not poor-it is rich in natural and financial resources, yet continues to lose significant value through capital flight and illicit financial flows. These annual losses exceed what the continent receives in external financing. She highlighted that Africa’s development gap is not due to scarcity, but due to weak systems of value retention, limited domestic capital mobilization, and fragmented investment strategies.

Her call to action was clear; “Africa must shift from small-scale financing to large-scale strategic national investment, strengthen state institutions, de-risk investment environments, and build financial ecosystems that enable the continent to finance its own development sustainably.”

A highlight was Malaika, a young Ugandan climate activist, who reminded participants: “Our hands may be small today, but what you build will shape the world we inherit tomorrow.”

A Continent Ready to Lead

As the Summit concluded, Hon. Matia Kasaija, Uganda’s Minister of Finance, Planning and Economic Development, reaffirmed Uganda’s commitment to integrate pension capital into broader economic strategy:

“Through pension reforms, we will reduce reliance on external financing, create jobs, and expand opportunities. The work we begin today will secure Africa’s prosperity for generations.”

Mr. Michael Atingi-Ego, Governor of the Bank of Uganda, noted that pensions require deep markets, and markets, in turn, require deep pensions. He stressed that linking pension funds to broader development is key for Uganda’s growth. 

From passionate youth voices to seasoned policymakers, the Summit’s message was unified: Africa is not waiting to be told how to invest in its future, it is already building it.

Commitment and Accountability

During the closing session, Mr. Patrick Ayota, MD of Uganda NSSF, informed that the heads of pension funds from Uganda, Kenya, Tanzania, Rwanda, Burundi and South Sudan had agreed to commit up to 5 % of the pension fund savings to a joint regional pension fund for transformative investments. He revealed plans for an East African Pension Collaboration Model, exploring a shared investment platform that could mobilize up to US$1 billion in regional development financing.

“We will hold ourselves accountable. Within 30 days, Heads of pension schemes will report on the steps taken to implement the commitments made here. Africa’s pension transformation will not remain in words; it will be measured in action,” said Ayota.

The Kampala Declaration of the All Africa Pension Summit

At the end of the summit, the participants committed to The Kampala Declaration of the All Africa Pension Summit (AAPs) on 7 November 2025, acknowledging the urgent need to bridge Africa's infrastructure financing gap while ensuring the retirement security of millions of African workers; noting that that effective partnerships between pension funds, development partners, and governments are essential for unlocking the transformative potential of pension capital; establishing an Implementation Working Group comprised of representatives from each stakeholder category; a Progress Dashboard tracking commitments, timelines, and SDG alignment; and a Periodic Reporting Mechanism to the AAPS Steering Committee and continental partners.

Commitments Across Four Key Pillars

The Summit concluded with concrete commitments across four strategic areas:

1. Coverage & Capital Growth – Expand access through digital platforms, informal sector frameworks, and diaspora participation, while promoting financial literacy.
2. Partnerships & Collaboration – Harmonise regulations, create co-investment platforms, leverage blended finance, and strengthen PensionTech/InsureTech partnerships.
3. Infrastructure Investment – Allocate capital to bankable, climate-resilient projects, support PPP frameworks, and establish risk-sharing and due diligence structures.
4. Social Impact & Sustainability – Integrate ESG standards, invest in social infrastructure, promote gender equity, and align with SDGs 1, 2, 5, 8, 13, and 17.

The declaration affirmed the resolve to transform Africa’s pension funds into strategic engines of sustainable growth, linking long-term savings to long-term development, by bridging coverage, partnerships, infrastructure, and social impact, and committing to a future where pension capital drives prosperity, resilience, and climate-aligned transformation across the continent.