Financial experts are urging Ugandans to consider unit trust funds as a superior form of saving, offering greater flexibility and access compared to traditional financial products.
During a breakfast event hosted by UAP Old Mutual at Skyz Protea Hotel in Naguru, Zac Kisesi, Managing Director of Old Mutual Investment Group, emphasized the advantages of unit trust funds over fixed deposit accounts, particularly regarding liquidity.
“The problem with fixed deposits is that they have a lock-up period, which could be six months or a year. This creates challenges for businessmen who need immediate access to their funds, missing out on business opportunities if their money is tied up,” Kisesi explained.
“Unit trust funds solve this liquidity issue, allowing investors to access their money within 48 hours.”
Kisesi further highlighted the surge in interest during the COVID-19 pandemic, when people realized the importance of having cash on hand, as opposed to illiquid assets like land.
“The pandemic showed us that it’s one thing to own assets and another to have cash when you need it most. Unit trusts address this liquidity problem.”
He also updated clients on the progress of their dollar unit trust fund. “We’ve crossed the $20 million mark since its launch last year, driven by clients looking to protect their investments from inflation. Many of them are traders with dollar deposits in banks, which were not yielding returns. The dollar unit trust filled that gap,” he noted.
Richard Mugarura Gatete, Customer Experience Manager for Old Mutual Life Assurance, spoke about the company’s innovations, including the launch of Old Mutual Life Yo, a self-service portal for retail customers to view the status of their policies in real time. He also mentioned the new client portal for tracking unit trust investments.
“Our focus on customer experience has driven continuous innovation, ensuring we remain ahead in a fast-changing business environment,” Gatete said. “These platforms enhance our ability to provide efficient, customer-centric solutions.”
Ruth Ndawula, Customer Experience Manager for UAP Old Mutual General Insurance, stressed the importance of evolving customer service to foster trust and long-term relationships.
She highlighted initiatives such as a free medical camp organized during International Customer Service Week, offering free health screenings and consultations to the community.
“Our ‘Above and Beyond’ approach ensures that we prioritize our customers and the communities we serve, continually investing in technology and processes to deliver real value,” Ndawula added.
Sophie Nkutu, board chairperson for Old Mutual Life Assurance, reaffirmed the company’s commitment to customer satisfaction. “Our vision is to be our customers’ most trusted lifetime partner, helping them achieve their financial goals and contributing to the prosperity of society as a whole.”
