Kampala, Uganda | Africa’s leading pension funds have convened in Kampala for the All Africa Pensions Summit an initiative dubbed “$700 Billion in One Room” to explore ways of pooling resources and driving the continent’s growth through local investment.
The summit, taking place from November 5–7 at the Munyonyo Convention Centre, is hosted by Uganda’s National Social Security Fund (NSSF) under the theme “Pension Funds Powering Africa’s Growth.” Discussions center on leveraging pension funds as catalysts for infrastructure development, deepening partnerships, and enhancing social and economic impact.
“Pension funds across Africa hold about $700 billion in assets under management. This is a major opportunity for Africans to fund our own growth rather than depend on external financing tied to unfavourable conditions,” said Patrick Michael Ayota, Managing Director of NSSF Uganda and Chairperson of the International Social Security Association (ISSA) East Africa Liaison Office.
Ayota noted that changing global geopolitics and declining foreign aid have made it crucial for Africa to mobilize its own resources. For the first time, pension funds from across the continent are uniting to pool capital for Africa’s development needs.
Meshach Bandawe, Secretary General of the Africa Social Security Association (ASSA), and Leonard Zulu, the United Nations Resident Coordinator for Uganda, both emphasized the need for innovative financing models amid reduced donor funding.
Zulu stressed that Africa must move from “aid to trade” by harnessing domestic savings, diaspora remittances, and blended financing models to reduce reliance on traditional foreign aid. “With 15 of the 20 traditional donor partners cutting back on funding, Africa must rethink its development financing,” he said.
According to the African Development Bank, the continent faces a $1.3 trillion annual financing gap to meet its development goals. Bandawe highlighted that pension funds can play a pivotal role in bridging this gap. “Pension funds are critical levers for inclusive development, providing long-term capital for infrastructure, agriculture, climate financing, and social impact,” he said.
Africa currently has 51 pension and social security funds, according to the Geneva-based ISSA. Bandawe cited successful examples where local funds such as those in Tanzania have financed national projects, underscoring the power of homegrown investment.
The summit has drawn top executives from African pension funds, global investors, development finance institutions, venture and private capital firms, policymakers, and government leaders all united by a shared goal: to unlock Africa’s capital for Africa’s future.