Young entrepreneurs in the Teso Sub-region, under their umbrella body Lu’Ateker Young Entrepreneurs, have been encouraged to embrace a culture of saving and invest in government securities as a way of growing their wealth and securing their financial future.
The call was made during the Young Ateker Entrepreneurs Symposium held in Soroti City, where youth entrepreneurs from across the Teso Sub-region gathered to exchange business ideas and explore economic opportunities.
Speakers at the symposium observed that one of the biggest challenges affecting young people in the region is the failure to save and invest in meaningful ventures that can improve their livelihoods and shape their future. Immaculate Nakato, an officer in the Financial Markets Department at the Bank of Uganda, said such engagements are important in helping entrepreneurs understand financial opportunities available to them.
Nakato noted that while making money is important, growing and protecting wealth is even more critical. She explained that the government has operated a Government Securities Scheme since 1966, but many Ugandans remain unaware of how it works due to limited information dissemination.
Nakato explained that the scheme allows citizens to lend money to government through Treasury Bills and Treasury Bonds, with the government paying back the money together with interest.
According to Nakato, Treasury Bills are suitable for short-term investments of three months, six months, or one year, while Treasury Bonds cater for long-term investments ranging up to 25 years, with returns paid every six months.She said many investors are already benefiting from the scheme through regular government repayments and accrued interest.
Nakato added that every Ugandan is eligible to invest in Treasury Bills and Treasury Bonds, including organized groups such as SACCOs, commercial banks, and pension funds.She encouraged entrepreneurs to avoid keeping idle money at home or in accounts without returns, urging them instead to invest it in government securities for profit.
Nakato further emphasized that saving is critical for economic growth, arguing that countries that do not promote savings among citizens struggle to expand productivity and development. She advised that interested investors can begin with as little as one hundred thousand shillings, noting that small investments can gradually grow into larger financial portfolios.
Nakato also highlighted that government securities can serve as collateral and help diversify sources of income. She reassured participants that government has consistently honored repayments through the Bank of Uganda, even during difficult periods such as the COVID-19 pandemic.
According to Nakato, the process of investing involves opening a regular bank account at any commercial bank in Uganda and then registering a Central Security Depository (CSD) account to facilitate transactions.
She cited a recent example where government sought to borrow 990 billion shillings but received subscriptions worth 1.5 trillion shillings, surpassing the target by 600 billion shillings.
The Prime Minister of the Iteso Cultural Union, Andrew Ocole, urged young people to take advantage of available opportunities and start building sustainable businesses early in life.Ocole encouraged the youth to view themselves as future leaders and emphasized the importance of involving children in family businesses to prepare them for future management responsibilities.
Meanwhile, George William Okoit, the Chief Executive Officer of Lu’Ateker Concepts, called on young people in Teso to embrace entrepreneurship as a solution to poverty and rising unemployment.
Okoit cited Uganda Bureau of Statistics data indicating that Teso and Bukedi sub-regions currently register some of the highest unemployment rates in the country.
He warned that unless young people actively pursue business opportunities, unemployment challenges could worsen in the coming years. Okoit also cautioned business owners against excessive spending aimed at impressing customers, saying such habits can reduce profits and eventually lead to business failure. URN