Big Interview: How SBG Securities is Driving Uganda’s Investment Future  Since the launch of the Stanbic Unit Trust in June 2024, SBG Securities has undergone a seismic shift, evolving from a market leader in equities to a comprehensive, full-service investment house. With total assets under management (AUM) skyrocketing fourfold to UGX 540 Billion by the end of 2025, the firm is now a dominant force in Uganda’s Collective Investment Schemes (CIS). The CEO East Africa Magazine caught up with Grace Semakula, the Chief Executive of SBG Securities, to discuss the milestones, digital innovations, and the UGX 1 trillion potential of Uganda’s capital markets.

Q: Its been a while and nice to catch up with you. For starters, who is SBG Securities? 

Semakula: SBG Securities Uganda Limited is a local entity and a wholly-owned subsidiary of Stanbic Uganda Holdings Limited (SUHL). As a member of the Standard Bank Group, we are backed by Africa’s largest financial institution by assets, which gives us a unique blend of deep local knowledge and global expertise. 

Since being awarded a stock brokerage license by the Capital Markets Authority (CMA) in 2021, we have become a dominant trading participant on the Uganda Securities Exchange. Our journey has been defined by rapid expansion; we received our Unit Trust Manager license in December 2021 and followed that with a Fund Manager license in 2023. 

Today, we are more than just a brokerage firm. We are the architects of some of East Africa’s most significant financial milestones. We successfully launched the Stanbic Unit Trust and served as both the transaction advisor and lead sponsoring broker for the MTN Uganda IPO the largest public offering in the region’s history alongside several other landmark corporate transactions.

Q: SBG Securities has traditionally been known for equities. How has the company evolved since the launch of the Unit Trust product?

Semakula: The launch of the Stanbic Unit Trust in June 2024 was a turning point. Historically, we have been a dominant force in equities, commanding an average annual market share of 55% over the past five years in a market that trades roughly UGX 125bn annually. However, our ambition was to become a full-service investment house. Beyond Unit Trusts, we have now expanded into pension fund management. This expansion is pivotal because it inches us closer to our purpose: Uganda is our home; we drive her growth. We are now better suited to support our clients across their entire financial journey.

Q: Looking at the numbers, what key milestones have defined this growth journey?

Semakula: Our growth is a reflection of client trust. As of December 31, 2025, our assets under management grew four times to over UGX 540 Billion. We also welcomed over 4,000 new clients, growing our market share to 10% and becoming the 3rd largest CIS Manager in the industry. Being recognized as the CIS Manager of the Year at the 2025 Capital Markets Authority (CMA) Awards was a humbling confirmation that we are the wealth creation partner of choice for Ugandans.

Q: What current industry trends are shaping the investment landscape in Uganda and the wider East African region?

Semakula: Technology is the biggest driver. It is alleviating barriers to entry and democratizing investments. A perfect example was the MTN Uganda IPO, the first “m-IPO” on the continent, which allowed retail investors to subscribe via USSD and an app.

We are also seeing a significant trend where clients are re-allocating portfolios away from traditional property and into financial instruments. This is being driven by increased financial literacy, attractive yields in fixed income, and a growing desire for liquidity.

Q: How is SBG Securities leveraging innovation to stay ahead of the curve in 2026?

Semakula: Our commitment for 2026 is three-pronged. First, we are delivering a superior client experience through a stable, seamless digital platform. Second, we are offering a differentiated suite of products to fit various risk appetites. Finally, we are growing our distribution footprint to ensure that making an investment decision is easier and faster for a Ugandan, whether they are in Kampala or a rural district.

Q: With the economy shifting, what emerging opportunities should investors be looking at?

Semakula: The outlook is very positive. The economy is projected to grow at 7% for FY 2025/26, supported by stable inflation, strong coffee prices, and the progress toward “First Oil.” Fixed income and money market yields remain very attractive, and we project the equities market to post strong performance. It is a high-potential environment for returns.

Q: What is the “secret sauce” behind your continued success and client retention?

Semakula: It’s simple: the client is at the center of everything. We focus on “solutioning” for their specific needs. Our clients see us as a credible, deep-rooted partner. Having a wide branch network across the country ensures that our products are not just “city solutions” but accessible to every Ugandan.

Q: Finally, what regulatory interventions would further boost the sector?

Semakula: Our regulators have done a commendable job in driving investor confidence. The new CMA Regulatory Sandbox is a game-changer for spurring innovation. However, as the environment evolves, it is critical to strike a balance between regulation and the cost of compliance. We must ensure that compliance costs do not become a barrier to entry for new investors or smaller players. Keeping the sector inclusive is key to sustainable growth.