Kampala is hosting a major gathering of Africa’s leading pension funds this week as they commit to the creation of a “Fund for Africa” during the landmark “$700 Billion in One Room” All Africa Pensions Summit. The event, taking place from November 5–7 at the Munyonyo Convention Centre, is organized by NSSF Uganda under the theme: “Pension Funds – Powering Africa’s Growth.”
The summit aims to explore strategies for deepening Africa’s pool of patient capital, fostering partnerships for maximum developmental impact, leveraging pension funds to drive infrastructure projects, and promoting broader social benefits.
“Across Africa, pension funds collectively manage assets worth roughly $700 billion. This represents a tremendous opportunity for Africans to invest in our own growth, independent of the often restrictive conditions attached to foreign funding,” said Patrick Micheal Ayota, Managing Director of NSSF Uganda and Chairperson of the ISSA East Africa Liaison Office.
Ayota highlighted that with shifting global geopolitics, traditional foreign funding sources are no longer sufficient to keep pace with Africa’s rapidly expanding infrastructure needs. For the first time, African pension funds are joining forces to pool their resources, creating a homegrown solution to finance the continent’s development ambitions.
Prior to the summit, leaders in Africa’s pension and social security sector—including Meshach Bandawe, Secretary General of the Africa Social Security Association (ASSA), Ayota, and Leonard Zulu, UN Resident Coordinator in Uganda—underscored the urgent need for innovative domestic financing mechanisms.
Africa faces an estimated annual development financing gap exceeding $1.3 trillion, according to the African Development Bank. Zulu emphasized the importance of mobilizing domestic savings, diaspora remittances, and blended financing models to reduce dependence on foreign aid.
“The traditional development cooperation model is evolving,” Zulu said. “While official development assistance remains important, it is no longer sufficient. With declining aid flows, shifting global priorities, and funding uncertainties, Africa must craft actionable solutions to enhance domestic resource mobilization and innovative financing that support sustainable development strategies.”
He further noted that 15 of Africa’s 20 traditional donor partners have cut back funding, making it critical for the continent to transition from aid to trade and enable small and medium-sized enterprises to access the capital they need to drive national development.
Bandawe reinforced that African infrastructure goals must increasingly be financed locally. “Pension funds are emerging as key levers for inclusive development. They can unlock long-term capital for infrastructure, agriculture, climate initiatives, and social impact projects,” he said.
Africa is home to 51 pension and social security funds, according to the Geneva-based International Social Security Association (ISSA). Bandawe added that there are successful examples across the continent, such as in Tanzania, where pension and social security funds have already mobilized local capital to finance development projects.
The summit has drawn top executives from African pension funds, chief investment officers, global investors, development finance institutions, venture and private capital firms, policymakers, and government officials from across Africa and beyond, signaling a new era of homegrown investment for the continent’s growth.
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