KAMPALA
In a landmark announcement at the 13th Annual Members Meeting of the National Social Security Fund (NSSF), the Fund declared a record-breaking interest rate of 13.5% for its members, marking a historic high in its performance and commitment to social security in Uganda.
Presiding over the meeting, Hon. Betty Amongi, Minister of Gender, Labour and Social Development, commended the NSSF Board, Management, and Staff for their exceptional performance during the last financial year. She also expressed gratitude to Ugandans for entrusting their life savings to a government-supervised institution.
“Your trust is not misplaced,” Hon. Amongi affirmed. “As your minister in charge of social security, I challenged the Fund to broaden its reach and I am proud to say it has responded with innovation and impact.”
Among the key milestones highlighted was the signing of the National Social Security Fund (Voluntary Contributions and Benefits) Regulations 2024, which opened the door for voluntary savers, especially in the informal sector. This regulatory shift enabled the launch of the NSSF Smartlife product, which has already mobilized over 40,000 contributors and collected UGX 27 billion in just ten months.
A 10-year True Value Assessment conducted by KPMG revealed that the Fund has contributed UGX 60 trillion to Uganda’s economy over the past decade, with projections of UGX 32 trillion and 1.9 million jobs for the Financial Year 2024/25.
Hon. Amongi emphasized the importance of strong governance, applauding the Board Chairperson’s reaffirmed commitment to oversight and transparency.
“The government, the members, and the whole country are watching,” she reminded attendees.
Hon. Matia Kasaija, Minister of Finance, also addressed the gathering, praising the Fund’s financial integrity. He acknowledged the Auditor General’s unqualified opinion on the Fund’s accounts, confirming their accuracy and compliance with accepted accounting standards.
“This means the Fund’s financial accounts are clean,” Hon. Kasaija stated. “My major interest is whether the Fund is financially stable, profitable, and able to meet its member obligations and I am pleased with the direction it is taking.”
The 13th Annual Members Meeting showcased NSSF’s resilience, innovation, and growing impact on Uganda’s socio-economic landscape, setting a strong precedent for inclusive and sustainable social security.
