By Gilbert Akampa Kakurugu,
NATIONAL
The National Social Security Fund (NSSF) has declared a 10% interest to its members, totaling UGX 1.59 trillion.
This was during the fund’s 11th annual members meeting at Serena hotel today, September 26.
Speaking at the meeting, the Minister of Labor Betty Amongi praised NSSF’s resilience. She also challenged the fund to try and put a fund for affordable housing for their members.
The interest that was eagerly waited for by members across the country was declared this morning by Hon. Matia Kasaija who thanked members for trusting the fund with their money.
The managing director of NSSF, Patrick Ayota, announced that the fund’s revenue increased by 15% from UGX 1.9 trillion to UGX 2.2 trillion for the Financial Year ended June 30, 2023. This growth was attributed to an increase in earnings from interest income, dividend income, and income from the fund’s real estate projects, along with a cost management strategy.
Despite a generally depressed market, Ayota said that the strategic asset allocation enabled the fund to remain profitable. The Assets Under Management grew from UGX 17.26 trillion in FY 2021/22 to UGX 18.56 trillion in FY 2022/23. With the current asset base, NSSF projects achieving the strategic goal of growing Assets Under Management to UGX 20 trillion by June 30, 2024, one year ahead of schedule.
Ayota assured members that the fund is in a better financial position going forward, with a long-term sustainability focus to grow the fund to UGX 50 trillion, cover at least 50% of the working population, and achieve 95% customer satisfaction and staff engagement.
Peter Kimbowa, Chairman Board of Directors, NSSF Uganda registered his appreciation to the Managing Director and his management team and all NSSF staff for keeping a laser focus on the KPIs despite the challenging times, especially in the second half of the last Financial Year, noting that across the board, the Fund became more efficient.
