In a surprising turn of events, the National Social Security Fund (NSSF) has announced a remarkable fifteen percent increase in revenues for the financial year 2022/23 compared to the previous year. This impressive performance comes in the face of turbulent economic conditions in regional markets where the fund has investments and amidst a backdrop of negative publicity stemming from ongoing investigations by both parliament and the Inspectorate of Government (IGG).
The NSSF management, led by the recently confirmed Managing Director Patrick Ayota, proudly presented the fund’s robust performance during a media round table in Kampala. They shared key highlights of the fund’s financial report, which reflect significant growth and resilience.
Member contributions experienced a notable increase of 15.4%, surging from 1.49 trillion shillings in the financial year 2021/22 to an impressive 1.72 trillion shillings in 2022/23. Additionally, benefits paid to qualifying members rose from 1.19 trillion shillings in 2021/22 to 1.2 trillion shillings in 2022/23. The rate of compliance also showed a slight improvement, rising from 55% in 2021/22 to 57% in 2022/23.
The report further revealed the composition of the Fund’s Investment Portfolio, with 12.5% in equity, 9.0% in real estate, and the largest share of 78.5% in fixed income assets.
This remarkable growth comes despite challenging economic conditions in some of the investment markets and internal leadership disputes that plagued the fund for a significant portion of the year.