The National Social Security Fund (NSSF) has on September 26, 2023, declared a 10% interest rate for its members for the Financial Year 2022/2023, marking a slight increase from the 9.65% interest rate offered in the previous fiscal year.
This happened at the 11th NSSF Annual Members’ Meeting that took place at Kampala Serena Hotel. The increase in interest comes as a result of the improved performance of NSSF, despite challenging economic conditions and a difficult investment environment last year.
NSSF Managing Director, Patrick Ayota, expressed his enthusiasm for this achievement, stating, “NSSF’s vision is to be the social security provider of choice. It’s important that we have the word ‘choice’ there because, in our minds, we want when someone saves with NSSF, and they go back to bed, they say thank God, I saved with NSSF.”
He further elaborated on the Fund’s growth, saying, “Last year, members entrusted us with UGX 1.5 trillion. This year, that number went up by UGX 200 billion to UGX 1.7 trillion.”
Ayota also highlighted NSSF’s commitment to providing accessible savings, stating, “In a three-month period, we were able to pay more than 4,000 members under the mid-term access policy that was recently passed. We want to ensure that when our members qualify for their savings, the money is there and easily accessible.”
Despite challenges and disruptions, NSSF remained robust. Ayota emphasized this resilience, saying, “Despite the internal disruptions, the Fund remained strong and resilient. It’s a testament to us and all the members of the Fund.”
Uganda’s Minister of Gender, Labour & Social Development, Ms. Betty Amongi, emphasized the importance of social security, stating, “Social Security is an important tool to prevent and reduce poverty, inequality, and social exclusion.”
Minister of Finance, Planning, and Economic Development, Matia Kasaija, commended NSSF’s growth, saying, “Many naysayers didn’t imagine the possibility of growing this Fund (NSSF) to UGX 20 trillion. That we would achieve that strategic objective a year ahead of schedule is definitely applaudable.”
NSSF’s Board Chairman, Peter Kimbowa, concluded the announcement by highlighting the Fund’s commitment to value creation and community engagement. “NSSF is committed to broad value creation; value beyond numbers. On that note, we are launching our first Sustainability Report, which is integral to our strategy, working with the community,” he said.