KAMPALA, Uganda: The National Social Security Fund (NSSF) has declared an interest rate of 13.5% (UGX 2.79trillion), a 2% increase from 11.5% declared last year.
This year’s UGX2.79trillion payout is the highest that the Fund has paid out to members, continuing a track record of strong returns, following the UGX 2 trillion paid out to members for 2023/24.
The interest rate announcement was made during the 13th Annual Members’ Meeting held in Kampala today. Speaking at the event, the Minister of Finance, Planning and Economic Development, Hon. Matia Kasaija, commended the Fund for expanding its asset base to UGX 26 trillion.
“The Fund’s Assets Under Management (AUM) increased by 17.5%, from UGX 22.13 trillion in the Financial Year 2023/24 to UGX 26 trillion in 2024/25. Against this asset base are member obligations amounting to UGX 25.6 trillion, which the Fund is well placed to meet,” he noted.
The Fund, according to the financial performance released by NSSF Managing Director Patrick Ayota, registered an overall growth across key indicators, highlighting an 11% increase in its earnings.
The Fund’s total revenue increased from UGX 3.2 trillion in 2023/24 to UGX 3.52 trillion in 2024/25.
The Minister of Gender, Labour and Social Development commended the Fund’s commitment to expanding social security coverage, particularly its efforts to extend services to the informal sector. This progress follows the Minister’s approval of the NSSF (Voluntary Contributions and Benefits) Regulations 2024, which paved the way for the launch of the Fund’s voluntary savings product, Smartlife Flexi, in November last year.
“I am happy to note that the NSSF Smartlife Flexi product is being embraced by the informal sector as well as the formal sector, with Ugx27billion contributions and over 40,000 people enrolled in only 10 months,” she said, urging the Fund to further intensify outreach to the informal sector.
NSSF Board Chairperson Dr David Ogong noted that the Fund is committed to extending coverage to the informal sector, together with other priorities under Vision 2035.
The Plan, dubbed “Vision 2035”, centres around growing the Fund to Ugx 50 trillion, increasing NSSF coverage to 50% of the working population, and customer satisfaction of 95%.
