NSSF announces 11.5% interest rate for savers

"The interest rate I have declared is above the 10-year average rate of inflation, currently at 4.2%, and above the 2023/24 inflation rate of 3.9%," stated Kasaija.

The minister also acknowledged the Fund’s financial stability and growth, investments in appropriate assets, and its ability to preserve and grow the value of members’ savings as evidenced by the Managing Director’s performance report and an independent audit by the Auditor General.

He commended the fund for its steady commitment to enhancing member value and ensuring financial security for Uganda's workers.

According to the Minister, the new interest rate will be calculated and credited to members’ accounts as of July 1st, 2023.

Highlights of the NSSF Vision and Performance

Patrick Ayota, the Managing Director of NSSF emphasised the Fund's focus on creating value for its members. He noted that NSSF Uganda is seen as a benchmark among pension funds worldwide due to its impressive strategic investment allocation, scoring a metric dot of 7.6, compared to the global average of 3.3. "The fund belongs to the member, and our priority is the member," Ayota said.

Patrick Ayota, the NSSF MD pulse uganda

Ayota laid out the Fund’s value proposition based on three pillars: safety, convenience, and empowerment. He also shared NSSF's "Vision 2035," which aims to maximise value for members, create jobs, and promote savings as a lifestyle. A significant focus for the coming years will be on agriculture, which makes up 70% of Uganda’s economy, with the goal of boosting farmers' capacity to save.

Board’s Commitment to Growth

Dr. David Ogong, Chairman of the Board of Directors, reaffirmed the Board's commitment to transparency and excellence, expressing gratitude for the past Board's strong stewardship. The 13th Board aims to expand coverage to 50% of the working population, grow the Fund to UGX 50 trillion, and improve efficiency to 95% by 2035.

He noted, "The opportunity to serve on the 13th Board is a responsibility that we embrace with humility, knowing our actions and decisions affect millions of Ugandan workers."

Dr David Ogong, Chairman of the Board of Directors pulse uganda

Labour Minister Praises Expansion Efforts

Hon. Davinia Esther Anyakun, Minister of State for Gender, Labour and Social Development, applauded the Fund's expansion efforts, especially after the repeal of the legal obstacle limiting eligibility to those with five employees. The new NSSF Act allows voluntary enrolment for workers from the informal, self-employed, and public sectors.

"Expanding coverage to 50% of the working population by 2035 is a commendable strategy," Anyakun stated, highlighting the Fund’s efforts to reach unserved segments such as those in agriculture. She also acknowledged the NSSF's commitment to Environmental, Social & Governance (ESG) principles, aligning with Uganda’s Sustainable Development Goals.

Minister Davinia Anyakun pulse uganda

A Future-Focused Fund

With a reported growth to UGX 22.13 trillion and an increase in contributions and membership, NSSF demonstrated its stability and progress. The interest rate announcement of 11.5% was well received, as it remains above inflation rates and secures the financial wellbeing of the Fund’s members. The NSSF continues to prioritise member-centric strategies, aiming to expand its coverage and enhance its services while contributing to the growth and development of Uganda's economy.