The new Managing Director of the National Social Security Fund (NSSF), Patrick Ayota, has unveiled the Fund’s ambitious strategy to increase its assets from the current Shs18.4 trillion to Shs50 trillion by 2035.
Ayota aims to achieve this by raising workforce enrollment from 10% to 50%. He emphasized that this strategy is built on a foundation of expanding social security coverage, growing the Fund’s assets, and efficiently serving customers.
Speaking at a press conference on August 23, 2023, Ayota expressed his confidence in the Fund’s direction and mentioned that the Board’s appointment of him and the Deputy Managing Director reflects the Fund’s strong succession planning.
He noted the progress made according to the previous 2015 Strategic Plan, with assets reaching over Shs18.4 trillion, and improvements in customer and staff satisfaction.
The new Vision 2035 strategy is built on three pillars: expanding social security coverage to encompass 50% of Uganda’s working population, increasing the Fund’s assets to Shs50 trillion, and improving customer service satisfaction from 86% to 95% by 2035.
Ayota outlined plans to encourage saving through innovation and agility, with a focus on sustainability, job creation, and agricultural value chain intervention. Financial literacy programs, partnerships, compliance enhancement, and innovative product development are also part of the strategy to foster a willingness to save.
Despite challenges, Ayota expressed members’ trust in NSSF’s management and highlighted the team’s commitment to making decisions that prioritize members’ interests, create value, and respond to their needs.