The National Social Security Fund (NSSF) has declared a 13.5% interest rate for the Financial Year 2024/25, a testament to its exceptional performance and strategic success.
The announcement was made today by Hon. Matia Kasaija, the Minister of Finance, Planning and Economic Development (MoFPED), during the 13th Annual Members Meeting, where leaders celebrated the Fund’s ability to surpass its 10-year target and reinforce its position as a major pillar of Uganda’s economy. “I would like to begin by extending my appreciation to the Board and Management for steering the Fund in the Financial Year 2024/25. I thank the Auditor General for independently auditing and reporting on the financial accounts of the Fund. I was glad to hear that once again, the Fund has obtained an unqualified opinion,” Hon. Kasaija said.
“This means that the Fund’s financial accounts are accurate, fair, and presented according to generally accepted accounting principles. In other words, the Fund’s financial accounts are clean. I congratulate the Fund. My major interest is whether the Fund is financially stable, profitable, and can meet its members’ obligations,” he added.
In his address, Patrick Ayota, the Fund’s Managing Director, said that NSSF Uganda’s total assets have surged to Shs26 trillion, exceeding its 10-year target (2015-2025) by Shs6 trillion. This growth, he noted, is a reflection of the Fund’s resilience and effective management. “The Fund now accounts for approximately 11.5% of Uganda’s GDP. Over the past decade, NSSF has contributed Shs59.5 trillion to the country’s GDP, created 1.88 million job opportunities, and paid an average of Shs19.8 million to each member,” Ayota said.
“Over the 2015–2025 strategic period, the Fund has largely achieved and, in some cases, surpassed its strategic objectives, demonstrating strong performance across customer, process, and staff dimensions. Member satisfaction, which initially dipped to 78% in 2016/17 due to stricter measurement standards, steadily improved through enhanced service, transparency, and trust, reaching 88% by 2024/25,” he added.
Ayota explained that, “Operational efficiency also advanced significantly, with the turnaround time for benefit payments reduced from nine days in 2015/16 to just 5.6 days in 2024/25, even as payouts grew from Shs239 billion to Shs1.32 trillion and the number of beneficiaries more than tripled to 48,000.”
He also noted that at the same time, staff satisfaction rose to 91% despite temporary setbacks caused by COVID-19 and parliamentary investigations, supported by key transformations such as the adoption of agile practices, embedding innovation, and transitioning to a service-oriented technology architecture.
He concluded by observing that collectively, these achievements reflect the Fund’s resilience, efficiency, and commitment to creating value for its members and stakeholders.
The Fund’s financial health was independently verified by Assistant Auditor General James Bantu, who delivered an unqualified audit opinion, confirming that its financial accounts are “true and fair.” “In my opinion, the accompanying financial statements present a true and fair view of the Fund as at 30th June 2025 and of its financial and performance and cash flows for the year then ended, in accordance with the International Financial Reporting Standards and in the manner required by the NSSF Act Cap 230,” Bantu asserted.
The Fund’s success is not just financial; it’s also operational. In a move to increase financial inclusion, Ayota hailed the NSSF Smartlife Flexi plan, which he said allows for voluntary contributions and has seen remarkable growth in savings. “In just 10 months of its rollout, it registered over Shs27 billion in contributions from more than 33,000 members, with a significant portion of savers contributing less than Shs50,000,” Ayota said, adding, “This demonstrates the Fund’s commitment to making saving accessible to all Ugandans, regardless of their income level.
As the Fund embarks on its new Vision 2035, the Board, led by Chairman Dr. David Ogong, is committed to building on this success. According to Dr. Ogong, the “New strategy will focus on diversifying the investment portfolio, exploring non-traditional investments, and balancing performance with long-term financial stability.”
Hon. Betty Amongi, the Minister of Gender, Labour and Social Development, commended NSSF for its exceptional performance and its role in expanding social security to more Ugandans. On the other hand, Hon. Kasaija applauded the Fund’s financial stability and profitability, which he said ensures it can meet its members’ obligations.
The consensus from all stakeholders is that NSSF’s achievements reflect its resilience, efficiency, and unwavering commitment to creating value for its members and for Uganda.