The National Social Security Fund (NSSF) has announced an interest rate of 11.5% for the financial year 2023/2024, an increase from the 9.7% that was declared the previous year.
This makes the impending interest pay-out total about Ugx.2 trillion, following the improved performance of the fund, whose total assets grew at a record 19% to Ugx 22.1 trillion.
While announcing the new rate during the NSSF Annual General Meeting at the Kampala Serena Hotel on September 26, 2024, the Minister of Finance, Planning, and Economic Development, Matia Kasaija, hailed NSSF for its resilience and strategic investments that have contributed to job creation in Uganda, even when there were managerial transitions.
“It’s gratifying to note that the Fund is engaging in real economy through funding start-ups and directly supporting agriculture. By doing so, it is creating its members and guaranteeing its future,” Kasaija stated.
He also noted that the Fund is preserving and growing the value of members’ savings, having consistently paid more than 2% exceeding the ten-year average inflation rate for over a decade.
Patrick Ayota, the managing director of NSSF, said he is optimistic that the fund will continue registering steady growth given the fact that the country’s economy is on a steady growth.
“Currently, the fund represents about 11% of GDP. We have invested approximately UGX 1.53 trillion in local companies and UGX 11.1 trillion in government. In fact, 24% of the government’s debt is held by NSSF. UGX 1.54 trillion has been invested in real estate,” Ayota stated.
He also disclosed that the fund reached its UGX 20 trillion target for June 2025, 18 months ahead of schedule.
The NSSF’s performance is particularly noteworthy given recent global economic challenges, including the impacts of geopolitical tensions and market fluctuations.
