NSSF Hits Shs 20 Trillion in Assets Under Management

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Uganda’s National Social Security Fund (NSSF) has reached a significant milestone, with its assets under management (AUM) soaring to Shs 20 trillion. This achievement comes one and a half years earlier than projected in the Fund’s 10-year Strategic Plan.

Established in 2015, the Fund embarked on a strategic journey outlined in its 2015-2025 Strategic Plan. One of the key objectives outlined was the ambitious goal of growing the Fund’s Assets Under Management to Shs 20 trillion by 2025. Additionally, the plan aimed at enhancing business processes to facilitate the prompt payment of benefits to eligible members within one day, alongside achieving a 95% satisfaction rate among both staff and customers.

Patrick Ayota, Managing Director of NSSF, attributed this remarkable feat to the unwavering commitment to delivering value to the Fund’s members. Despite facing unforeseen challenges such as a global pandemic, mid-term benefit payouts, and investigations, Ayota expressed pride in the Fund’s resilience and ability not just to endure but to thrive.

Ayota highlighted two primary drivers that propelled the Fund towards achieving its milestone ahead of schedule: consistent growth in member contributions and income generated from investments. Over the years, contributions have surged from Shs 688 billion in 2015 to Shs 1.72 trillion by 2023. Similarly, despite economic volatility, the Fund’s income has steadily risen from Shs 583.2 billion in 2015 to a notable Shs 2.2 trillion in the last financial year.

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Looking forward, Ayota expressed confidence in the Fund’s ability to fulfill its strategic objectives as planned. Notably, certain benefit types are already being disbursed in less than seven days, with an average payment time of 11 days. Furthermore, customer and staff satisfaction levels stood at 86% by the end of the last financial year.

Expressing gratitude to stakeholders and acknowledging the pivotal role played by various entities, Ayota emphasized that this milestone heralds a new era for NSSF. With aspirations to redefine possibilities once again, the Fund sets its sights on the next ambitious goal: growing Assets Under Management to Shs 50 trillion by 2035.

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