The National Social Security Fund (NSSF) has declared an impressive 13.5% interest rate for the Financial Year 2024/25, translating into a record shs 2.79 trillion payout to its members. This marks a 2% increase from the 11.5% declared the previous year and the highest payout in the Fund’s history.
The announcement was made during the 13th Annual Members’ Meeting held in Kampala today. The Fund’s Managing Director, Patrick Ayota, revealed that total revenue rose from shs 3.2 trillion in 2023/24 to shs 3.52 trillion in 2024/25, representing an 11% increase.
Finance Minister Matia Kasaija lauded the Fund’s continued growth, citing a 17.5% expansion in Assets Under Management (AUM), which now stand at shs 26 trillion, up from shs 22.13 trillion. He affirmed that the Fund’s financial position remains strong, with member obligations currently at shs 25.6 trillion.
“For more than a decade, NSSF has consistently delivered interest rates at least 2% above the 10-year average rate of inflation, ensuring the value of savers’ money is preserved and grown,” Kasaija stated.
Minister of Gender, Labour and Social Development, Betty Amongi, also applauded NSSF’s push to broaden social security coverage, especially among workers in the informal sector.
She highlighted the uptake of the Fund’s new voluntary savings product, Smartlife Flexi, launched in November 2024, which has so far attracted over 40,000 contributors and shs 27 billion in savings.
“NSSF’s Smartlife Flexi product is being embraced by both the informal and formal sectors, and I encourage the Fund to deepen its outreach to underserved groups,” Amongi said.
NSSF Board Chairperson Dr David Ogong reaffirmed the Fund’s commitment to achieving its long-term strategic plan, Vision 2035, which aims to grow the Fund’s asset base to shs 50 trillion, increase national coverage to 50% of the working population, and reach a customer satisfaction rate of 95%.
