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COVID-19 hurts NSSF earnings; management warns, last year’s double-digit interest rates may not be sustained

by Muhereza Kyamutetera
NSSF Managing Director Patrick Byarugaba (left) and Deputy Managing Director Patrick Ayota address the media last year. The Fund's management has warned that due to Covid-19 related economic stress, last year's double digit interest rates may not be sustained.
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Despite a 17 percent growth in revenues, the National Social Security Fund (NSSF) has warned, it is unlikely to pay members a double-digit interest rate due to the impact on the COVID-19 pandemic on its operations. In a virtual media conference NSSF Managing Director Richard Byarugaba said that the economic downturn in Uganda and East Africa resulting from the impact of the pandemic did affect

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About the Author

Muhereza Kyamutetera is the Executive Editor of CEO East Africa Magazine. I am a travel enthusiast and the Experiences & Destinations Marketing Manager at EDXTravel. Extremely Ugandaholic. Ask me about #1000Reasons2ExploreUganda and how to Take Your Place In The African Sun.