NSSF hits its 10-year UGX20 trillion assets target, one and a half years ahead of schedule

The National Social Security Fund (NSSF), Uganda’s national savings scheme, has hit UGX 20 trillion in Assets Under Management (AUM), one and a half years ahead of schedule.

The Fund had until the end of FY2024/25 (end of June 2025) to hit the UGX20 trillion targets, but as of February 29, 2024, the Fund’s assets under management stood at UGX20.018 trillion.

In 2015, the Fund launched the 2015-2025 Strategic Plan, with a key strategic objective to grow the Fund’s Assets Under Management to UGX 20 trillion by 2025. The other strategic objectives were the improvement in business processes to pay benefits to qualifying members in 1 day, and achieving 95% staff and customer satisfaction.

This milestone, according to a statement released by the Fund is was driven by an “unwavering commitment to deliver our value proposition of safety, convenience, and empowerment to our members”.

“When we set this audacious goal in 2015, to many people, it seemed beyond reach. In addition, we did not know that the journey would be filled with disruptions: a global pandemic that kept us locked for almost 2 years, an unprecedented mid-term benefit payout, and disruptive and intrusive investigations. Despite all this, we didn’t just endure, we thrived,” NSSF Managing Director Patrick Ayota, said in the Fund’s statement.

This milestone is underpinned by both growth in contributions as well as income. 

Information from the Fund shows that contributions increased from only UGX 688 billion in 2015, to UGX 1.27 trillion in 2020 and hit UGX 1.72 trillion by 2023. Annual realised income also, grew from UGX 583.2 billion to UGX 1.47 trillion by 2020 and reached a record UGX 2.2 trillion last financial year.

Ayota said that he is confident the Fund will achieve its other strategic objectives as scheduled. 

“Some benefit types, such as Age and mid-term are already being paid in less than 7 days, while the average payment time is currently 11 days. Customer and staff satisfaction stood at 86% as at the end of last Financial Year,” according to the NSSF statement. 

“We thank God. We thank our staff, various Boards of Directors over the years, our supervising ministries, and all who have made this possible. We are now on the brink of a new era – a new day where we aim to redefine what’s possible once again. Our next goal is to grow Assets Under Management to UGX 50 trillion by 2035,” Ayota said.