Savers with the National Social Security Fund (NSSF) will earn a 13.5 percent interest on their savings for the 2024/25 financial year, the highest payout in five years.
Finance Minister Matia Kasaija made the declaration at the Fund’s 13th Annual Members’ Meeting today, describing the performance as proof of “a healthy balance sheet and exceptional management.”
“This year, I am glad to report that the Fund has once again risen to the challenge,” Kasaija said, assuring savers that the Fund remains financially sound.
Figures released show the Fund’s assets grew by 17.5 percent, rising from Shs 22.13 trillion to Shs 26 trillion, while total revenue hit Shs 3.52 trillion, up 11 percent.
Contributions increased by 10.4 percent to Shs 2.13 trillion, and benefits paid out rose to Shs 1.32 trillion, demonstrating the Fund’s growing capacity to serve members.
The 13.5 percent interest rate outpaces recent years—12.5% in 2020/21, 9.65% in 2021/22, 10% in 2022/23, and 11.5% in 2023/24.
Minister of Gender, Labour and Social Development Betty Amongi praised the Fund’s expansion drive, highlighting the success of the Smartlife voluntary savings product, which has attracted 40,000 new savers and Shs 27 billion in just 10 months.
“Your trust is not misplaced,” she told members, citing improved governance and another clean audit opinion from the Auditor General.
NSSF Board Chairperson Dr. David Ogong said the challenge ahead is to balance short-term gains with long-term stability, while Managing Director Patrick Ayota underscored the Fund’s inclusivity efforts.
“As of June 2025, NSSF had 3.4 million members, 850,000 active savers, 33,200 registered employers, and assets equivalent to 11.5 percent of Uganda’s GDP,” Ayota revealed.
He pointed to operational improvements, noting that benefit turnaround times have dropped to 5.6 days compared to nine days a decade ago. Member satisfaction has also grown to 88 percent, while staff satisfaction stands at 91 percent.
With Shs 13.7 trillion invested in government securities, Shs 1.6 trillion in real estate, and Shs 1.45 trillion in local companies, the Fund is positioning itself as both a secure retirement vehicle and a pillar of Uganda’s economic growth.
“These achievements reflect the Fund’s resilience, efficiency, and commitment to creating value for members,” Ayota said, pledging to expand coverage in the informal sector and diversify investments further.
