Finance Minister Commends NSSF Leadership for Stellar Performance

The National Social Security Fund (NSSF) of Uganda has announced a 10% interest rate for savers in the fiscal year 2022/23 during its 11th Annual Members’ meeting held at Kampala Serena. The event witnessed Finance Minister Matia Kasaija applauding the NSSF leadership for their remarkable performance.

“I am glad that the Fund’s assets registered growth again from UGX 17.26 trillion in FY 2021/2022 to UGX 18.58 trillion in FY 2022/2023,” said Finance Minister Matia Kasaija. He added that many naysayers did not imagine the possibility of growing the fund to such an extent.

The Auditor General, John Muwanga, presented his report on the audit of the NSSF and its First Financial Statements, emphasizing the adherence to international financial reporting standards and regulatory requirements.

In his report, Muwanga stated, “In my opinion, the accompanying financial statements give a true and fair view of the financial position of the National Social Security Fund as of 30 June 2023 and of its financial performance, its cash flows for the year that ended in accordance with international financial reporting standards and the requirements of Uganda retirement benefits regulatory performance for the National Social Security Fund.”

Martin A. Nsubuga, CEO of the Uganda Retirement Benefits Regulatory Authority (URBRA), commended the NSSF Board for their strong institutional framework and transparent stewardship, facilitated by the Annual Members’ Meetings.

Peter Kimbowa, Chairman of the Board of Directors of NSSF Uganda, expressed gratitude to the government and shareholders for entrusting them with the leadership of the Fund. He noted the commitment to responsibly managing the Fund for the benefit of savers and the country.

Kimbowa highlighted the impressive achievements of NSSF Uganda in the past year:

1. Assets Under Management (AUM) increased by 7.5% from UGX 17.26 trillion in Financial Year 2021/22 to UGX 18.56 trillion in Financial Year 2023/24.
2. Member contributions increased by 15.4% from UGX 1.49 trillion in Financial Year 2021/22 to UGX 1.72 trillion in Financial Year 2022/23.
3. Total Realized Income earned increased by 15% from UGX 1.9 trillion in the Financial Year 2022/22 to UGX 2.2 trillion in the Financial Year 2022/23.
4. Benefits paid to qualifying members increased by 1% from UGX 1.189 trillion in the Financial Year 2021/22 to UGX 1.199 trillion in the Financial Year 2022/23.
5. The cost-to-income ratio improved from 11.7% in the Financial Year 2021/22 to 9.4% in the Financial Year 2022/23.
6. Cost management was evident as the cost of administration reduced from 1.18% of total assets to 1.02%.

These impressive results indicate NSSF Uganda’s commitment to delivering strong returns to its members and efficient fund management.