Uganda’s National Social Security Fund [NSSF] savers will receive a 13.5 percent interest on their savings for the Financial Year 2024/25, following a declaration made by Finance Minister Matia Kasaija at the Fund’s 13th Annual Members’ Meeting held today.
The announcement marks the highest interest rate in five years, reflecting what Kasaija called a “healthy balance sheet and exceptional performance” by the Fund.
“Having read the Fund’s financial report, I would like to give the assurance that the Fund is financially sound,” Kasaija said. “This year, I am glad to report that the Fund has once again risen to the challenge.”
According to Kasaija, the Fund’s Assets Under Management [AUM] grew by 17.5 percent, rising from Shs 22.13 trillion in FY2023/24 to Shs 26.0 trillion in FY2024/25. Total revenue also saw an 11 percent increase, reaching Shs 3.52 trillion, while member contributions rose by 10.4 percent to Shs 2.13 trillion.
In a sign of improved service delivery, benefits paid out to members increased from Shs 1.12 trillion to Shs 1.32 trillion, underscoring the Fund’s capacity to meet its obligations.
Kasaija emphasised the government’s commitment to rewarding savers competitively based on performance.
NSSF Interest rate trends over five years: 2020/21: 12.5 percent; 2021/22: 9.65 percent; 2022/23: 10 percent; 2023/24: 11.5 percent; 2024/25: 13.5 percent
Minister of Gender, Labour and Social Development, Betty Amongi, commended the Fund’s performance and emphasized ongoing efforts to expand coverage.
“Your trust is not misplaced,” she told Ugandans. “The NSSF Smartlife product is being embraced by both informal and formal sector workers,” she said.
The Smartlife product, enabled by the Voluntary Contributions and Benefits Regulations 2024, has mobilised over 40,000 savers and collected Shs 27 billion in just 10 months.
Amongi also reiterated the importance of good governance, applauding the Fund for receiving another unqualified audit opinion from the Auditor General, affirming the financial accounts are “clean” and prepared according to accepted standards.
Dr. David Ogong, Chairperson of the NSSF Board, praised the Fund’s management for executing strategic goals and positioning the Fund for the future.
“We must now balance short-term performance with long-term stability and viability,” Ogong said. He noted the board’s commitment to exploring non-traditional investment avenues and reinforcing strong governance as part of the Fund’s Vision 2035.
For his part, the NSSF Managing Director Patrick Ayota highlighted the Fund’s drive for inclusivity and efficiency. The Smartlife Flexi plan attracted 33,000+ voluntary savers, with nearly 60 percent contributing less than Shs 50,000, demonstrating accessibility to low-income earners.
As of June 2025, Ayota said, the Fund had 3.4 million members, with 850,000 active; registered33,200 active employers; operated 17 branches and 23 outreach centers; employed 600 staff; and accounted for 11.5 percent of Uganda’s GDP, equivalent to Shs 26.01 trillion
“Key investment allocations include: Shs 13.7 trillion in government domestic debt; Shs 1.6 trillion in real estate; and Shs 1.45 trillion in local companies,” he said.
He highlighted that operationally, benefit payment turnaround times have dropped from 9 days in 2015 to 5.6 days, with the number of annual beneficiaries growing to 48,000. “Meanwhile, staff satisfaction has hit 91 percent, and member satisfaction has risen to 88 percent, up from 78 percent in 2016,” he said.
The Fund’s leadership vowed to maintain financial prudence, expand informal sector participation, and deepen investment diversification, all while safeguarding members’ savings and supporting Uganda’s broader economic development.
“These achievements reflect the Fund’s resilience, efficiency, and commitment to creating value for its members and stakeholders,” Ayota said.
