Patrick Ayota, the Managing Director of the National Social Security Fund (NSSF), shared insights into the fund’s financial performance, strategic plans, and challenges during an interview.
The NSSF, Uganda’s largest pension fund, aims to reach a UGX50 trillion target by 2035, focusing on increasing the willingness and ability to save among Ugandans.
Financial Performance
The NSSF announced its financial results for the fiscal year 2022/23, which exceeded stakeholders’ expectations. Despite facing financial market challenges and intense scrutiny, the fund showcased remarkable resilience.
It achieved a record collection of UGX192 billion in June 2023, surpassing its annual target by UGX120 billion.
The fund also exceeded its voluntary savings target, ending the year with UGX1.72 trillion in collections, an increase of 16% compared to the previous year.
Customer satisfaction remained high at 87%, even amid scrutiny, demonstrating strong stakeholder trust.
This trust can be attributed to the fund’s outstanding performance over the past decade, where it achieved a Compound Annual Growth Rate (CAGR) of 20% in assets under management, rising from UGX1.7 trillion in 2009/10 to UGX17 trillion in 2021/22.
Moreover, a consistent commitment to paying interest rates above the 10-year inflation rate contributed to member satisfaction.
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