The National Social Security Fund (NSSF) reveals that their revenue witnessed a notable growth of 15%, surging from Shs1.9 trillion to Shs2.2 trillion by the close of the Financial Year ended June 30, 2023.

The Fund further reveals that the dividend income also exhibited substantial growth, expanding from Shs84 billion to Shs139 billion. 

Furthermore, the income generated from the Fund’s real estate projects experienced a modest uptick, moving from Shs13.4 billion to Shs14 billion, accompanied by Shs16 billion in other income. 

The Managing Director of NSSF, Patrick Ayota, told the annual media roundtable on Wednesday that the investment environment in Uganda and the region had been generally challenging in the Financial Year 2022/23. 

He mentioned that, despite inflation being under control, the decrease in the value of the stock markets in Kenya and Uganda, the strengthening of the Uganda Shilling against the regional currencies, and the decrease in long-term bond interest rates had all contributed to a depressed market. 

He said: While our performance remains strong and the Fund is a profitable institution, and in some years, we will experience some volatility, our strategic focus is on the long-term sustainability of the Fund.”

Ayota explained that ten years ago, they committed to pay NSSF members a real return – at least 2 percentage points above the 10-year rate of inflation. “We have consistently delivered on the promise and will continue to do so. I am therefore extremely confident that the Fund will pay a competitive interest rate for the Financial Year 2022/23.” Ayota said.

He revealed that the Minister of Finance, Planning and Economic Development will declare a new rate at the forthcoming 11th Annual Members Meeting that will take place on September 26 2023.