Kampala, Uganda | The National Social Security Fund (NSSF) has closed its Vision 2025 strategic plan with strong performance: Assets Under Management rose by 17.5% from Shs 22.13 trillion in 2023/24 to Shs 26 trillion, member contributions increased by 10.4%, and total revenue climbed 11% to Shs 3.52 trillion.
NSSF reports steady macroeconomic conditions, including 6.3% GDP growth, stable inflation at 3.8%, and a strengthened Ugandan shilling, which supported its investment gains across equities, fixed income, and real estate.
Operational efficiency improved: the cost-to-income ratio dropped from 9.7% to 7.9%, and administrative costs fell to 0.88% of total assets. The Fund disbursed Shs 1.32 trillion in benefits up 18% despite a slight decline in beneficiary numbers.
Innovations like the voluntary savings plan Smartlife Flexi collected over Shs 27 billion in just ten months and reflect NSSF’s strategy to meet evolving member needs. Customer satisfaction rose to 88% and staff engagement to 91%.
However, compliance remains a concern: the rate of employers fully registered and contributing dropped from 57% to 52%, though the Fund expanded its employer base.
Looking ahead, NSSF aims to double its assets to Shs 50 trillion, reach 50% coverage of Uganda’s workforce, and raise member engagement to 95%. A new interest rate will be announced at its Annual Members Meeting on September 22, 2025.