NSSF has for the first time in ten years been given a clean audit report by the Auditor General for the Financial Year 2010-2011, which provides for the unqualified opinion.
 "This is a great achievement and a huge milestone in the turnaround of the Fund. The Fund has been receiving a “Qualified” opinion since 2002, the Fund’s Managing Director Richard Byarugaba has said. He added that the Fund’s major objective is to create value for members’ funds. This will be achieved through investing profitably, and reducing costs.
The Financial Statements show improved financial performance compared to the previous Financial Year.
"The Fund assets grew by 25% from UGX.1.7 trillion in the Financial Year 2009/2010 to UGX.2.1 trillion in Financial Year 2010/2011", Byarugaba said.
He added that monthly collections have hit UGX. 40 billion and this is continuing to grow due to the relationship management business model that was introduced in the last Financial Year.
The Fund’s operational efficiencies also continue to improve. In July last year, NSSF launched the new service channels to enable NSSF members access their balances and statements conveniently. These include SMS, toll-free line and online service via the Fund’s website.
"We are committed to continuous improvement in performance and service delivery to the members" Byarugaba added.
NSSF Performance for Financial Year 20120/2011
· Fund assets grew by 25% from UGX.1.7 trillion in Financial Year 2009/2010 to UGX.2.1 trillion in Financial Year 2010/2011
· Revenue grew by 8% from UGX. 137 Bn in Financial Year 2009/2010 to UGX. 147 Bn in Financial Year 2010/2011
· Contributions grew by 32% from UGX.295Bn in Financial Year 2009/2010 to UGX.388Bn in Financial Year 2010/2011
· Benefits paid to members grew by 25% from UGX.64Bn in FY 2009/2010 to UGX.79Bn in Financial Year 2010/2011
· Amount of interest credited on Members Accounts grew by 6% from UGX,89Bn in Financial Year 2009/2010 to UGX.95Bn in Financial Year 2010/2011.
Click 2011 NSSF Financial Statements for detailed financial report. |
