National Social Security Fund | NSSF Earns UGX 50.3billion in Dividends from Airtel Uganda

NSSF Earns UGX 50.3billion in Dividends from Airtel Uganda

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Monday, July 28 2025 12:29 pm

By Christine Kasemiire  Follow on LinkedIn

Savings Digest - Issue 3

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The National Social Security Fund (NSSF) in June received a dividend cheque of UGX50.3 billion for its investment in Airtel Uganda, made during the telecom company’s Initial Public Offering (IPO).

In 2023, the NSSF invested UGX 199 billion to acquire slightly over 4.21 billion shares in Airtel Uganda at an effective price of UGX47.17 per share during the IPO. This investment represents a 10.5% stake in the telecom, making NSSF, Airtel Uganda’s second-largest shareholder.

Speaking at the dividend cheque handover event held in Kampala on June 20th, the NSSF Managing Director, Patrick Ayota, noted that Airtel Uganda has consistently delivered growth since its listing.

“For the year ended December 2024, the Fund earned UGX33.2 billion from its investment in Airtel Uganda, reaffirming it as one of our most profitable equity holdings. This brings the total gross dividend earned from Airtel Uganda in less than two years to UGX50.3 billion,” he said, adding that the telecom represents a strong long-term growth opportunity for the Fund.

NSSF Asset Allocation

NSSF invests across three asset classes: the fixed income portfolio which accounts for 79.5% of total assets; equity, invested in telecoms among others which accounts for 14.1%; and real estate which accounts for 6.4%.

Airtel Uganda Managing Director, Som Soumendra, said the dividend payment reflects the commitment of both Airtel Uganda and NSSF to building a stronger economy, empowering workers, supporting families, and contributing to Uganda’s growth.

“This is a proud moment for Airtel Uganda as we fulfil our promise to our shareholders. NSSF’s participation in the Airtel Uganda IPO demonstrates strong confidence in the resilience and potential of Uganda’s financial sector. At Airtel, we are proud to help drive this growth by expanding access to digital and financial services nationwide. As NSSF pursues its Vision 2035, growing assets to UGX 50 trillion, doubling coverage, and achieving 95% customer satisfaction, we stand ready to support this journey,” he said.