We are committed to our members’ and Uganda’s socio-economic development
Tuesday, July 28 2026 1:36 pm
By Patrick M. Ayota, Managing Director
On behalf of the Fund and on my own behalf, I would like to congratulate members of the Fund and all our stakeholders on the 40th anniversary.
Over this 40-year journey, the Fund has registered significant milestones, all of which would not have been possible without the trust of the savers who continuously save with the Fund, and the other stakeholders on whom the Fund relies for our business operations.
I also pay tribute to the Government of Uganda, which firstly, had a vision to set up a Fund for citizens, and secondly, has continuously undertaken reforms to make the Fund better and more responsive to the dynamic environment and needs of the savers.
The Fund’s story cannot be complete without casting a view back to September 1967, when the very first Social Security Bill was tabled in the Parliament of the Republic of Uganda. We therefore pay tribute to those visionaries who foresaw a need for a social security plan as the newly independent Uganda found her footing. I also pay tribute to all the subsequent managers and directors of the Fund, who in one way or another contributed to its success.
Over these 40 years, the Fund has stayed true to its mandate – to provide social security services to eligible Ugandans. It is a fiduciary duty we do not take lightly, knowing that for most workers, the savings in NSSF are the only financial cushion they possess, and the only chance they have against a destitute life in retirement.
Persuant to this mandate, the Fund has grown to a membership of over 3.4 million Ugandans and 113,200 employers. The members’ fund has grown to over Ugx 32 trillion. Relatedly, the Fund has paid out over Ugx 8 trillion in benefits. The Fund has never failed to pay benefits to a qualifying member, a record we are very proud of.
On one hand, this is the very reason for the Fund’s existence – to create value for our members. Indeed, a recent True Value Assessment report, researched and published by global audit firm KPMG, indicated that the Fund created the largest value, estimated at UGX 15.5 trillion in 2024, through its ability to provide financial security for members. The same report showed that 60% of NSSF members will have an increase in purchasing power due to NSSF pay-outs, and 40% of NSSF members will be solely reliant on NSSF pay-outs to meet their monthly expenses.
On the other hand, we are very cognisant of our role to contribute to the economic development of the country. To this end, over the years, the Fund has been an active participant in many facets of the economy, directly or indirectly.
For instance, looking at the last 10 years, the True Value Assessment Report showed that the total value created in Uganda amounts to an estimated Ushs 143 trillion.
Through the Uganda Securities Exchange, the Fund remains a dominant player in Uganda’s equity markets, sometimes up to 80% of the market volumes.
We recognise the tremendous efforts in the years before 2010, but the foundation for the transformation and turnaround of the Fund started around 2010, after a few challenging years, and later with “Vision 2025”, a 10-year Strategic Plan that was primarily focused on positioning the Fund as the social security provider of choice. By the 10th year, we had met and in some cases surpassed the key strategic objectives.
The “Vision 2025” marked a period of stability, which led to years of accelerated growth and milestones such as business-wide digitalization- process re-engineering that brought efficiencies, opened new technological capabilities such as “straight through processing”, created new partner collaboration opportunities, and business-wide automation.
It also brought about member self-service, financial accountability through the Office of the Auditor General, consistent competitive annual interest rates, and new product innovation.
Uganda has now become a benchmark for excellence across Africa, and a mainstay voice at the International Social Security Association (ISSA), with the East African ISSA Liaison Office housed in Kampala.
The future is certain. We are implementing a new 10-year strategic plan, dubbed Vision 2035, informed by the new legal regime, dynamic environment, and the expanded legal mandate.
Our new strategic plan focuses on expanding social security coverage of Uganda’s working population and the sustainability of the Fund over the next 10 years and beyond. The plan also envisions a Fund that plays a more active role in the lives of ordinary Ugandans, and remains a springboard for the mobilisation of long-term domestic savings.
At a macro level, the Fund envisions itself as a major contributor to Uganda’s economic development, having aligned our strategic plan with the country’s National Development Plan (NDP) IV, and Vision 40, the blueprint for Uganda’s socio-economic transformation.
Specifically, the Fund will be a key player in boosting production and value addition in key sectors like agriculture. Our flagship SPV - the National Marketing Company Holdings will sit at the intersection of government support and private sector expertise—stabilizing markets, building value addition, and strengthening value chains to raise farmer incomes and economic resilience. It will also act as a catalyst to bring agricultural sector players – from farmers to distributors- into the social security net.
On investing in strategic infrastructure, the Fund will mobilise financial resources to fund our own infrastructure needs, either through traditional government securities participation or through the public private partnerships. The Fund is also spearheading efforts at the regional level to establish an East African infrastructure Fund for cross border infrastructure projects.
In conclusion, commitment to our twin mandate – providing social security to Ugandans and driving Uganda’s socio-economic transformation is total. With the support of our members and stakeholders, we are confident of a more vibrant NSSF now and in the future.
