Finance minister to declare NSSF interest rate

Finance Minister, Matia Kasaija is set to declare the National Social Security Fund (NSSF) interest rate for the Financial Year 2023/2024.

The announcement is expected to be made on Thursday during the NSSF Annual Members’ Meeting that will be held at the Kampala Serena Hotel to among other things; review the Fund’s audited accounts and performance for the past financial year.

Updating the media about the Funds’ performance earlier, the Managing Director, Patrick Ayota said in March this year, it hit Shs20 trillion in Assets Under Management, one and a half years ahead of schedule,  according to the 10-year strategic plan.

“During the year, we recorded a milestone in asset growth, achieving our target of growing the Fund to UGX 20 trillion by 2025 more than a year in advance. Our assets under management as of the end of June 2024 stood at UGX 22.13 trillion, an increase of 19.2% compared to the previous year. We still hold our top position as the largest Fund by value in East Africa,” Ayota said.

In 2015, the Fund launched the 2015-2025 Strategic Plan with a key objective to grow the Funds Assets Under Management to Shs20 trillion by 2025.

Ayota added that the Funds contributions also increased from only Shs688 billion in 2015 to Shs1.8 billion in 2020 and hit Shs1.7 trillion by 2023.

Written by Moses Ndhaye