NSSF to announce interest today

The Minister of Finance, Mr. Matia Kasaija is today expected to announce the interest for the National Social Security Fund (NSSF) on the members’ savings for the year 2023.

The announcement will be made during the Fund’s 11th Annual Members’ Hybrid meeting which will be held at the Kampala Serena Hotel.

“Join us on the 26th of September for the 11th Annual Members’ Meeting as we unpack the Fund’s vision 2035. Seize the opportunity, and connect with like-minded dreamers, as we delve into the Fund’s performance for the previous financial year and set the tone for the future,” a statement published on the Fund’s social media platforms reads.

Last year, the minister announced an interest rate on the members’ savings equivalent to Shs1.38 trillion, which was credited to members’ accounts after declaring a 9.6 percent interest.

NSSF is the biggest investor on the local securities exchange but is also a significant equity investor in Nairobi Securities.

Today’s announcement however comes on the heels of a dispute that rocked the fund involving the Minister for Gender, Labour, and Social Development Betty Amongi, and Richard Byarugaba the former managing director over alleged mismanagement of the fund.

Last week, the Managing Director, Mr. Patrick Ayota, while releasing the fund’s performance report for the year 2023, announced a revenue increase of 15% from Shs1.9 trillion to Shs2.2 trillion for the Financial Year 2022/2023.

Written by Moses Ndhaye