Your money is safe – NSSF’s Patrick Ayota
The acting managing director for the National Social Security Fund (NSSF), Patrick Ayota has assured members of the public that their savings are safe.
The clarity comes amidst concerns from some Ugandans who have raised fears about the safety of their savings after it was alleged that the fund is being forced to use workers’ money to pay for government activities.
Speaking to KFM’s Patrick Kamara on Tuesday evening, Ayota revealed that 78% of the NSSF money was invested in government security bonds and that it is the safest mode of investment.
He further assured the public that they (NSSF management) will keep following the legal processes and systems in place to ensure safety of the fund.
“We have systems, processes, and procedures under which we operate. Now from an investment perspective, this is a breakdown of where we have placed your money; about 78% of the money we have collected from members, we have invested it in bonds. That is the safest investment you can make for the country,” Ayota said.
He further clarified on the fund’s external investments in other countries like Kenya.
“For example in Kenya, they have 30-year bonds that are even tax zero-rated. The returns are really good. We bought Safaricom, the premier company in East Africa, and the breweries because part of the investment is diversification. You don’t want to put all your eggs in bonds or your eggs in real estate,” he added.
Members of Parliament recently tasked officials from NSSF to explain if members’ savings are safe.
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