Shareholders of the National Social Security Fund (NSSF) in Uganda have reason to celebrate as the S`fund announced a 10% interest payment for savers for the financial year 2022/23. This exciting development was disclosed during the 11th annual meeting for NSSF members held at the Kampala Serena Hotel.
Finance Minister Matia Kasaija praised NSSF for its outstanding performance across various key performance indicators. He highlighted the following key achievements:
Asset Growth: NSSF’s assets experienced significant growth, increasing from sh17.8 trillion in the financial year 2021/22 to sh18.56 trillion in 2022/23.
Increased Realized Income: The fund’s total realized income earned witnessed a remarkable 15% increase, rising from sh1.9 trillion in the financial year 2022 to sh2 trillion in the financial year 2022/23.
Kasaija emphasized that these achievements reflect the productivity of the investments approved for the fund managers during the year 2022/23.
Labour Minister Betty Amongi, who oversees NSSF, also praised the fund’s growth, particularly its expansion to sh18 trillion. She noted that the majority of NSSF members, who are low-income earners, make up a significant portion of savers, with 83% having savings below sh10 million. Additionally, there are those who earn an average monthly income of sh250,000. Savers with balances ranging from sh10 million to sh50 million constitute 12% of NSSF members, while those with savings between sh50 million and sh100 million make up only 3% of savers.
