The National Social Security Fund (NSSF) has given its members reason to celebrate after declaring an unprecedented 13.5% interest rate for the Financial Year 2024/25. The announcement was made by the Minister of Finance, Planning, and Economic Development, Hon. Matia Kasaija, during the Fund’s 13th Annual Members’ Meeting in Kampala.
The new rate, the highest in recent years, reflects the Fund’s strong financial performance and its ongoing commitment to safeguarding and growing Ugandans’ savings.
A Historic Milestone
This year’s 13.5% interest rate is a significant jump from the 11.5% declared in the previous financial year, and well above the current inflation levels. It means members’ savings will not only be protected but will also grow substantially.
Over the last five years, NSSF has built a solid track record of competitive returns—ranging from 9.65% in FY 2021/22 to 12.5% in FY 2020/21. With this latest performance, the Fund will pay out UGX 2.79 trillion in interest to members, setting a new benchmark in Uganda’s social security sector and positioning NSSF among the most consistent pension funds in East Africa.
Financial Strength and Growth
Behind this impressive performance are strong numbers. NSSF’s Assets Under Management grew by 17.5%, rising from UGX 22.13 trillion to UGX 26.0 trillion. Member contributions also increased by 10.4%, from UGX 1.93 trillion to UGX 2.13 trillion, while total revenue climbed by 11% to UGX 3.52 trillion.
The Fund was also able to meet its growing member obligations, which now stand at UGX 25.6 trillion, while simultaneously paying out UGX 1.32 trillion in benefits, up from UGX 1.12 trillion last year.
“These results show that the Fund is not only financially sound but is delivering real value to our members,” said Dr. David Ogong, Chairman of the NSSF Board, as he applauded the team’s efforts.
A Vision for 2035
Looking ahead, NSSF is steering towards its Vision 2035, which seeks to grow the Fund to UGX 50 trillion, extend social security coverage to 50% of Uganda’s working population, and achieve a 95% customer satisfaction rate.
Managing Director Patrick Ayota emphasized that the Fund will continue to diversify investments, including in non-traditional areas, while strengthening governance and efficiency to ensure sustainability.
What It Means for Members
The news has been met with excitement from members, many of whom are eager to see the new interest credited to their accounts. For some, it means greater financial security as they prepare for retirement, while others are eyeing mid-term benefits or new voluntary savings options such as the Smartlife Flexi plan introduced in 2024.
Questions remain about whether the 13.5% will also apply to the Smartlife Flexi plan, but NSSF has assured members that clarifications will be made in the coming days.
Building a Secure Future
For millions of Ugandans, NSSF remains more than just a pension scheme—it is a pillar of financial security and hope for the future. The declaration of a record interest rate at this year’s Annual Members’ Meeting is a powerful reminder of what can be achieved through accountability, investment discipline, and a clear vision.
