NSSF announces 10% interest rate for members

The National Social Security Fund (NSSF) has announced the rate of 10% will be payable to savers for the financial year of 2023/2024.

This new rate will be calculated and credited to the balance outstanding on the members’ accounts. This development, announced by Finance minister Matia Kasaija on September 26, is an increase of 0.35% from the previous rate.

The event was held at Kampala Serena hotel and was attended by Gender minister Betty Amongi, Martin Nsubuga, the CEO of the Uganda Retirement Benefits Regulatory Authority, and NSSF board chair Peter Kimbowa.

Kasaija congratulated the NSSF board and management for achieving a remarkable performance on almost all key performance indicators.

“I am especially glad that the fund’s assets registered growth again from Shs 17.26 trillion in financial year 2021/2022 to Shs 18.56 trillion in financial year 2023/2024. Many naysayers did not imagine the possibility of growing this fund to Shs 20 trillion. That you will achieve that strategic objective a year ahead of schedule is laudable,” he said.

Kasaija added that this is a very commendable development given the turmoil in Europe that has been brought up by the Russian-Ukraine war, investor flight from most of the developing countries back to the United states, a reduction in the value in the of stock markets across East Africa and the increased scrutiny that the fund underwent in the third quarter of the just-concluded financial year.

Meanwhile, Kimbowa noted that NSSF is committed to broadening value creation beyond just numbers.

“We are soon launching our first sustainability report which is integral to our strategy and will involve working with communities,” he said.