Kampala, Uganda: The National Social Security Fund (NSSF) has reported record-breaking financial results for the year ending June 30, 2025, with total revenue hitting UGX 3.52 trillion — an 11% increase from the previous UGX 3.2 trillion. Managing Director Patrick Michael Ayota attributed the strong performance to solid growth across multiple asset classes, noting that it lays a firm foundation for the Fund’s ambitious 10-year plan, Vision 2035.
The Fund’s Assets Under Management (AUM) rose by 17.5%, from UGX 22.13 trillion to UGX 26 trillion. NSSF’s portfolio is now comprised of 80.5% fixed income, 13.3% equities, and 6.2% real estate, ensuring diversification for long-term sustainability.
“Despite volatility in East African stock markets and currency fluctuations, we have remained financially stable while growing value for our members,” Ayota said.
Revenue Breakdown
- Interest income increased from UGX 2.34 trillion to UGX 2.88 trillion.
- Dividend income jumped to UGX 238.14 billion, buoyed by investments in MTN Uganda, Airtel, Equity Bank, and Safaricom.
- Real estate income rose from UGX 13.24 billion to UGX 16.64 billion.
- Other income nearly doubled from UGX 382 billion to UGX 651 billion.
Member Growth & Efficiency Gains
Member contributions reached a historic UGX 2.13 trillion, growing by 10.4%. The Fund’s operational efficiency also improved, with its cost-to-income ratio falling from 9.7% to 7.9%, and the cost of administration declining to 0.88% of total assets.
Customer satisfaction rose from 87% to 88%, while staff engagement increased to 91%. NSSF’s voluntary Smartlife Flexi savings product attracted UGX 27 billion within 10 months, and member benefits payouts grew from UGX 1.12 trillion to UGX 1.32 trillion.
Compliance Hurdles
NSSF admitted ongoing compliance challenges, with rates slipping from 57% to 52% following a 2022 amendment requiring all employers to remit contributions. Ayota said employer engagement and sensitization campaigns are underway to address the gap.
Vision 2035 Roadmap
The new strategy aims to grow the Fund’s AUM to UGX 50 trillion, expand social security coverage to 50% of Uganda’s workforce, and achieve 95% customer satisfaction.
“Our Vision 2035 is about creating sustainable value for members while reinforcing the Fund’s role in national economic stability,” Ayota emphasized.
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