NSSF posts 15% earnings jump as investment income rises

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The National Social Security Fund (NSSF) reported a 15% increase in earnings to sh2.53 trillion for the financial year ended June 30, 2024, driven by growth in interest, dividends, and real estate income.

Speaking to journalists in Kampala on September 17, NSSF managing director Patrick Ayota attributed the rise to an improving investment environment in Uganda and East Africa.

“Income from all three asset classes we invest in increased this last financial year compared to the previous one. Interest income increased from sh2 trillion to sh2.34 trillion, dividend income from our listed and unlisted equities increased from sh145.1b to sh175b and income from our real estate investments also increased from sh11.9b to sh13.3b,” Ayota said.

NSSF’s assets under management grew 19.2% to sh22.13 trillion, exceeding its 2025 target. Member contributions grew 12.2% to sh1.93 trillion.

Ayota said the cost of administration dropped to 1% from 1.02% whereas benefit payments declined to sh1.12 trillion from sh1.20 trillion.

Ayota noted that fewer members claimed benefits, citing increased trust in the fund’s ability to safeguard and grow their savings. The fund aims to grow total assets to sh50 trillion through its Vision 2035 strategy.