NSSF receives Sh42.6b dividend from Airtel Uganda
On NSSF’s investment in Airtel Uganda, Ayota said the Fund invested Shs199 billion to acquire slightly more than 4.21 billion Airtel shares during the company’s 2023 initial public offering (IPO).
Sahu (left) and Ayota holding the cheque during the handover ceremony.
KAMPALA - Airtel Uganda has handed over a Shs42.6 billion dividend cheque to the National Social Security Fund (NSSF), arising from the Fund’s shareholding in the telecommunications company.
The dividend relates to NSSF’s investment in Airtel Uganda for the financial year ended December 31, 2025.
The handover, held at Four Points by Sheraton in Kampala on Wednesday, highlighted the returns NSSF has earned from its investment in Airtel since the company was listed on the Uganda Securities Exchange (USE) in 2023.
Airtel Uganda managing director Soumendra Sahu said NSSF was an important shareholder in the company and that the dividend reflected returns from the Fund’s investment.
“The NSSF is a key shareholder in Airtel Uganda, and I am pleased to hand over a dividend cheque of Shs42.6 billion for the year ended December 31, 2025,” Sahu said.
He attributed the company’s performance to growth in its network, improved operational efficiency and continued efforts to serve its customers.
“We have grown our network footprint, improved operational efficiencies and continued to serve our customers better,” he said.
Sahu said Airtel would continue investing in Uganda and expanding connectivity as part of its long-term business strategy.
Patrick Ayota
NSSF Managing Director Patrick Ayota said the Fund’s diversification and strategic asset allocation have helped it generate returns for savers.
“Our diversification strategy and strategic asset allocation have enabled us to balance risk while pursuing sustainable returns for our members,” Ayota said.
NSSF recently declared an interest rate of 22.53% to members. Ayota said the Fund’s investment strategy seeks to balance risk while pursuing sustainable returns.
As of June 2026, fixed-income investments accounted for 76.8% of NSSF’s total assets, while equities accounted for 18.4% and real estate 4.8%, according to Ayota.
He said NSSF’s assets under management had increased by 26%, from Shs26 trillion to Shs32.8 trillion in the year to June 2026.
The growth, he added, had prompted the Fund to revise its long-term target, with NSSF now aiming to grow assets under management to Shs80 trillion by 2035, up from its previous target of Shs50 trillion by 2025.
Ayota also said NSSF’s voluntary savings business had continued to grow, noting that Smartlife Flexi had attracted more than 121,000 members in less than two years, with total savings exceeding Shs217 billion.
On NSSF’s investment in Airtel Uganda, Ayota said the Fund invested Shs199 billion to acquire slightly more than 4.21 billion Airtel shares during the company’s 2023 initial public offering (IPO).
The investment has since generated increasing dividend income for the Fund.
Ayota said NSSF earned Shs8 billion in dividends from Airtel in 2023, followed by Shs31.7 billion for the year ended December 2024.
For the year ended December 2025, the Fund received Shs42.6 billion in dividends.
“This brings the total gross dividend earned from Airtel Uganda over the last three years to Shs82.3 billion,” Ayota said.
The Shs42.6 billion dividend brings the total income NSSF has received from its Airtel investment since the company’s listing to Shs82.3 billion.
Ayota said dividend income across NSSF’s investments had also increased, rising by 55% from Shs238.14 billion to Shs369 billion during the period under review.
The Airtel investment is among the holdings contributing to the performance of NSSF’s equities portfolio and the Fund’s overall investment income.
The transaction also highlights the role of institutional investors and Uganda’s capital markets in mobilising domestic savings and investing them in listed companies
For NSSF members, income generated from such investments forms part of the Fund’s broader investment returns used to grow members’ retirement savings.