NSSF to announce interest rate today

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KAMPALA - The National Social Security Fund (NSSF) is set to unveil the interest rate for its members today (Thursday September 26, 2024) at its 12th annual general meeting in Kampala.

The highly anticipated announcement will reveal the rate at which savers will earn returns on their retirement savings.
 
Last year, NSSF declared a 10% interest rate, which translated to about sh1.591 trillion in total.

“Given the improved performance, I am confident that the fund will pay a competitive interest rate for the financial year 2023/24 as will be declared by the Minister of Finance,” NSSF managing director Patrick Ayota says.

NSSF reported a 15% increase in earnings to sh2.53 trillion for the financial year ended June 30, 2024, driven by growth in interest, dividend, and real estate income.

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

“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.