Inside NSSF's ambitious target to grow fund to sh20 trillion

NSSF managing director Richard Byarugaba. Photo by Lawrence Mulondo

The National Social Security Fund (NSSF)'s asset base stands at sh8.4 trillion today.

The fund has a lofty target of growing this figure to sh20 trillion by 2025—that is more than double what it has today, in less than a decade.

So how does NSSF intend to achieve this target?

The fund has started by improving the skillset of its human resource. In partnership with Strathmore Business School, the fund has trained 62 staff members on new skills that will be used to consolidate the NSSF's market position, especially as liberalisation of the pensions sector looms large.

"As a fund, our mandate is to collect benefits and pay them out to our members when they qualify. We require people to have skills that are initially operational, tactical, and we also require skills that are strategic," NSSF boss Richard Byarugaba said at the graduation ceremony recently.

"This programme has provided us with strategic skills so that we are able to move the fund forward in a very difficult economic environment, considering that growth levels have gone down."

NSSF staff led by Byarugaba (seated 3rd R) pose for a group photo during their graduation ceremony from Strathmore Business School.

Byarugaba expounded on the areas that the fund is going to focus on to meet the 2025 target growth.

 "We need to create new customers, for example, by launching products like the voluntary collections and also making sure that our systems continue to improve on our processes, so that we bring the cost of doing business down. We also need to improve on the returns that we give to our members through both efficiency and creating new business lines for example on the equity markets."

He also pointed out the areas of Information Technology, data mining, business intelligence and analytics will need boosting at the fund. Byarugaba also reflected on the strides made by the organization since he took over the helms of the fund in August 2010.

Stephen Mukasa, the country director of Strathmore Business School advised the graduating NSSF class to courteous even when they are in leadership positions.

"If you want to change the world…please learn to say ‘please', ‘thank you', and ‘I am sorry'.