The National Social Security Fund [NSSF] says during the Financial Year 2017/2018, its Assets under Management (AUM) increased by 26% from UGX 7.92 Trillion in 2017 to UGX 9.98 Trillion in 2018.
This was revealed by NSSF Managing Director Richard Byarugaba while reviewing the 2017/2018 Performance Report at The Pearl of Africa Hotel Kampala on Tuesday.
“During the Financial Year, the Fund recorded 2 milestones; contribution from you, our members, topped UGX 1 Trillion, and total income hit UGX 1.6 Trillion,” Byarugaba said.
He added: “These indicators illustrate that your Fund is growing and we are creating value for you.”
Byarugaba said they have hired someone who will be in-charge of financial advisory to guide members on how best to use their benefits.
The Assistant Auditor General, Ms. Keto Nyapendi has given the fund’s finances a clean bill of health, and confirmed that savers’ money is safe with the fund.
The Chairman Board of Directors, Mr. Patrick B. Kaberenge shared his remarks at the 6th Annual Members’ Meeting.
“Over the last 3 years, we have overseen a profitable Fund and as a result, paid a competitive return to NSSF members; We have consistently paid 2 percentage points above the 10-year average rate of inflation,” he said.
The Minister of State, General Duties; Ministry of Finance, Planning and Economic Development, Hon. Ajedra Gabriel Aridru, presided over the 6th Annual Members’ Meeting.
In his remarks, he commended the Board and Management of the Fund upon a remarkable performance.
“Total Assets under management now stands at close to UGX10 trillion, which makes the Fund the biggest provident Fund in the East African region and the biggest financial institution in Uganda.”
“This pool of savings is available for investment within the country and for that, I want to thank the NSSF team for the critical role that they are playing in mobilizing domestic savings,” he added.
Hon. Ajedra declared the annual interest rate for the financial year 2017/18.
“I am pleased to declare that the Fund will pay an annual interest rate of; 15% for the financial year 2017/18.”
With an interest rate of 15%, a total of 1.1 Trillion shillings will be credited to members’ accounts.