NSSF Records UGX 26 Billion Net Profit, Marks 18% Growth in Financial Year

The National Social Security Fund (NSSF) reported a net profit of UGX 26 billion, an 18% increase from the previous year.

Kampala, Uganda – The National Social Security Fund (NSSF) has announced a net profit of UGX 26 billion for the financial year, reflecting an 18% improvement compared to the previous year. The entity’s total revenue reached UGX 3.5 trillion, up from UGX 3.2 trillion the previous year, which had yielded an 11% net profit.

The Fund also reported a significant increase in membership contributions, collecting UGX 200.1 billion this year compared to UGX 1.9 trillion last year, demonstrating strong performance and growing member engagement.

These figures were disclosed by the NSSF Board Chairperson, Patrick Ayota, during a media breakfast meeting at Serena Hotel, where the Fund’s annual performance report was unveiled.

Paul Kasaato, the Assistant Managing Director, described the results as commendable and attributed the success to strategic investments and improved operational efficiency.

The Board also highlighted the success of the Mid-Term Access scheme, through which over UGX 600 billion was paid out to qualifying members. Although the number of applicants has reduced recently, the Fund has disbursed UGX 1.3 trillion under the scheme to date.

Looking ahead, the NSSF has set an ambitious target of collecting UGX 51 trillion over the next ten years. Kasaato noted that the entity exceeded its previous decade’s target of UGX 6 billion, achieving UGX 20 trillion in collections.

Telecom companies were among the top contributors to the Fund, with MTN leading at UGX 61 billion, followed by Airtel at UGX 36 billion, Sarifari Com at UGX 15 billion, and Vodacom at UGX 0.5 billion.

However, the Fund also faced challenges, including a UGX 273 billion loss due to the depreciation of the Ugandan shilling against the US dollar. Stephen Mwanje, Chief Finance Officer, also reported a UGX 117 billion loss resulting from the government’s halt of the UMEME construction project.

Despite these setbacks, Barbra Akimi, Head of Marketing, expressed confidence in future collections, particularly after the Fund’s efforts to integrate the informal sector into its membership base.

The NSSF remains focused on growing its assets, improving member services, and ensuring sustainable returns amid evolving economic conditions.