Special 40th Anniversary Edition
NSSF can be catalyst for a self-sustaining economy Foreword by H.E President Yoweri Kaguta Museveni
NSSF AT 40: A history of Social Security in Uganda BIG STORY: 40 key people that have shaped Social Security in Uganda July 2026. An NSSF Uganda publication.
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40th Anniversary Issue – July 2025
Contents 5. Foreword
24. NSSF at 40: Do not
NSSF can be catalyst for a self-sufficient economyH.E. Gen. (Rtd) Yoweri Kaguta Museveni
6. Word from the
Minister of Gender, Labour and Social Development
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Minister of Finance, Planning and Economic Development
29. Formal Retirement
59. My 35 years
Savings offer security many retirees wish they had
31. 40 forces that will
Compounding Trust: NSSF Uganda in an Age of Disruption
Chairperson
10. Word from the Managing Director
Key milestones
12. Word from the
Owere-Four Decades of Saving with NSSF working at NSSF
65. 40 NSSF members share their views about the Fund
73. 40 key personalities that have shaped Social Security in Uganda
78. The Fund’s journey to creating Voluntary Contributors
Our Impact in the 41. 40 Years of National 80. Community
International Social Security Association
African Social Security Association
57. Usher Wilson
37. A Decade of
8. Word from the Board
13. Word from the
despise the day of Small Beginnings
shape Social Security in Uganda
7. Word from the
Testimonials
Social Security Fund (1985–2025)
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43. Key Facts & Figures
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46. Creating Value:
15. A history of social security in Uganda
1986 – 2025 NSSF Financial Performance
Pictorial
55. NSSF @ a glance
20. Supervising
– Uganda’s economic growth engine
Ministers Since 1985
21. Board
Chairpersons Since 1985
22. Managing Directors Since 1985
23. NSSF Executive Committee
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Our Office National Social Security Fund Plot 1 Pilkington Road, Workers House, 14th Floor, Kampala
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Disclaimer: The information in this edition of the magazine is for general informational and educational purposes only. Where applicable, readers should consult a qualified financial or investment adviser before making any decisions, as investing involves risk and individual circumstances vary.
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40th Anniversary Issue – July 2025
Editorial
Executive Editor’s Note
T
he history of the National Social Security Fund (NSSF) dates back to 1 December 1985, when the NSSF Act, Cap 222, was assented to, repealing the Social Security Fund (SSF) Act of 1967. In this special anniversary publication, we highlight how the then-new legislation, Cap 222, transformed the SSF scheme from a department within the Ministry of Labour into a fully fledged autonomous body, NSSF, which currently manages over UGX 32 trillion in total assets and provides social security to over 3.4 million registered members. Our members remain at the centre of our journey. In this edition, we share inspiring stories of how NSSF savings have helped members build better lives and highlights of the innovative strategies that the Fund has pursued over the years to expand social security coverage in both formal and informal sectors.
Arimi Barbra Teddy Executive Editor
Suffice to say, that over the years our prudent investment strategy has been very critical in preserving members savings whilst contributing to Uganda’s Economic development. This is evidenced in a true value assessment report issued by KPMG in 2025, which indicated that NSSF’s total value created from its investments and operations over the period 2014 to 2024 is estimated at Ushs 143.3 trillion. Our 40-year journey is indeed a true reflection of the pivotal role social security plays in the social and economic transformation of nations, with Uganda as our context.
Editorial Team
Victor Karamagi Editor
Consulting Editor
Contributing Editor
Paul Busharizi
John Ssenkeezi Digital Editor
Design Editor
Julius Businge
Christine Kasemire
Arthur Tugume
Ian Namanya
Yazaarwa Eugene
Lead Writer
Carol Beyanga
Writer
Contributor
Design
Tito Winyi
Design
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40th Anniversary Issue – July 2025
Foreword
NSSF can be catalyst for a self-sufficient economy I
want to congratulate the National Social Security Fund (NSSF) – Uganda, upon reaching the remarkable milestone of 40 years of existence. As you commemorate your 40th Anniversary, I want to recognise the significant role of the past and current contributors, Board Members, Management and Staff, to the Fund’s success. I commend you all for guiding the Fund on a great journey of growth and transformation.
H.E. Gen. (Rtd) Yoweri Kaguta Museveni President of the Republic of Uganda
I am pleased to note that currently, the Fund boasts of an asset base of approximately UGX 32 trillion. This big achievement has made the Fund the biggest mobiliser of domestic savings. Therefore, given this big capacity, it is high time NSSF invested in key infrastructure projects, such as toll roads. This is a more profitable business venture compared to investing in government bonds. While the government will continue building public roads, NSSF can also construct its own toll roads, for the rich, who don’t have time to waste in the traffic jams. For instance, you can consider constructing the Kampala Jinja Expressway. It would be owned by NSSF. Such a strategic project would prove to be more profitable; boost national and regional trade. The African economies must develop mechanisms to fund their development needs, in order to be independent and self- sustaining. We must develop home – grown solutions to our domestic challenges. In conclusion, I once again congratulate the National Social Security Fund on its 40th Anniversary; and look forward to its continued contribution to the socio-economic transformation of Uganda. I thank you all.
The African economies must develop mechanisms to fund their development needs, in order to be independent and selfsustaining.
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40th Anniversary Issue – July 2026
Word from the Minister of Gender, Labour and Social Development
The right to social security should be a reality for all Ugandans
Lt Gen (Rtd) Henry Tumukunde Minister of Gender, Labour and Social Development
The great news is that the government has put in place measures to unshackle the Fund to cast the net wider.
O
n the 40th anniversary of the National Social Security Fund (NSSF), I wish to congratulate the Fund’s Board, Management, Staff, and all members of the Fund upon this milestone.
•
Social security reforms – through the Amendments NSSF Act that took place in 2022, removed key bottlenecks the Fund faced in expanding coverage and innovating new products
What began as an idea in the late 1960s and was concretized into the National Social Security Fund (NSSF) Act of 1985 has now become a multi-trillion-shilling, dynamic, and innovative institution that is a model social security fund in Africa.
•
Voluntary membership regulations – the NSSF Voluntary Membership Regulations issued in 2024 that led to the introduction of voluntary membership open to all Ugandans
The idea of a national social security system evolved from the early community safety to formalized individual plans guided by the International Labour Organisation Social Security (Minimum Standards) Convention, 1952 (No. 102). This convention is an international treaty with a systemic vision of social security that defines the internationally accepted scope of social security. Uganda is a signatory.
In addition to the above, the Fund must now take advantage of opportunities occasioned by a growing economy, young population, and new productive sectors like oil and gas, technology, and agricultural modernization.
Through this journey, the Fund has fulfilled its twin mandate – to provide social security services, while contributing to the economic development of the country.
Lastly, social security has been classified as a universal human right. The Universal Declaration of Human Rights, 1948: Articles 22 and 25, establishes social security as a fundamental human right essential for dignity and the free development of personality. The International Covenant on Economic, Social and Cultural Rights, 1966, article 9, recognises the “right of everyone to social security, including social insurance.
While the achievements of the last 40 years should be celebrated, it is prudent to remind ourselves that the total working population currently stands at about 15 million, while the Uganda Registration Services Bureau puts the number of registered enterprises at about 850,000. This means that a significant number of workers remain out of the formal social security net. The great news is that the government has put in place measures to unshackle the Fund to cast the net wider. These include the following: •
The National Social Protection Policy and Strategy - Social Security aspect that comprises both contributory and noncontributory arrangements of direct income support to the most vulnerable, as well as social insurance arrangements that mitigate risks
By its own Strategic Plan, these measures should enable the Fund to improve social security coverage to about 8 million Ugandans over the next 10 years.
The government, through my ministry, and working with other government partners, is committed to making this right a reality for all Ugandans in our lifetime. I invite every stakeholder to play their role in supporting the Fund and the government in fulfillment of this mandate.
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40th Anniversary Issue – July 2026
Word from the Minister of Finance, Planning and Economic Development
NSSF is a key government partner in economic development Having had the privilege of overseeing the Fund for over a decade in my capacity initially as the Minister of State for General Duties, and now Minister of Finance Planning and Economic Development, I can unequivocally attest that, despite facing numerous challenges, the Fund has consistently exemplified the highest standards of governance. It has become a model public institution, characterized by its unwavering commitment to transparency, accountability, financial discipline, and innovative practices that prioritize value creation for the benefit of the saver. In this regard, I would like to take this opportunity to commend the Fund for its exceptional performance in three critical areas that are central to Uganda’s economic progress, both in the immediate and long-term future.
Hon Henry Musasizi
Minister of Finance, Planning and Economic Development
I
congratulate the members, Board, Management, Staff, and all other stakeholders of the National Social Security Fund (NSSF) on the 40th anniversary. I also congratulate the NSSF members, past and present, who diligently save with the NSSF every month. Without them, the Fund would not exist. This 40th anniversary marks a significant milestone, one that is worthy of celebration, as we reflect on the remarkable progress achieved over the past four decades. The NSSF has experienced substantial growth, both in terms of financial performance and membership enrollment, and these achievements serve as a testament to its ongoing contributions to the nation’s development.
First, the Fund’s role in mobilising longterm local capital deserves particular recognition. As the leading institution in Uganda for mobilising domestic, long-term savings, the NSSF plays an indispensable role not only as the primary provider of social security but also as a key player in the design and implementation of innovative financial products and systems aimed at encouraging savings and enhancing accessibility for all Ugandans. This strategic initiative has enabled Uganda to amass a considerable pool of local funds, which has been instrumental in supporting government projects. Presently, the NSSF holds approximately 23% of Uganda’s domestic debt, and this role is expected to become even more significant as the country endeavors to reduce its dependency on external development financing for national budget support. Second, I would like to highlight the Fund’s pivotal role in fostering a national culture of saving. Economic transformation cannot be achieved without a robust savings rate. It is widely recognized that nations, particularly those in East Asia, were able to drive their own development agendas after their
domestic savings rate exceeded 25% to 30% of GDP. Currently, Uganda’s long-term domestic savings-to-GDP ratio stands at approximately 11%. The NSSF will be a critical driver in efforts to raise this ratio to at least 30% over the next decade, a milestone that will significantly contribute to Uganda’s ascent to the ranks of developed nations. Third, the NSSF has established itself as one of the most prominent domestic investors in Uganda over the past 40 years, with total investments now exceeding UGX 20 trillion. This has been achieved through a combination of strategic investments in the Uganda Securities Exchange and direct involvement in various developmental projects initiated by the Fund. It is imperative that Ugandans and Ugandan enterprises, including the NSSF, continue to prioritize investment in our own economy. This will not only help stimulate economic growth but will also create the much-needed employment opportunities for our citizens. I strongly encourage the Fund to continue to lead in this area, embracing its role as a driver of national economic development. Finally, while a celebration of 40 years of existence is undoubtedly an occasion for reflection, it should also serve as an opportunity for the Fund to assess and learn from the challenges it has encountered along the way. History is a valuable teacher, and the lessons gleaned from past experiences will prove vital in ensuring that the Fund does not rest on its laurels but continues to evolve, innovate, and expand its impact in the social security sector. In conclusion, I would like to reiterate my appreciation for the accomplishments of the NSSF over the past four decades, and I look forward to seeing the Fund continue to lead with distinction as it contributes to the realization of Uganda’s economic and social development objectives.
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40th Anniversary Issue – July 2026
Word from the Board Chairperson
NSSF’s corporate governance framework is stronger today
Dr David Ogong
Chairman, Board of Directors
F
our decades ago, a visionary blueprint was laid for a financial institution that would quietly but profoundly alter the trajectory of working lives. What began as a simple, forward-thinking provident fund setup - rooted in the foundational belief that systematic saving is the bedrock of societal welfare - has weathered economic storms and market fluctuations to stand as a monumental success story. The original framework, combined with effective policy oversight, good governance and prudent fund management over time, has led to the success we see today. By enforcing disciplined, regular contributions and shielding the assets under management from the volatility of uncalculated risks, the Fund has ensured that members’ hard-earned money is not just kept safe, but harnessed for longterm growth. This insightful strategy, coupled with stringent governance and a commitment to transparency, created a
compounding machine that transformed modest contributions into substantial life-changing pay-outs over the years.
has been built, the lives that have been transformed, and the enduring value of planting seeds for the future.
Today, four decades later, the fruits of those early decisions are undeniable. The Fund has grown into a cornerstone of financial security, empowering generations of retirees to exit the workforce with confidence, dignity, and the means to sustain their chosen lifestyles. It has proven that while immediate financial needs are always pressing, a well-governed, long-term savings and investment strategy can outlast the transient challenges of any single decade.
On behalf of the Board of Directors of the National Social Security Fund (NSSF), I extend my sincere appreciation to the Government of Uganda, the policy overseers – the Ministry of Gender, Labour and Social Development, and the Ministry of Finance, Planning & Economic Development, the Board of Directors and Management of the Fund, its members, and all our esteemed stakeholders as we commemorate 40 years of exceptional service and contribution to Uganda’s development.
This journey of four decades is a testament to the power of unwavering principles, robust institutional design, and the magic of compound interest. As we celebrate this milestone, it is a perfect time to reflect on the legacy that
I acknowledge and express our profound gratitude to the previous Boards of Directors and Board Chairpersons who have steered the Fund through the years.
The Fund will be an active partner in the daily lives of Ugandans, providing relevant savings and financial products, and expanding coverage to include at least 15 million Ugandans within the formal social security system over the next decade.
Their visionary leadership and tireless dedication laid the solid foundation upon which the current Board continues to build. We stand on the shoulders of these luminaries, whose foresight and commitment have shaped the Fund into the institution it is today. Despite the challenges faced over the years, the Fund has largely been governed within a robust and resilient framework, ensuring its stability and sustainability. The governance framework has been continuously strengthened, with the latest being the reforms introduced in 2022, which ushered in a more inclusive “stakeholder board” model. These reforms have ensured balanced representation from the government, workers, employers, and the Fund’s management, thereby enhancing the decision-making process and broadening the perspectives guiding the Fund’s operations. Good corporate governance and effective oversight are essential components of any successful institution, particularly for a public entity like the NSSF. For the Fund, oversight is not solely about ensuring compliance with regulations; it is about embedding transparency, accountability, and ethical decisionmaking into the very fabric of the Fund’s Story continues on next page
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40th Anniversary Issue – July 2026
Word from the Board Chairperson day-to-day operations. This approach is not only in the best interest of the Fund but also serves to safeguard the longterm benefits of NSSF members and the country at large. As we celebrate 40 years of progress, the current Board remains focused on the future, ensuring that the Fund remains steadfast in meeting the expectations of our members and fulfilling the broader objectives of national economic development. We believe that the NSSF must continue to evolve—remaining both solid in its foundations and agile enough to adapt to changing business environments and the evolving needs of its members. Furthermore, we are acutely aware of the transformative potential that technological advancements hold for the Fund. The NSSF must leverage these innovations to enhance service delivery and position itself as the social security provider of choice for all Ugandans.
We also recognise that the NSSF’s role in the country’s economic development is crucial and must be further strengthened. With our substantial capacity to mobilize long-term capital, the Fund is uniquely positioned to play a leading role in Uganda’s socio-economic transformation. The Board is confident that the Fund is well-positioned to contribute not only to the welfare of its members but also to the broader economic progress of the nation. Through the Fund’s strategic “Vision 2035,” which aligns with the country’s National Development Plans and the “Vision 40,” the NSSF has set an ambitious plan to build a resilient, inclusive and nationally impactful institutionthrough active participation in the national development agenda. The Fund will be an active partner in the daily lives of Ugandans, providing relevant savings and financial products, and expanding coverage to include at least 15 million Ugandans within the formal social security system over the next decade.
More critically, the NSSF will be a strategic partner to the Government in its efforts to achieve socio-economic transformation. The Fund will contribute long-term capital for investments in key sectors such as agricultural value addition, oil and gas, and infrastructure development. These sectors are vital for driving the nation’s growth and creating lasting employment opportunities. In conclusion, as we celebrate the Fund’s remarkable 40-year journey, we do so with an eye firmly on the future. The NSSF remains fully committed to fulfilling its mission, contributing to the national development agenda, and enhancing the welfare of all Ugandans. May the lessons learned from the past continue to guide our path forward for generations to come.
40 Years of NSSF: Building a Better Future for Ugandans The Board, Management, and Staff of Uganda Clays Limited congratulate the National Social Security Fund (NSSF) on 40 years of dedicated service to the workers and families of Uganda. Since 1985, NSSF has remained a trusted custodian of members’ savings and a key partner in securing dignified futures for millions of Ugandans. Over the years, NSSF has invested members’ savings into transformative projects that have helped shape Uganda’s growth — from housing developments to critical infrastructure. The Lubowa Housing Estate (Solana Lifestyle and Residences) stands as a strong example of this vision in action, and Uganda Clays Limited is proud to have contributed to its delivery. Regionally, NSSF continues to be recognized as a leading social security institution, setting high standards in governance, scale, and member-focused service. As a long-standing Ugandan company, Uganda Clays Limited values its partnership with NSSF and shares its commitment to building for future generations. We celebrate this milestone and look forward to continued collaboration in shaping Uganda’s future. Uganda Clays Limited May 2026
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40th Anniversary Issue – July 2026
Word from the Managing Director
We are committed to our members’ and Uganda’s socio-economic development
Patrick M. Ayota Managing Director
O
n behalf of the Fund and on my own behalf, I would like to congratulate members of the Fund and all our stakeholders on the 40th anniversary. Over this 40-year journey, the Fund has registered significant milestones, all of which would not have been possible without the trust of the savers who continuously save with the Fund, and the other stakeholders on whom the Fund relies for our business operations. I also pay tribute to the Government of Uganda, which firstly, had a vision to set up a Fund for citizens, and secondly, has continuously undertaken reforms to make the Fund better and more responsive to the dynamic environment and needs of the savers. The Fund’s story cannot be complete without casting a view back to September 1967, when the very first Social Security Bill was tabled in the Parliament of the Republic of Uganda. We therefore pay
tribute to those visionaries who foresaw a need for a social security plan as the newly independent Uganda found her footing. I also pay tribute to all the subsequent managers and directors of the Fund, who in one way or another contributed to its success.
provide financial security for members. The same report showed that 60% of NSSF members will have an increase in purchasing power due to NSSF payouts, and 40% of NSSF members will be solely reliant on NSSF pay-outs to meet their monthly expenses.
Over these 40 years, the Fund has stayed true to its mandate – to provide social security services to eligible Ugandans. It is a fiduciary duty we do not take lightly, knowing that for most workers, the savings in NSSF are the only financial cushion they possess, and the only chance they have against a destitute life in retirement.
On the other hand, we are very cognisant of our role to contribute to the economic development of the country. To this end, over the years, the Fund has been an active participant in many facets of the economy, directly or indirectly.
The members’ fund has grown to over Ugx 32 trillion. Relatedly, the Fund has paid out over Ugx 8 trillion in benefits. Persuant to this mandate, the Fund has grown to a membership of over 3.4 million Ugandans and 113,200 employers. The members’ fund has grown to over Ugx 32 trillion. Relatedly, the Fund has paid out over Ugx 8 trillion in benefits. The Fund has never failed to pay benefits to a qualifying member, a record we are very proud of. On one hand, this is the very reason for the Fund’s existence – to create value for our members. Indeed, a recent True Value Assessment report, researched and published by global audit firm KPMG, indicated that the Fund created the largest value, estimated at UGX 15.5 trillion in 2024, through its ability to
For instance, looking at the last 10 years, the True Value Assessment Report showed that the total value created in Uganda amounts to an estimated Ushs 143 trillion. Through the Uganda Securities Exchange, the Fund remains a dominant player in Uganda’s equity markets, sometimes up to 80% of the market volumes. We recognise the tremendous efforts in the years before 2010, but the foundation for the transformation and turnaround of the Fund started around 2010, after a few challenging years, and later with “Vision 2025”, a 10-year Strategic Plan that was primarily focused on positioning the Fund as the social security provider of choice. By the 10th year, we had met and in some cases surpassed the key strategic objectives. The “Vision 2025” marked a period of stability, which led to years of accelerated growth and milestones such as business-wide digitalization- process re-engineering that brought efficiencies, opened new technological capabilities such as “straight through processing”, created new partner collaboration opportunities, and business-wide automation. It also brought about member selfservice, financial accountability through the Office of the Auditor General, consistent competitive annual interest rates, and new product innovation. Uganda has now become a benchmark for Story continues on next page
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40th Anniversary Issue – July 2026
Word from the Managing Director ISSA Liaison Office housed in Kampala.
Uganda has now become a benchmark for excellence across Africa, and a mainstay voice at the International Social Security Association (ISSA), with the East African ISSA Liaison Office housed in Kampala.
The future is certain. We are implementing a new 10-year strategic plan, dubbed Vision 2035, informed by the new legal regime, dynamic environment, and the expanded legal mandate. Our new strategic plan focuses on expanding social security coverage of Uganda’s working population and the sustainability of the Fund over the next 10 years and beyond. The plan also envisions a Fund that plays a more active role in the lives of ordinary Ugandans, and remains a springboard for the mobilisation of long-term domestic savings. At a macro level, the Fund envisions itself as a major contributor to Uganda’s economic development, having aligned our strategic plan with the country’s National Development Plan (NDP) IV, and Vision 40, the blueprint for Uganda’s socio-economic transformation.
Specifically, the Fund will be a key player in boosting production and value addition in key sectors like agriculture. excellence across Africa, and a mainstay Our flagship SPV - the National voice at the International Social Security Marketing Company Holdings will sit at Association (ISSA), with the East African the intersection of government support
and private sector expertise—stabilizing markets, building value addition, and strengthening value chains to raise farmer incomes and economic resilience. It will also act as a catalyst to bring agricultural sector players – from farmers to distributors- into the social security net. On investing in strategic infrastructure, the Fund will mobilise financial resources to fund our own infrastructure needs, either through traditional government securities participation or through the public private partnerships. The Fund is also spearheading efforts at the regional level to establish an East African infrastructure Fund for cross border infrastructure projects. In conclusion, commitment to our twin mandate – providing social security to Ugandans and driving Uganda’s socio-economic transformation is total. With the support of our members and stakeholders, we are confident of a more vibrant NSSF now and in the future.
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40th Anniversary Issue – July 2026
Word from the International Social Security Association
NSSF Uganda, a shining example in Africa The ISSA is grateful for the commitment of the NSSF to regional and international collaboration that plays an important role towards achieving progress together.
Marcelo Abi-Ramia Caetano ISSA Secretary General
T
he International Social Security Association (ISSA) and its membership of 341 social security institutions and government departments from 165 countries is honoured to congratulate the National Social Security Fund (NSSF) of Uganda as it commemorates 40 years of dedicated service to the people of Uganda. This milestone reflects not only the institutional strength and leadership of the NSSF, but also the essential and evolving role that social security plays in protecting workers, supporting economic progress, and shaping inclusive development. Social security systems are indeed a fundamental investment in people, societies and economies. This is why global efforts to strengthen social security systems in a world in transition are of key importance. As the global organization for social security, the ISSA warmly congratulates NSSF Uganda on its achievements and
is pleased to contribute to this special publication that celebrates four decades of progress. During this period, the NSSF has played a crucial role in shaping social security. Its efforts to strengthen compliance, enhance transparency, modernize service delivery, and expand coverage reflect a commendable commitment to excellence. The Fund’s digital transformation initiatives and growing investment portfolio demonstrate how national social security institutions can contribute meaningfully to both domestic development objectives and global social security ambitions. These efforts and innovations reflect important responses to key challenges faced not only by the NSSF but by social security systems and institutions throughout the world. This includes the objectives to extend coverage to as many workers as possible, to strengthen governance and institutional capacities to respond to evolving demands, and to enhance social and economic impact.
The NSSF’s commitment to excellence is also reflected in the international recognition that it has received, including in ISSA activities. Over the last years, several practices of the NSSF have been recognized as part of the ISSA Good Practice Award competitions, including those that were awarded with Certificates of Merit with Special Mention. At the first International Social Security Video Festival in 2025, the NSSF won the global award in the category of short video; it was also a nominee in the youth category, being the only institution worldwide nominated in two categories. The ISSA is grateful for the commitment of the NSSF to regional and international collaboration that plays an important role towards achieving progress together. Having been an ISSA member for the entire period of its existence, the NSSF has been one of the most active member institutions in our governance, technical and regional activities. This engagement has been strengthened as the Fund has hosted the ISSA Liaison Office for East Africa since 2023, and provided commendable leadership to regional cooperation. The ISSA now looks forward to the next Regional Social Security Forum for Africa which is the most important social security event in the continent, and which will be held in Kampala. The Forum will not only take stock of recent developments but will also be an important window to the future of social security in Africa. Important priorities including extension of coverage, strengthening governance and management, ensuring financial sustainability and adaptation of social security systems in evolving labour markets will be on the agenda. The ISSA is proud to count the NSSF among its members and looks forward to the continued close collaboration in the promotion of social security.
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40th Anniversary Issue – July 2026
Word from the African Social Security Association
Social security in Africa: regional integration, collective resilience, and the road ahead “We commend NSSF Uganda for its visionary leadership and commitment to strengthening social protection systems through significant institutional reforms, enhanced governance frameworks, and improved service delivery.”
Meshach B. Bandawe ASSA Secretary General
T
he African Social Security Association (ASSA), formerly known as the East and Central Africa Social Security Association (ECASSA), is a regional membership-based umbrella body which was established in March 2007 in Kigali, Rwanda with the mandate to foster cooperation and promote development of social security in East and Central Africa. The Association was registered under the registrar of Societies under Section 10 of the Societies Act of 1968 of the Government of Kenya on 18th September, 2007 and in 2016 it was officially headquartered in Arusha, Tanzania, which is the seat of the East African Community (EAC). ASSA was officially registered in the United Republic of Tanzania on 18th July, 2023 with Registration Number 23656 under Societies Act (CAP. 337
RE.2022) as a replacement of ECASSA with a broader scope to its vision and mission towards implementing its mandate virtually to the entire content of Africa. The historic decision to transform ECASSA into ASSA was unanimously made during the 27th ECASSA Governing Council held on 26th April, 2023 in Livingstone, Zambia.
Applause for NSSF The Governing Council of the African Social Security Association (ASSA) extends its warmest congratulations to the Board, Management, and Staff of the National Social Security Fund (NSSF) Uganda, as well as to the Government of the Republic of Uganda, for the remarkable transformation and progressive reforms undertaken within the Fund. We commend NSSF Uganda for its visionary leadership and commitment
to strengthening social protection systems through significant institutional reforms, enhanced governance frameworks, and improved service delivery. The extension of social security coverage and the deliberate inclusion of workers in the informal sector represent a major milestone in advancing financial security and social protection for all citizens. These transformative efforts reflect a strong national commitment to inclusive growth, economic resilience, and the realisation of universal social protection. By broadening access and deepening participation, NSSF Uganda continues to set a commendable example for the region and the continent at large. ASSA recognises and applauds the Government of Uganda for providing the policy direction and enabling environment necessary to achieve these milestones. The collaborative leadership demonstrated by the Board and Management of NSSF Uganda stands as a model of excellence in social security administration. Social security, recognised as a universal human right under the UDHR and ILO conventions, began as formal-sector, contributory insurance in European Bismarckian and Beveridgean models. Globally, it has shifted toward rights-based, non-contributory systems, such as the ILO’s Social Protection Floors, providing basic income and health coverage for all. As these norms spread globally, they were adapted to differing economic, demographic, and political contexts. In Africa, this has resulted in hybrid social protection systems that combine contributory and non-contributory mechanisms to address informality, fiscal constraints, and development priorities, while aligning with global social security agendas, including the Sustainable Development Goals, ILO social protection standards, and the Social Protection Floors framework.
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40th Anniversary Issue – July 2026
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40th Anniversary Issue – July 2026
History of Social Security in Uganda
A history of Social Security in Uganda By Faustin Mugabe
S
ocial security in Uganda evolved from being an informal communal arrangement to a formal scheme covering only European workers in colonial times, and later to one covering all workers in the public and private sectors. The story of Uganda’s social security can be categorised into four eras: the pre-colonial period, the colonial days, post-Independence, and the reformed social security since 1985.
Pre-colonial period In pre-colonial times, social security was communally arranged through the extended family network, the clan system, and the communities. It was through this network that orphans, widows, the terminally ill, and old people were looked after. Therefore, in case a member of the community lost the ability to sustain their livelihood due to old age or some misfortune, they were cushioned by the social system that ensured that no one was abandoned to their own fate.
The Colonial times - 1894-1962 When Uganda was declared a protectorate after the Berlin Conference of 1884, Europeans began to come to Uganda. Once they set foot in Uganda and began working for Her Majesty’s government, they constituted themselves into the civil service of the colonial government. Social security and social protection were conceived, and laws were made in consonance with the interests and objectives of colonisation and the colonial policy. The first initial social security in Uganda set up by the colonialists was to benefit only themselves and not the African workers. It seemed as though the Africans, who were mostly doing manual work, would look after their social security through their communal network.
The Workers House, NSSF Uganda’s Head Office during construction in the late 1990s.
Be that as it may, the coming of the colonial work system created a new lifestyle and work culture that could not be adequately covered by the social security systems that existed in pre¬colonial times. The British, therefore, eventually found it necessary to establish a formal social security system. The first recorded pension scheme in Uganda was in 1927, according to the International Policy Centre for Inclusive Growth. Prior to this, employees had been covered under different legislation. For example from 1927, there was a scheme mainly intended for Europeans and Asians. In 1929, legislation was passed to cover a few specific Africans employed by the protectorate office. The government, however, passed the Government Employees Provident Fund Ordinance NO 1 /1941 which only catered for protectorate employees without considering African employees. The African Local Governments Ordinance No.38/1950 made it possible for the employees of the local government who desired to contribute to the Fund but it was for the non-pensionable government employees. According to the World Bank Economic Outlook of June 2014,
the public pension scheme was first established in Uganda on January, 1 1946. This was after the enactment of the Pension Act which changed the name of the Pension Department to the Department of Compensation. However, in 1948 the protectorate government created a Social Security Department in the Ministry of Labour, which was the precursor to the present day National Social Security Fund. Before this, in Governor J. Hathorn Hall’s report entitled An ordinance to provide for the grant and regulating of pensions, gratuities and other allowances in respect of the public service officers under the government of Uganda of 1951, there was no pension scheme in the country covering the citizens. The ordinance also stated that “otherpublic service” means public service not under the government as of December 31, 1945, although prior to January 1, 1946, eligible workers only benefited under the European Officers’ Pensions Ordinance and the Asiatic Officers’ Pensions Ordinance. This pension ordinance was, therefore, amended under the 1951 pensions ordinance and subsequently passed into law by the Legislative Council (LEGCO) on September 16, 1954 Story continues on next page
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History of Social Security in Uganda after the Lidbury salaries revision. The above can, therefore, be stated as the earliest attempt to have a “social security scheme” in Uganda.
Post – Independence 1962 – 1985 The new leaders of the newly independent Uganda continued with the social security systems they inherited from the protectorate government. The early years of independence saw the country’s industrial and formal employment levels increase. The new government was concerned about the plight of its working citizenry once they reached old age. The government realised that most of those who had been in the civil service earlier on and retired were living in urban and semiurban areas such as Entebbe, Jinja, Kampala, Tororo and Bombo and that they seemed to be totally dependent on relatives for survival. As early as 1963, the Government of Uganda approached the British government to help it establish a Social Security Fund on the British model. In September of the same year, Mr E. Turner, an expert from the then British Ministry of Pensions and National
The old NSSF Uganda Office at Lumumba Avenue in Kampala.
Insurance, was recommended to the Ugandan government to conduct a study on the desirability and feasibility of introducing a national social security scheme in the country.
•
That the scheme should include all workers between the age of 16 and 60, except certain categories, irrespective of sex and nationality;
In February 1964, Turner’s report was published and he recommended the following, among others:
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That contributions should amount to 10% of a worker’s total cash amount shared equally between the worker and employer, with no direct contribution from the state;
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That the scheme best suited to Uganda’s needs was a National Provident Scheme;
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S&L Advocates congratulates NSSF on 40 years of safeguarding futures and driving national progress. Your legacy of trust and impact inspires us all. Plot 14 MacKinnon Road, Nakasero, PO Box 2255, Kampala, Uganda T: +256 392 250 013 | | +256 392 202 030 | | +256 414 232 064 | | +256 414 233 063
S&L Advocates is a member of DLA Piper Africa, a Swiss Verein whose members are comprised of independent law firms in Africa working with DLA Piper.
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40th Anniversary Issue – July 2026
History of Social Security in Uganda •
That no contribution should be paid on the part of the worker’s income which exceeds sh 800 per month.
Legislation and formation of the Social Security Fund From the reports of Turner and John Vass, the Parliament of Uganda drafted what became the Social Security Act of 1967, which created the Fund. The draft was followed by several private studies and debates about pensions and gratuities existing in the country. On September 6, 1967, the Attorney General and Minister of Labour, Lameck Lubowa, tabled the Social Security Bill in Parliament. Between January 3 and January 5, 1967, the draft of the Social Security Bill was in the pipeline. Letters were moving back and forth between the Labour Ministry, Finance and Planning Ministry, Public Service, Attorney/ Solicitor General, the first parliamentary counsel and the Labour Commission. On January 5, 1967, E.J. B. M pyisi, the Permanent Secretary of the Labour Commission, wrote to the parliamentary counsel requesting that the draft “be furnished in time for us to submit to cabinet for approval before it is published as a Bill for presentation.” Exemptions were also being discussed for instance, the police and prisons staff and the contributions per employee per month. On September 26, 1967, the Bill was passed with a few amendments by Parliament and on October 21, 1967 it received a presidential assent, becoming law. But it did not come into force until December 15, 1967, when it was first published by the government in the gazette. However, the Social Security Fund was inaugurated on January 1, 1968, when registration of contributing employees and members started. The Social Security Fund (SSF) was established under section 17 of the Public Finance Act of 1967 which put in place a compulsory savings scheme to cover private sector employees and non-pensionable public sector workers. At the time, the government was envisaging a situation where benefits were to be paid out to contributing members in view of expected contingencies such as old
age, unemployment, incapacitation, immigration, and death. At its establishment in 1967, the SSF’s management was overseen by a 15-member membership called the SSF Advisory Council, whose members were appointed by the Minister of Labour. They were: • Five members representing the government; • Five members representing employers, one of whom was representing local authorities as employers; and • Five members representing employees. Registration of private employers and members commenced on May 1, 1968. By September 1, 1968, employers of between 61 and 600 employees were registered as members of the Social Security Fund. On January 1, 1969, private employers of between 1 and 60 employees in schools, colleges, and other educational establishments were registered. The last batch of workers to be registered was the workers of the local authorities, whose registration started on May 1, 1969. By the end of the 1968/69 financial year, a total of 2,187 employers and 196,274 employees had been registered. However, it was believed that the number of registered employers and members would later increase to about 4,000 and 250,000, respectively. At the time, SSF’s staff comprised only 72 people. From 1980 to December 1983, the Fund had a total of 725,896 contributing members countrywide. With a standard amount of USh 80 per month, the Fund was supposed to have a collection of up to USh 58, 071,680 per month in membership contributions. Unfortunately, due to understaffing and other logistical challenges, the Fund was only able to collect on average USh 5 million every month according to the 1985 Auditor General’s annual report to Parliament.
Gaining international recognition Having got legal backing for its existence, the now fully and legally backed SSF set out to start working and within two years it was attending
international gatherings of social security institutions. In 1969 the deputy director of SSF, Mr S.I. Kigenyi, represented Uganda at the Third Regional African Conference of the International Social Security Association (ISSA) in Ivory Coast. It was during this meeting in Abidjan that Uganda was admitted to the international association. The Fund first became an associate member of ISSA in September 1972, and in the same month of the following year, the Fund became an affiliate member.
Challenging times of Social Security Fund As the Social Security Fund was finding its footing following its establishment in 1967, the country experienced an economic collapse that destabilised the Fund. This was during President ldi Amin Dada’s regime where the country was ruled by decrees. In spite of being one of the pillars of the economy catering for workers in their old age, the Social Security Fund was abandoned. Over USh 100 million of member contributions was in arrears and never paid! USh 50 million of this money was supposed to be paid to the Fund by government ministries, including the Labour Ministry. During the eight years of Amin’s rule, his government issued several decrees, among them the Social Security Amendment Decree no. 33 issued on March 28, 1972. The decree amended the Social Security Act to allow for the early withdrawal of benefits in certain cases. The cabinet stated that the age benefit to be applied in respect of withdrawal of contributions should be 45 years if the contributor has been unemployed for the previous one year or if he/she has retired from regular employment. The second withdrawal option was 50 years even if the contributor continues in employment. Under the provisions of the Social Security Act 1967, age benefit was payable to a member who had reached the age of 65. At the age of 60, if he/she had retired from regular employment, this benefit would also be paid. Thus the Social Security Amendment Decree No. 33 of 1972 reduced the age to 45 and 50. Story continues on next page
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History of Social Security in Uganda With the fall of Amin’s regime in 1979, there was hope of rebuilding Uganda’s economy. It was after the UPC government took over power in December 1980 that efforts were made to revamp the Fund. On May 1, 1981 during the Labour Day celebrations, President Obote promised the nation that the Social Security Fund would become an autonomous body. He re-affirmed this promise during an address to Parliament in March 1982 where he announced that a Bill seeking to transform the Social Security Fund into an autonomous body would soon be brought before the House for debate. About a little over a year later, on June 23, 1982, the then Deputy Minister of Labour delivered a draft proposal to the Attorney General who in turn passed it over to the Solicitor General. The proposal was about plans to transform the Social Security Fund into a public parastatal body. On November 22, 1984, Anthony Butele, the Minister of Labour, tabled the NSSF Bill before Parliament. The Bill sought to repeal the Social Security Act No. 21 of 1967 and the
Social Security Amendment Decree No. 33 of 1972 in order to create a fully-fledged Social Security Fund. From November 1984 to early 1985, the National Social Security Fund Bill was debated by Parliament. On January 4, 1985, Hon. KafumbeMukasa, then MP for Mpigi Central while contributing in the House proposed the second reading of the NSSF Bill 1984. In his deliberation, Kafumbe-Mukasa said: “On the proposed amendment of the NSSF Bill, Mr Speaker Sir, I beg to move that the NSSF Bill 1984 be read for the second time. The Bill seeks to repeal the Social Security Act No. 21 of 1967 and the Social Security (Amendment) Decree No. 33 of 1972.” On January 8, 1985, Parliament passed the National Social Security Fund Act into law to provide for its membership the payment of contributions to, and the payment of benefits out of the Fund, and for other purposes connected.
Birth of the National Social Security Fund On December 1, 1985, the National Social Security Fund was established by
Congratulations NSSF The Board, Management, and Staff of the Uganda Revenue Authority extend our warmest congratulations to the National Social Security Fund on 40 remarkable years of service. For four decades, NSSF has stood as a cornerstone of social protection, safeguarding the futures of Ugandan workers and strengthening our national economic foundation. Your legacy of trust, integrity, and resilience is a testament to the very best of public service. As proud partners in Uganda's growth, we celebrate this milestone with you.
For more details
“The Social Security Fund (SSF) was established under section 17 of the Public Finance Act of 1967 which put in place a compulsory savings scheme to cover private sector employees and nonpensionable public sector workers.”
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40th Anniversary Issue – July 2026
History of Social Security in Uganda NSSF Act Cap. 222 when the SSF Act 1967 was repealed. On December 1st, 1985, the National Social Security Fund was established and the Social Security Act 1967 was replaced with the NSSF Act of 1985. This legislation mainly transformed the scheme from a depar tment in the Labour Ministry to a fully-fledged autonomous body and revised the age benefit as well as the contribution rate. The new NSSF now catered for all employees in the private sector, working in enterprises employing five or more workers aged between 16 and 55 years. The government employees were now catered for under the pension scheme administered by the Ministry of Public Service. Thus NSSF was firmly established as a contributory scheme fully funded by contributions from employees and employers, both contributing a total of 15% of the workers’ monthly wages, whereby the employer pays 10% and the employee pays 5%. Initially under SSF, contributions for members were 10%, i.e 5% from the employee and 5% from the employer. Although technically established on December 1, 1985, the statutory instrument bringing the Fund into operation was issued on March 26, 1986 and the Act was not operational until 1987 when the first Board of Directors was appointed as required by the establishing law. The leadership of the new NSSF fell on James Marcus Rwabeire Baira who had been holding fort in the now defunct Social Security Fund (SSF) as Director General since 1977 with his deputy, E.M. Asia. Rwabeire held the new position of Managing Director for the next three years till 1988 when he handed over the reins to Albert Brewer Abaliwano for just one year before Abel Katembwe took over in 1990. The first ministerial supervisor of the new Fund was Jaberi Bidandi Ssali who was the first NRM government Minister of Labour from 1986 to 1988. The early years of the re-born Fund were devoted to establishing systems, widening membership and updating data on members and their savings.
evidence can be traced, from the ancient to modern tradition and finally to the formal system of today. In modern Uganda, social security is provided in a better and more formal way whether provided by the government or individual entities, through the Public Service Pensions Scheme (PSPS) for civil servants, the National Social Security Fund (NSSF) for the private sector, the Parliamentary Pensions Scheme for Parliament Commission employees and MPs, and many other private schemes under the supervision of the Uganda Retirement Benefits Authority that was set up by the UBRA Act of 2011. There are also other non-statutory social security schemes managed by employers and public institutions either on their own or through Insurance companies. These include Makerere University Retirement Benefits Scheme (MUTBS). The National Social Protection Policy (2015) includes provision for social security benefits for older persons in the form of social assistance and social insurance. Through the National Social Protection Policy, the Uganda government gives Social Care and Support Assistance through the Social Assistance Grant for Empowerment (SAGE), a corecash transfer program to elderly people and vulnerable families to help tackle chronic poverty and also access health care. SAGE was officially launched on March 8, 2020, by the President of Uganda, Yoweri Museveni, at a function in Mbale district.
different categories of the population is one of the strategic actions to achieve this national vision. Social protection aims at building secure and resilient families. The policy focuses on a social protection system that is built on two pillarsThe National Social Protection Policy emphasizes the country’s Vision 2040 on social protection that: “Uganda Vision 2040 underscores the importance of social protection to address risks and vulnerabilities. Government recognizes the need to provide assistance to people who are vulnerable either by age, social class, location, disability, gender, disaster, or who do not earn any income”. The report further mentions that, “The Vision envisions a social protection system that includes a universal pension for older persons, public works schemes for vulnerable unemployed persons and social insurance to vulnerable children, persons with disabilities and the destitutes. The Vision also identifies universal health insurance as one of the key strategies for alleviating the high cost of health care for households and enhancing access to affordable health services for all.
SAGE has two components - the Senior Citizens Grant (SCG) and the Vulnerable Family Grant (VFG). The SCG provides the main form of tax-financed social assistance for elderly persons in Uganda. Uganda aspires for a high standard of living for its citizens by 2040. Provision of social security services to the
Social Security in Uganda today Social security in Uganda has evolved since the 20th century, when available
Kafumbe Mukasa actively participated in the debates that led to enactment of the 1985 NSSF Act.
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40th Anniversary Issue – July 2026
Pictorial
Supervising Ministers Since 1985
Lt Gen (Rtd) Henry Tumukunde
Hon Henry Musasizi
Betty Amongi
2026
2021-2026
Maria Kiwanuka
Syda Bbumba
2013-2015
2009-2013
Dr.Ezra Suruma
Gerald Sendaula
2005-2009
2003-2005
Matia Kasaija 2015-2026
2026
John Ateker Ejalu 1991-1994
Stanislus Okurut 1988-1991
Jaberi Bidandi Ssali 1986-1988
Zoe Bakoko Bakoru 2001-2003
Janat Balunzi Mukwaaya 1998-2001
Paul Etiang 1997-1998
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40th Anniversary Issue – July 2026
Pictorial
Board Chairpersons Since 1985
Ivan Kyayonka
Dr. David Ogong
Dr.Peter Kimbowa
Patrick B. Kaberenge
2024-Present
2021-2024
2015-2020
2012-2015
Vincent Ssekono
Edward Gaamuwa
Onegi Obel
2006-2009
Joel Kateregga
2003-2004
2001-2003
2009-2012
Charles Okui 1998-2001
Chrispus Kiyonga
Elly Karuhanga
1990-1998
1986-1990
Prof.Patrick J. Muzaale 1986
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40th Anniversary Issue – July 2026
Pictorial
Managing Directors Since 1985
Patrick Ayota
Richard Byarugaba
Geraldine S. Busuulwa
2023-Present
2010-2013, 2015-2022
Dec 2013-Oct, 2014 (Acting)
Martin Bandeebire
David Chandi Jamwa
Leonard Mpuuma
2007,2009-2010 (Acting)
March 2007 - Dec, 2008
Jan.2003 - Sept.2004
Lwanga Lunyiigo 1998 (Acting)
James M. Rwabeire L.J.B Kasiko 1989 (Acting)
S.I Kigenyi 1978-1977
A.K Jjemba Abel Katembwe
Albert B. Abaliwano
Jan.1990 - Oct.1998
May.1988-Jan.1989
1968
Grace Isabirye 2009 (Acting)
Yoram Barongo Jan.1999-Jan.2002
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40th Anniversary Issue – July 2026
Pictorial
NSSF Board of Directors
Dr. David Ogong Chairman
Ramathan Ggoobi
Aggrey David Kibenge
Patrick M. Ayota Managing Director
Peninnah Tukamwesiga
Member
Representative Ministry of Gender, Labour and Social Development
Non-Executive Director, Workers' Representative (Central Organisation of Free Trade Unions - COFTU)
Agnes Abwoli Kunihira
Richard Bigirwa
Annet Mulindwa Nakawunde
Non-Executive Director, Representing Workers
Non-Executive Director, Workers' Representative (National Organisation For Trade Unions - NOTU)
Representative Federation of Uganda Employers
Sam Lyomoki Representative Central Organization Of Free Trade Unions - COFTU
Silver Mugisha
Representative Federation of Uganda Employers
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40th Anniversary Issue – July 2026
Pictorial
NSSF Executive Committee
Patrick M. Ayota Managing Director
Gerald Paul Kasaato Deputy Managing Director
Stevens Mwanje
Geoffrey Ssajjabi
Kenneth Owera
Corporation Secretary
Chief Finance Officer
Chief Commercial Officer
Chief Investments Officer
Milton Owor
Barbra Teddy Arimi Chief Marketing & Corporate Affairs Officer
Peninah Kabagambe-Wabwire
Alex Rumanyika
Chief People & Culture Officer
Chief Enterprise & Growth Officer
Benoni Kantende
Edward Ssenyonjo
Geoffrey Barigye
Chief Risk Officer
Chief Internal Auditor
Agnes T. Isharaza
Dan Mugura Chief Procurement & Disposal Officer
Chief Technology & Eterprise Solutions Officer
Chief Strategy Officer
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40th Anniversary Issue July 2026 SavingsDigest - IISSUE 5 –- APRIL 2026
NSSF at 40
NSSF at 40: Do not despise the day of Small Beginnings Paul Busharizi
34 million. In one stroke, the Fund’s credibility—and that of formal saving itself—was shattered.
he history of the National Social Security Fund is a reminder of a truth that markets, institutions, and people alike keep relearning the hard way: do not despise small beginnings. Real institutions, like real capital, are not built in bursts. They are built in layers—through decisions that look insignificant at the time, through patience that attracts little applause, and through discipline that is often deeply unpopular.
Yet even before that shock, NSSF’s fragility was visible in the most ordinary ways. In its early years, the Fund did not even have a home. Moses Stephen Owor, then Permanent Secretary in the ministry responsible for labour and effectively the scheme’s steward, later described those beginnings with stark simplicity.
Financial Journalist
T
Today, when the National Social Security Fund collects more than Shs 140 billion every month, sits on assets approaching Shs 30 trillion, and anchors a meaningful share of Uganda’s financial system, it is tempting to read its story backwards—as though success were inevitable. It was not. For much of its life, survival itself was the achievement.
Beginnings Without Glamour When the modern NSSF was created under the 1985 Act, Uganda itself was barely standing. Inflation had destroyed savings, the banking system was fragile, and institutions were distrusted by default. Long-term thinking felt almost irresponsible in an economy organised around daily survival. Then came the defining trauma of 1987, when the currency reform reduced savings worth Shs 1.8 billion to about Shs
“When we started, we had to house it,” Owor recalled. “I rented the house along Kampala Road for a long time.” There was no headquarters, no permanence, no sense of institutional gravity—just borrowed space while the Fund tried to borrow credibility. But as contributions accumulated, Owor and his colleagues reached a critical conclusion: an institution meant to span generations could not live in rented rooms. “As the fund was progressing, we found it fit that we should arrange to have its own permanent home,” he said. “There was a search for a plot of land where to build the house. We found the plot, paid, bought it, and contracted architects to start drawing the plan for the fund.” Drawing lessons from Kenya and Nigeria—where social security institutions anchored themselves in large, income-generating headquarters—Owor
envisioned a building that would both house the Fund and quietly earn for its members. Although he retired before it was completed, the vision, the land acquisition, and the initial design decisions were made under his watch. Workers House did not begin as an architectural statement. It began as an institutional decision: this Fund intended to exist for the long term. That vision would prove indispensable in the lean years that followed.
Abel Katembwe and the Discipline of Foundations When Abel Katembwe joined NSSF in 1990, barely five years after the law creating it had been enacted, the institution was operating on the edge of irrelevance. In 1989, total collections stood at about Shs 30 million, almost all of it swallowed by administration.
“There was no money,” Katembwe later recalled. “We collected about Shs 30 million, and all of it was going into administration.” Story continues on next page
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NSSF at 40 There was nothing to invest, no surplus to build with. By the time Katembwe left office, the Fund’s assets had reached roughly Shs 29 billion—a figure that only becomes meaningful when contrasted with today’s reality. Shs 29 billion is less than what NSSF now collects in a single week, in an era where monthly inflows exceed Shs 140 billion. The distance between those two numbers is the story of the last thirty years. Katembwe’s first defining battle was compliance. The new NSSF law replaced the old flat contribution—Shs 40 from workers and Shs 40 from employers—with a far more ambitious regime: 5 percent of gross salary from employees and 10 percent from employers. Resistance was fierce and not confined to small players. Even powerful institutions like the Bank of Uganda and Uganda Commercial Bank pushed back. This was not a technical disagreement; it was a test of whether the Fund had authority at all. Katembwe chose enforcement over accommodation. In a political culture where confronting
“big shots” was rare, his administration made examples of prominent defaulters. Compliance improved. Contributions rose. And for the first time, the Fund generated investable surpluses. Without that discipline, nothing that followed—no real estate, no equities, no digital systems—would have been possible. It was during Katembwe’s tenure that the most misunderstood asset in NSSF’s history was reclaimed. Workers House, far from being a functioning project, was—in his blunt words— “just a hole in the ground with steel bars sticking out.” Abandoned since the 1970s, the site had degenerated badly. “It had been used for more than twenty years as a den for thieves,” Katembwe said. “We even found seven guns there.” Completing Workers House was controversial. Many questioned why workers’ savings should be sunk into
concrete and steel instead of liquid instruments. But Katembwe persisted. Under his administration, the superstructure was built, transforming an abandoned excavation into a tangible asset that future leaders could complete. Alongside Workers House came modest but strategic real-estate investments in Bukoto and Namuwongo, disciplined placements in treasury bills, and a decision whose importance would only become clear much later: the beginning of computerisation. At a time when most public institutions were entirely paper-based, Katembwe’s administration initiated automated member records and contribution tracking. This effort was backed by US$700,000 from the International Labour Organisation, specifically secured to begin the transition away from paper. In hindsight, this early digital seed was decisive. The sophisticated systems that later enabled compliance tracking, member statements, and service delivery did not appear overnight; they were planted when the Fund barely had vehicles that worked. Story continues on next page
For four decades, NSSF has helped secure the financial future of millions of Ugandans while contributing significantly to national development. We celebrate this remarkable milestone and commend your unwavering commitment to service, innovation, and growth. Happy 40th Anniversary NSSF. From the Board, Management and Staff of Clarkson Insurance Brokers Ltd. Clarkson, a leading Insurance Brokerage firm in Uganda offers a wide range of services which include; Insurance advisory Risk Management Claims Management General Insurance for both Corporate and Individual businesses Medical Insurance
Location: Plot 67, Luthuli Avenue Bugolobi, P. O. Box 2308, Kampala, Uganda Tel: 0414-235499/ 0312-202210/ 0393-239277 Email: infoug@clarkson-group.com, Website: www.clarkson-group.com
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40th Anniversary Issue – July 2026
NSSF at 40 Perhaps the most consequential—and unresolved—legacy of the Katembwe era was philosophical. His administration attempted to transform NSSF from a provident fund into a true pension fund. “Our motto was: we build for the future,” Katembwe said. “The promise in there was that NSSF would afford its members a monthly pension till death.” The proposal ran into political, institutional, and cultural resistance and stalled. When Katembwe left, the momentum was lost. The consequences are now painfully clear. “The facts are clear,” he observed later. “Nearly eight in every ten members have blown their money in two years and are left to the mercy of God.” The debate was never academic. It was about dignity in old age—and it remains unresolved.
From Turbulence to Turning Point The early 2000s brought consolidation rather than expansion. Under Leonard Mpuuma, the focus was on stabilising benefit payments and reassuring members during administrative transition.
It was a period of holding the line. The late 2000s were more turbulent. Under David Chandi Jamwa, aggressive investment strategies delivered higher returns and record profits, but also exposed governance weaknesses. Scale had begun to arrive before discipline was fully embedded. By 2009, interest paid to members had fallen as low as 3 percent. Public confidence ebbed once again. NSSF was widely discussed as a problem institution—important, unavoidable, but deeply mistrusted. The decisive turning point came in 2010.
Byarugaba’s most enduring contribution was cultural. Performance was aligned to strategy through the Balanced Scorecard. Appraisals became objective. Rewards were tied to results. Poor performance carried consequences. For the first time, staff believed that effort mattered. That perception of fairness became the invisible engine of change. He was very instrumental in development and execution of vision 2025, growing the Fund to UGX 20 trillion.
Patrick Ayota and the Mathematics of Trust Patrick Ayota took over from Byarugaba and cemented the Fund’s position as a critical pillar in Uganda’s economic development. In an interview reflecting on the Fund’s transformation, current CEO Patrick Ayota quantified the distance travelled with brutal clarity.
The Byarugaba Reset and the Culture of Fair- In 2010, customer satisfaction stood ness at 49 percent, staff satisfaction at 50 When Richard Byarugaba took over leadership in 2010, he inherited a Fund with an asset base of just over Shs 2 trillion, broken processes, and a damaged reputation. What followed over the next decade was not just financial growth, but institutional reconstruction.
percent, average claims processing took 105 days, and the asset base was Shs 2.128 trillion. “There is a correlation between the two,” Ayota notes. “If staff are not satisfied, it is impossible to treat customers well.”
By the end of 2025, the picture was radically different. Assets had grown to Shs 28.79 trillion. Customer satisfaction had risen to 88 percent, staff satisfaction to 91 percent, and average claims processing time had fallen to 4.7 days. Story continues on next page
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40th Anniversary Issue – July 2026
NSSF at 40 Ayota attributes these results to a work-culture shift driven by strategic clarity, crediting Byarugaba’s leadership.
trouble,” Ayota reflects. “They did the exact opposite.”
“A perception of fairness has been created thanks to our adoption of the Balanced Scorecard,” Ayota explains. “Performance was aligned with strategy, appraisals became objective, and from there we introduced significant rewards for good performance and consequence management for below-par performance.”
Systemic Relevance and the Next Frontier
The results extended beyond metrics into trust. During the parliamentary probe of 2022, NSSF had 41,000 members aged 50 and above holding Shs 550 billion—people fully eligible to withdraw at the first sign of trouble.
What happened next surprised even management. By June 2023, the number had risen to 61,000 members holding Shs 800 billion. By 2025, it had reached 79,000 members with more than Shs 1 trillion in savings. “These are people who could have withdrawn their funds at the sign of
Trust, once lost, had been rebuilt.
Today, NSSF accounts for roughly 11–12 percent of Uganda’s GDP, holds close to a quarter of government domestic debt, and has invested over UGX 1.45 trillion in local companies, equities, and real estate. It has quietly become a shadow development finance institution, mobilising long-term domestic savings in an economy chronically short of patient capital. Looking ahead to Vision 2035, the ambitions are even higher: 95 percent stakeholder satisfaction, one-day claims processing, Shs 50 trillion in assets, and 50 percent coverage of the working population—about 15 million people.
That means boda boda riders—nearly two million today; 1,000 startups, estimated to add another one million contributors; and above all agriculture, where about 10 million Ugandans derive their livelihoods.
Do Not Despise Small Beginnings Seen over four decades, the NSSF story mirrors Uganda’s own economic journey: fragile beginnings, improvisation, painful reform, institutional learning, and eventual confidence. From Moses Stephen Owor renting offices on Kampala Road, to Abel Katembwe enforcing compliance and reclaiming a criminal den to build Workers House; from paper records to digital platforms; from mistrust to members choosing to stay even when they could leave—the Fund’s evolution reminds us that institutions are built the same way wealth is built: slowly, deliberately, and often invisibly.
Ayota is candid about what this requires. At forty, NSSF is no longer just a sav“We will not be able to achieve this using traditional paths. With only about four million workers in the formal sector, we will have to go aggressively into the informal sector.”
ings scheme. It is a pillar of Uganda’s financial system—and living proof that when small beginnings are respected and compounded, they can carry an entire economy forward.
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Pension Towers is NSSF’s ultra-modern ‘intelligent’ tri-tower complex under development at Lumumba Avenue, Nakasero. The building comprises of three towers with the taller tower comprising 32 floors, 17 floors for the shorter towers, with a total surface area of 75,000 m² and 500 vehicles parking capacity.
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40th Anniversary Issue – July 2026
Retirement
Formal Retirement Savings offer security many retirees wish they had Julius Businge
Financial Journalist
I
n many parts of Uganda, older citizens who spent decades working, farming, or running small businesses are now discovering the financial challenges of retirement without formal savings.
Their experiences are increasingly being cited by financial planners as powerful reminders of why structured retirement saving, particularly through schemes such as the National Social Security Fund (NSSF) can make a critical difference in old age. William K. Mbeihwa, 53, from Kikonge village in Kibaale Town Council in Kibaale district, spent most of his working life as a truck driver and later as a private plumber. Like many self-employed Ugandans, he never enrolled in a formal saving scheme. Today, partially sighted and limited in the amount of work he can do, he depends on occasional light plumbing jobs with assistance from others. His main form of saving over the years was buying land, building a home, and keeping a few heads of cattle, assets he believed would sustain him later in life. “I knew about NSSF but did not have the opportunity to save with it because I was self-employed for most of my working
life,” he says. “However, it is a good idea to save with NSSF because the savings generate interest without the owner having to monitor them constantly, unlike animals, land, or daily business activities. I encourage my children, who are now working, to take advantage of saving with NSSF because I believe the money there is safe and does not require constant supervision.” Mbeihwa says that if he had saved consistently with NSSF during the years he worked privately, he believes he would now be financially stronger due to the accumulated interest. He also recalls losing some livestock to theft over the years, losses that weakened his retirement security.
Regrets and reflections Similar reflections come from Godfrey Edward Kabagambe, 57, a resident of Kihumuro in Kakumiro District, who spent much of the 1990s engaged in small-scale business. Like many entrepreneurs at the time, he relied on land purchases, farming, and supporting his family rather than contributing to a formal retirement scheme. “For someone who has done business, losses are inevitable,” Kabagambe says. “In those days, we did not have enough information about how NSSF works, so
we spent our money on land, farming, and raising our children instead of saving formally.” He adds, “I now suffer from severe back pain that requires specialized treatment, but I do not have the money for it. I stay at home and cannot work. If I had saved with NSSF, perhaps I would have had money in retirement to meet my medical needs.” Financial experts say such experiences are increasingly common among retirees who relied entirely on informal saving methods that can depreciate, be stolen, or fail to generate regular income when physical ability declines.
A life built on discipline The story of Charles Karoli, an 80-yearold retired businessman and farmer from Buhuumi village near Karuguuza Trading Centre in Kibaale District, provides another important lesson. Although he never enrolled in a formal pension scheme, his disciplined saving habits allowed him to build businesses and property that now support him in retirement. Yet even his success, analysts say, demonstrates how combining personal investments with formal retirement savings could provide even greater financial stability. Story continues on next page
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40th Anniversary Issue – July 2026
Retirement Born on April 13, 1945, Karoli grew up in a humble rural household where resources were limited. Financial challenges forced him to leave school early, pushing him into employment at a young age. His first job, teaching at Karama Primary School for a monthly salary of Shs30, marked the beginning of a lifelong habit of saving small amounts consistently. Over time, he used savings to purchase a bicycle, later trained as a tractor driver, and eventually started a small water-tank manufacturing business in Kampala in 1974. Profits from the business were reinvested into land, rental housing, and commercial property development, including the construction of Eureka House in Karuguuza Trading Centre in the early 1990s, which today hosts the Stanbic Bank Bwamiraramira Branch. Rental income from his properties continues to support him today, while he oversees cattle farming at his ancestral home. His life demonstrates the value of discipline, but also highlights how participation in a structured pension scheme could have provided an additional guaranteed income stream in retirement.
“combining traditional investments with structured retirement savings, especially through institutions like NSSF, may be the most reliable path to financial independence in retirement and protection against emergencies.”
Why formal saving matters
A call for a saving culture
Financial planners say that traditional assets such as land, livestock, and small businesses remain important investments, but they often require active management, are exposed to market uncertainties, and may not provide reliable monthly income when individuals are no longer able to work.
The experiences of retirees such as Mbeihwa, Kabagambe, and Karoli collectively send a powerful message: income earned during working years does not automatically translate into security in old age. Informal assets can help, but they do not always provide the stability, protection, and predictable growth that formal retirement savings offer.
Formal retirement savings schemes, on the other hand, provide structured accumulation, compounded interest, and predictable long-term benefits that help individuals meet health, household, and emergency expenses later in life. National data reinforces the urgency of building a stronger saving culture. Findings from the 2024 National Population and Housing Census show that only about 42 percent of Ugandans aged 16 years and above reported saving money through any mechanism, while approximately 58 percent said they do not save at all. Policymakers say the figures highlight the need to expand financial literacy and encourage greater participation in formal saving systems, particularly among young workers and the self-employed. Financial regulators also observe that many Ugandans who save do so irregularly or primarily for short-term needs, limiting their ability to build long-term financial resilience. Encouraging consistent contributions to pension schemes such as NSSF – now offer voluntary saving products under the current law, along with savings in regulated banks and SACCOs, is increasingly seen as essential to protecting households against retirement poverty and unexpected financial shocks.
Authorities continue to call on individuals, employers, and financial institutions to promote saving as a lifelong habit, beginning with small but consistent contributions that grow over time. For many Ugandans entering the workforce today, the lesson from older generations is increasingly clear— combining traditional investments with structured retirement savings, especially through institutions like NSSF, may be the most reliable path to financial independence in retirement and protection against emergencies.
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40th Anniversary Issue – July 2026
40 forces that will shape Social Security in Uganda
40 forces that will shape Social Security in Uganda Julius Businge
Financial Journalist
A
s National Social Security Fund (NSSF) marks 40 years of existence, regulators, policymakers, and industry leaders say the country’s social security sector is entering a new phase— one defined by regulatory reform, digital innovation, investment diversification, and expanded coverage to millions of workers previously excluded from formal retirement systems.
introduced during the colonial era to the establishment of the NSSF in 1967 and its reconstitution under the 1985 Act, the system has grown into a multi-layered structure comprising the NSSF, public service pensions, private retirement benefits schemes regulated by the Uganda Retirement Benefits Regulatory Authority (URBRA), and targeted social assistance programmes.
Uganda’s social security framework has evolved steadily over the decades. From early pension arrangements
The NSSF, now the country’s largest long-term savings institution, collects mandatory contributions, invests funds
across fixed income, equities, and real estate, and pays benefits including age, withdrawal, survivor, invalidity, and midterm benefits. Over the past decade, the Fund has undergone significant transformation under strategic plans such as Vision 2025 and now Vision 2035, which aim to expand coverage and grow assets under management while maintaining strong returns and governance standards. Story continues on next page
NSSF
40
AT
UGANDA'S SAFETY NET Four decades of stewardship, stability and safeguarding the dignity of retirement for generations. Centenary Bank extends its heartfelt congratulations to the National Social Security Fund on its 40th anniversary.
Centenary Bank a Member of the CenteGroup. Regulated by Bank of Uganda A1.033. Customer deposits are protected by the Deposit Protection Fund up to UGX 10 Million. Terms and Conditions apply. Centenary Bank is committed to transforming lives and conserving the environment.
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40th Anniversary Issue – July 2026
40 forces that will shape Social Security in Uganda Against this backdrop, this article highlights 40 (forty) key forces that are likely to shape the direction of social security in Uganda over the next decade.
Public pension reform and sustainability One of the most significant structural shifts is the planned rollout of the contributory Public Service Pension Fund (PSPF), designed to replace the current non-contributory, budgetfunded pension arrangement. Under the proposed framework, employees will contribute 5 percent of their gross salary, while government will contribute 10 percent. Mary Grace Mugasa, State Minister for Public Service, explained: “In respect of an employee contribution, deduct from the salary of the employee five percent of the gross salary and in respect of an employer’s contribution, contribute 10% of the gross salary of an employee.” Public Service Minister Muruli Mukasa
“Flexible entry thresholds and mobile-based contribution options are expected to significantly expand coverage...”
has previously underscored the urgency of reform, noting: “As a result of the sustainability challenge, the current public service pension service scheme has continued to suffer shortfalls in funding, which ultimately translate into accumulated pension and gratuity arrears for pensioners.” The transition to a funded contributory system is expected to enhance sustainability, reduce pension arrears, and align Uganda’s public service with international best practices recommended by global bodies such as the World Bank and the International Labour Organization.
Digital transformation and compliance Technology is emerging as one of the most powerful drivers of change. Retirement schemes are increasingly deploying mobile applications, webbased dashboards, artificial intelligencepowered customer support tools, and
integrated payment platforms to improve member access and transparency. Daisy Lynda Nabakooza, Chief Manager Supervision and Market Conduct at URBRA, said: “A major priority is improving access for informal sector workers, who make up a significant portion of Uganda’s workforce. New initiatives are enabling these individuals to access social security and broader financial services through mobile money and digital platforms.” Digitalisation is also strengthening employer compliance. Automated reporting systems, data integration between regulators and schemes, and real-time monitoring tools are expected to reduce under-reporting of contributions and improve accountability. Story continues on next page
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40th Anniversary Issue – July 2026
40 forces that will shape Social Security in Uganda Expansion of voluntary and informal-sector savings Recent amendments to the NSSF Act opened the Fund to voluntary contributors, including workers in small and growing enterprises and the informal sector. Flexible entry thresholds and mobile-based contribution options are expected to significantly expand coverage. Uganda’s working population is estimated at about 15 million people, yet only a fraction is active contributors to formal retirement schemes. Vision 2035 targets increasing coverage to at least 50 percent of the working population while growing assets to Ugx 50 trillion. Achieving this will depend heavily on onboarding farmers, boda boda riders, traders, and micro-entrepreneurs.
Investment diversification and capital markets Pension funds are among the largest pools of long-term capital in emerging markets. In Uganda, a substantial share of retirement savings has traditionally been invested in government securities due to their relative safety. However, regulators and policymakers are encouraging broader diversification.
40 Years
S
“The next decade will likely be defined by digital access, broader coverage, diversified investments, stronger governance, and deeper integration of retirement savings into Uganda’s economic transformation agenda.” Story continues on next page
Largest Institutional Investor on the Uganda Securities Exchange
Over 3 Million
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40th Anniversary Issue – July 2026
40 forces that will shape Social Security in Uganda Future growth is expected in infrastructure bonds, affordable housing projects for members, private equity investments, and public-private partnerships aligned with national development priorities. Increased participation in domestic capital markets is also expected to deepen liquidity and stimulate private-sector growth.
Macroeconomic influences Macroeconomic factors will continue to shape the performance of social security funds. Interest-rate movements affect returns on fixed-income investments. Inflation influences the real value of member savings. Exchange-rate fluctuations can impact foreigndenominated assets. Economic growth and job creation determine contribution volumes. According to data from the Bank of Uganda and the Ministry of Finance, macroeconomic stability remains central to sustaining pension fund returns. Sustained GDP growth, moderate inflation, and stable exchange rates will support long-term investment planning.
Governance, transparency, and regulation URBRA’s risk-based supervision model is expected to strengthen oversight of trustees, fund managers, custodians, and administrators. Enhanced governance standards, transparent reporting, and regular audits are essential to maintaining member confidence. The NSSF’s experience over the past decade—marked by unqualified audit opinions and annual member meetings—has reinforced the importance of transparency and accountability in restoring public trust.
Sustainability and ESG priorities Globally, pension funds are increasingly aligning investment strategies with environmental, social, and governance (ESG) principles. In Uganda, green real estate projects, climate-aligned investments, and social impact funding are expected to gain momentum. Allocating a portion of assets to social investments—while ensuring reasonable returns—may support affordable
housing, SME growth, and youth employment, linking retirement savings directly to national development.
Building a savings culture Perhaps the most enduring force shaping social security will be behavioural change. Uganda’s domestic longterm savings-to-GDP ratio remains relatively low compared to fast-growing economies such as Vietnam. Expanding financial literacy campaigns, employer engagement initiatives, media outreach, and community education programmes will be critical to nurturing a culture of long-term saving. As NSSF celebrates 40 years, the sector stands at a critical moment. The next decade will likely be defined by digital access, broader coverage, diversified investments, stronger governance, and deeper integration of retirement savings into Uganda’s economic transformation agenda. Story continues on next page
HAPPY 40 Years
of dedicated service to Ugandans Reitis Valuers & Surveyors is a professional valuation and surveying firm with over 14 years of experience in providing reliable and high-quality Valuation and Surveying consultancy services. Over the years, we have had the privilege of partnering with the National Social Security Fund (NSSF), delivering numerous valuation and surveying professional services in support of the Fund’s investment and property management initiatives. As NSSF celebrates 40 years of dedicated service to Ugandans, we extend our heartfelt congratulations on this remarkable milestone. This achievement reflects decades of unwavering commitment to safeguarding the financial future of workers, strengthening the social security system, and contributing significantly to national development. We commend NSSF for its visionary leadership, continued growth, innovation, and stewardship in managing and growing members’ savings while playing a vital role in Uganda’s economic transformation. The Fund’s impact over
the past four decades stands as a testament to its dedication to excellence, transparency, and sustainable investment. As a proud professional partner, we celebrate this milestone with you and look forward to strengthening our collaboration in the years ahead. We wish the National Social Security Fund continued success, greater achievements, and many more years of service to the people of Uganda. P.O. Box 6691, Kampala, Plot 3 Parliamentary Avenue, 3rd Floor, Room 49 (Head office), Tel: +256 772 025829 / +256 704268224, Email: reitisuganda@gmail.com OTHER BRANCHES: Arua, Mbale, Mbarara, Fort Portal & Hoima
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40th Anniversary Issue – July 2026
40 forces that will shape Social Security in Uganda
40 forces that will shape Social Security in Uganda 1.
Rollout of the contributory Public Service Pension Fund
22.
Exchange-rate stability
2.
5% employee contributions in public service
23.
Job creation expanding contributor base
3.
10% government contributions in public service
24.
Growth of SMEs contributing to schemes
4.
Liberalisation of the retirement benefits sector
25.
Data-driven risk-based supervision by URBRA
5.
Growth in licensed private pension schemes
26.
Stronger governance standards for trustees
6.
Expansion of voluntary savings products
27.
Transparent annual reporting and audits
7.
Inclusion of informal-sector workers
28.
ESG-aligned investment strategies
8.
Mobile money contribution platforms
29.
Green infrastructure financing
30.
Social impact investments
9.
AI-driven customer service systems
31.
Corporate social responsibility initiatives for members
10.
Digital self-service member portals
32.
Pension-sector digital identity integration
11.
Automated employer compliance systems
33.
Expansion of retirement health protection products
12.
Expansion of NSSF membership coverage
34.
Innovation in annuity and retirement-income products
13.
Increased domestic long-term savings mobilisation
35.
Media engagement to promote savings culture
14.
Diversification beyond government securities
36.
Employer partnerships to deepen compliance
15.
Growth of infrastructure bond investments
37.
Consolidation or merger of small schemes
16.
Affordable housing projects for members
38.
Regional pension cooperation initiatives
17.
Expansion of pension fund real estate investments
39.
Increased use of analytics in fund management
18.
Private equity participation by pension funds
40.
Policies aimed at raising savingsto-GDP ratio
19.
Development of Uganda’s capital markets
20.
Interest-rate trends affecting fund returns
21.
Inflation management and protection of real returns
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40th Anniversary Issue – July 2026
Mbarara City House sits on the Fund’s 0.43 acres on Plot 6B Galt Road, Mbarara town. It is a modern retail and office complex comprising of four floors with a total built-up area of approximately 1,500 m² and a parking capacity of up to 40 vehicles.
Jinja City House
Mbale City House
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40th Anniversary Issue – July 2026
NSSF in an age of disruption
A Decade of Compounding Trust: NSSF Uganda in an Age of Disruption Paul Busharizi
Financial Journalist
I
n finance, we understand compounding as the quiet force that turns modest deposits into substantial wealth. But it is not only money that can do this. Institutions compound too. Over the decade of 2015 to 2025, the National Social Security Fund (NSSF) did not simply expand its balance sheet. It compounded systems, leadership discipline, culture, governance credibility, and public trust.
The result was not merely a larger fund. It was a reinvented one. To appreciate what happened at NSSF during this period, we must situate it within a broader global reality. As Richard Byarugaba, the former Managing Director NSSF often reminded audiences in his reflections on strategy,
leadership today operates under VUCA conditions — volatility, uncertainty, complexity, and ambiguity. Strategy is no longer static; it is dynamic, datadriven, and deeply human.
Vision 2025 Between 2015 and 2025, NSSF internalised that truth. When Byarugaba assumed leadership years earlier, the Fund was functioning but fragile. Customer satisfaction hovered below 50%. Staff satisfaction mirrored that number. Claims processing averaged 105 days. The asset base stood slightly above UGX 2 trillion. By the end of 2025, assets had risen to nearly UGX 29 trillion. Customer satisfaction reached 88%. Staff satisfaction climbed to 91%. Claims were processed in under five days on average. Those statistics do not merely
describe improvement. They describe institutional redesign.
Central to that redesign was strategic clarity, thus the birth of Vision 2025. Vision 2025 was the Fund’s 10-year strategic plan (2015–2025) that focused on creating measurable value for members through growth, service improvements, and operational excellence. It framed the Fund’s priorities through clear targets and defined how NSSF aimed to serve its members better. “My immediate priority was to understand who our real customer was. Initially everyone thought the member or the minister or unions were the primary customer. I reframed it: the employer is the customer because they decide to deduct and remit contributions,” Byarugaba says. Story continues on next page
A section of the Solana Lifestyle & Residences, NSSF’s flagship housing project.
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40th Anniversary Issue – July 2026
NSSF in an age of disruption That reframing narrowed the problem. Once employers were defined as the primary strategic focus, everything else — compliance systems, technology redesign, relationship management, automation — aligned around reducing friction in remittance.
reducing benefit payout turnaround times (e.g., from about 15 days toward much faster service). 4.
Engaged Staff
o
The target was a 95% staff satisfaction rate, reinforcing the idea that a motivated workforce contributes to better outcomes for members.
The strategy set out four Strategic execution followed disciplined major outcomes: 1.
Member Satisfaction
o
This targeted a 95% customer satisfaction rate (up from about 73% in 2015), ensuring members feel confident in the Fund’s services.
2.
Fund Growth
o
This aimed to grow assets under management to UGX 20 trillion, a significant increase from roughly UGX 5.5 trillion in 2015.
3.
Efficient Processes
o
These sought to streamline operations, including
logic. Leadership in disruption requires connecting the dots between global trends, internal realities, and deliberate strategic choices. The Fund did precisely that.
The first wave of reform attacked inefficiencies. “There were multiple inefficiencies: an oversized branch network; very low automation; duplicated processes across branches,” Byarugaba says. The deeper issue however, was cultural inertia. “It was the hardest part. We shifted from a civil-service mentality to a private-sector, performance-oriented culture.” Here, the balanced scorecard became the instrument of change, not as a reporting gimmick, but as an accountability engine. Performance was measured across four lenses: financial results, customer satisfaction,
internal process efficiency, and organisational capacity. Ambition was explicit — oneday benefit processing, 95 percent satisfaction levels and a long-term audacious target of UGX 20 trillion in assets. Those big targets were not public relations devices; they were internal alignment tools. As Byarugaba argued in his strategy reflections, small goals produce small organizations. Bold goals stretch talent and redefine norms.
Digitalisation Technology was central to that transformation. In his strategic framework, digital is not an optional modernistion layer. It is the default operating model of future organisations. At NSSF, digital meant straightthrough processing. Employers could remit contributions electronically, eliminating suspense accounts and stale checks. Member apps offered transparency and real-time notifications. Paperless systems reduced processing cycles dramatically. Byarugaba put it succinctly: Story continues on next page
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40th Anniversary Issue – July 2026
NSSF in an age of disruption
“
Technology was central. We moved to straight-through processing… Paperless processes fundamentally changed efficiency.” But digital transformation without cultural transformation fails — a point he repeatedly made in his presentation. Forty percent of digital initiatives globally fail at scaling. The Fund avoided that trap by aligning incentives with adoption. Performance bonuses were tied to measurable outcomes. Per diem privileges were consolidated into structured compensation. Hiring became deliberate, targeting agility and problem-solving orientation.
Culture compounded This internal redesign occurred against a turbulent global backdrop. Byarugaba’s strategic lens emphasised the end of easy globalisation, shifting manufacturing geography, demographic transitions, and digital ubiquity. Sub-Saharan Africa, he noted, sits at a demographic inflection point — the youngest population globally, poised for industrial relocation if infrastructure, skills, and governance align. For Uganda, these trends carried enormous implications. A young population creates urgency around job creation, savings mobilisation, and capital market deepening. NSSF’s growth thus sits within a broader macroeconomic narrative — domestic capital accumulation as a foundation for national transformation. The Fund increasingly became more than a pension administrator. It evolved into a systemic economic actor. That shift is unmistakable. From just over UGX 2 trillion in 2010 to nearly UGX 29 trillion in 2025, NSSF
became the largest pension fund in East Africa. Such scale alters perception — and scrutiny. Between 2021 and 2022, parliamentary investigations subjected the Fund to intense public examination. And governance under pressure reveals resilience — or weakness. Patrick Ayota, who succeeded Byarugaba and had been part of the institutional transformation since 2011, saw a revealing data point during the probe: “In 2022 we had 41,000 members over 50 years old holding UGX 550 billion. Instead of withdrawing during the crisis, those numbers increased — 61,000 holding UGX 800 billion in 2023, and 79,000 holding over a trillion shillings in 2025. These are people who could withdraw at the first sign of trouble — but they did the opposite.”
Behaviour spoke louder than headlines. Trust had compounded. Externally, governance credentials strengthened. In November 2025, NSSF Uganda won the regional category at the Chartered Governance Institute of Southern Africa Integrated Reporting Awards for the fifth time,
co-hosted with the Johannesburg Stock Exchange. The citation praised its integrated thinking and responsible stewardship — language that aligns directly with global ESG frameworks. In his presentation, Byarugaba noted that ESG is no longer peripheral. Global reporting standards are converging. Mandatory greenhouse reporting is expanding. Investors scrutinise governance structures. In that environment, compliance becomes competitive advantage. NSSF’s integrated reporting posture signaled institutional maturity. Transparency was no longer defensive; it was strategic. Regionally, the Fund became a benchmark. President William Ruto of Kenya publicly referenced Uganda’s pension scale, urging reform in Nairobi. When a head of state cites your metrics to challenge his own institutions, your influence has crossed borders. Efficiency metrics reinforced that narrative. NSSF generated roughly UGX 18 in value for every shilling spent — an operational efficiency frequently cited as outperforming regional peers. Story continues on next page
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40th Anniversary Issue – July 2026
NSSF in an age of disruption Now, the next decade’s real test lies beyond formal payroll systems.
Ayota frames the future bluntly: “We will not be able to achieve our Vision 2035 targets using traditional paths. With only four million workers in the formal sector, we must aggressively pursue the informal economy.” That ambition is expansive. Vision 2035 targets 50% coverage of the working population — approximately 15 million members — an asset base of UGX 50 trillion, stakeholder satisfaction of 95%, and claims processed in a single day. Reaching that scale requires digital agility, product innovation, and experimentation — themes central to Byarugaba’s strategic philosophy. In his leadership reflections, he emphasised experimentation as a capability: test faster, cheaper, then iterate, then scale what works. SmartLife Flexi represents a step in that direction — onboarding informal sector contributors through flexible, mobile-enabled savings. The challenge lies in scaling such products across boda boda riders, agricultural workers, and micro-enterprises. This push into informality is not mere growth ambition. It is demographic necessity. In his geopolitical analysis, Byarugaba cited futurist Peter Zeihan’s argument that countries like Uganda possess long-term structural advantages — youthful populations, agricultural potential, and industrial relocation opportunities — if policy coherence aligns with infrastructure and skill development. Domestic capital mobilisation through institutions like NSSF becomes part of that national strategy. Pension funds are not neutral warehouses. They are levers of capital formation. The continental pension conversation sharpens this point. South Africa’s pension assets exceed $300 billion — demonstrating the scale African domestic savings can achieve — while Nigerian regulators emphasise commercial viability in infrastructure investments.
NSSF Uganda now operates inside that continental arena. Its strategic questions mirror those of far larger funds, that is, how to balance safety, yield, liquidity, governance, and developmental aspiration.
Ayota looks forward.
As Ayota reflects on the transformation since 2010, the internal linkage between staff satisfaction and customer satisfaction remains central: “There is a correlation between the two. If staff are not satisfied, it is impossible to treat customers well.” That recognition shaped investment in culture — a recurring theme in Byarugaba’s strategic teachings: culture eats strategy for breakfast, lunch, and supper. Between 2015 and 2025, NSSF did not merely adopt digital tools. It cultivated performance accountability, datadriven investment analysis, disciplined asset allocation, and integrated reporting standards. Each reinforced the other. The Fund’s trajectory can be summarised without triumphalism: from inefficiency to digitised discipline; from public skepticism to behavioural trust; and from national actor to regional benchmark. Yet neither Byarugaba nor Ayota presents the journey as complete.
“There is a correlation between the two. If staff are not satisfied, it is impossible to treat customers well.”
“We have laid strong foundations — digital systems, governance credibility, performance culture and investment discipline. The next phase is about scale with purpose. We are aiming for UGX 50 trillion in assets and 50% workforce coverage. But the most important goal is sustaining trust through consistent performance.” That sentence captures the lesson of the past decade. Growth without trust is unstable. Trust without performance erodes. But performance, measured consistently and aligned with purpose, compounds. The story of NSSF Uganda over the past decade is not a miracle narrative. It is a systems narrative. Strategic clarity narrowed priorities. Culture aligned incentives. Technology reduced friction. Governance transparency built resilience. Regional benchmarking validated maturity. At the end of the day, institutions compound what they reinforce. Between 2015 and 2025, NSSF reinforced performance, transparency, experimentation, and ambition. The dividends are visible. The next decade will test whether that compounding accelerates as the Fund moves deeper into informality, larger capital market influence, and greater macroeconomic relevance. But if the past ten years are an indicator, the trajectory suggests not just growth — but disciplined transformation. And in an era defined by volatility, uncertainty, complexity, and ambiguity, disciplined transformation may be the most valuable asset of all.
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40th Anniversary Issue – July 2026
Key milestones
40 Years of National Social Security Fund (1985–2025)
1985-1989 Birth of the Modern NSSF
1985: Parliament passes the NSSF Act, transforming the Fund from a department under the Ministry of Labour into an autonomous statutory body. Contribution rate revised to 15% (10% employer, 5% employee). 1987 Currency Reform: A devastating moment — the Uganda Shilling devaluation and 30% conversion tax shrinks NSSF savings from Shs 1.8 billion to Shs 34 million, severely eroding public confidence.
1990-1999 Survival and Slow Rebuild
Early 1990s marked by institutional fragility, weak systems, and limited public trust. Gradual macroeconomic stabilization allows the Fund to regain operational footing. Investment mandate largely conservative; credibility remains fragile. Planning for a permanent headquarters (Workers House) resumes after years of delay.
The Fund enters the late 1980s bruised but intact.
2000-2009 Infrastructure and Governance Strain 2000: Completion of Workers House by Roko Construction - a long-delayed symbol of permanence. Fund assets grow but governance challenges persist. 2001: Workers House officially commissioned on Labour Day by President Museveni. 2004: Presidential directive moves NSSF supervision from Labour to the Ministry of Finance, signalling concern over performance. 2008–2009: Public criticism peaks over inefficiencies and low returns (as low as 3% in 2009).
President Museveni officially opens the iconic Workers House in the heart of Kampala in 2001.
Story continues on next page
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40th Anniversary Issue – July 2026
Key milestones
40 Years of National Social Security Fund (1985–2025)
2010-2014 Turnaround Years 2010: New management team appointed, largely from the private sector, with a clear turnaround mandate. 2011: Uganda Retirement Benefits Regulatory Authority (URBRA) established, strengthening sector oversight. Introduction of corporate strategy (2011– 2014) anchored on: Customer satisfaction Profitability Productivity Readiness for liberalization Balanced Scorecard adopted; internal performance culture shifts. Interest paid to members rises steadily (6% in 2011, 10% in 2012). 2013: First NSSF Annual Members Meeting is held on March 19th 2013.
2020-2022 Pandemic, Reform, and Expansion
2015-2019 Confidence Restored 2015: Assets under management grow from Shs 2.7 trillion to Shs 5.6 trillion. Interest paid to members jumps to 13%, restoring faith among savers. Launch of Vision 2025, a 10-year strategy anchored on: Customer satisfaction (90%) Assets growth to Shs 20 trillion Faster benefit payments (target: 1 day) Innovation and product diversification NSSF begins rebranding itself as a membercentric institution, not just a statutory collector.
2023-2025 Scale, Innovation, and Maturity 2024: Assets surpass Shs 20 trillion, beating Vision 2025 target ahead of schedule. 2025: Assets reach approximately Shs 26 trillion; membership exceeds 3.4 million, with over 113,000 employers. Annual interest payout hits a record Shs 2.79 trillion (FY 2024/25).
COVID-19 exposes vulnerabilities in household savings and accelerates reform. 2021: Parliament passes the NSSF Amendment Act.
Digital transformation matures: NSSF GO platforms (mobile, USSD, web, AI-assisted services) Straight-through processing and faster benefit payments
2022: Introduction of Mid-Term Access, allowing qualifying members early access to savings — over 90,000 beneficiaries.
Hi-Innovator Programme surpasses jobcreation targets, supporting over 200,000 jobs.
Coverage expands beyond large formal employers to SMEs and informal sector workers.
Transition underway from Vision 2025 to Vision 2035, targeting:
Tripartite governance (Government, Workers, Employers) given firm legal footing.
50% coverage of working Ugandans Shs 50 trillion in assets Stronger role in health, legacy wealth, and social investment
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40th Anniversary Issue – July 2026
Facts and Figures
Key Facts &Figures Date of establishment?
Which ministries supervise the fund?
1st December, 1985
Ministry of Finance Economic Planning and Development, Ministry of Gender, Labour and Social Development
When did the fund start making e-collections?
What is the name of the NSSF web application?
In the year 2011
NSSF GO APP
Fund Business
1,243,335 Number of male contributors as at Dec 2025
683,841 Number of female contributors as at december 2025
42.16%
Members have a balance less than Ushs 1 Million
Average NSSF Balance For Members As At Dec 2025
15%
Interest Rate
Highest interest rate paid out by the fund over the last 40 years till dec 2025
1,927,176 Active Members 838,637
Dormant Members 1,088,539
Total number of NSSF members (active and dormant) as at Dec 2025
9.5 Billion Highest NSSF Member Balance As At Dec 2025
Story continues on next page
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40th Anniversary Issue – July 2026
Facts and Figures
Fund Business
1.3 Trillion (Last Financial Year 24/25)
Which year the highest total member benefits were paid out by the fund?
1.2 Trillion How much has been paid out in mid-term benefits since it was permitted to dec 2025?
30.6% 47.2%
Smartlife life contributions come in weekly Smartlife life contributions come in monthly
Most number of times a smartlife member has made a contribution in a day
5.8 Billion
47,185
Last Financial Year 24/25
Highest total member benefits paid out by the fund
2.9 Trillion (from 1 Jul 2011 to Dec 25)
How much has been paid out in total age benefits from 1985 to dec 2025?
1.6 Billion Highest individual member smartlife balance as at Dec 2025
7,243
Value of smartlife benefits paid out as at Dec 2025
Number of smartlife benefits paid out as at Dec 2025
48,452
Investment
Number of active NSSF employers as at Dec 2025
Most common saving goal for smartlife flexi savers
Northern Region
Central Region
Geographical region with lowest number of active employers
Geographical region with highest number of active employers
4.69 days for the FY25/26
Average turnaround time for all benefits payout
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40th Anniversary Issue – July 2026
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40th Anniversary Issue – July 2026
NSSF financial performance from 1986 to 2025
Creating Value: 1986 – 2025 NSSF Financial Performance Arthur Tugume
Financial Accountant
T
his is a comprehensive analysis of key financial performance indicators from 1986 to 2025. The study evaluates trends in operating income, total assets, member funds, contributions, benefits paid, operating expenses, interest declared, and cost-to-income ratio. The findings reveal a clear institutional evolution from a nascent, volatile entity into a mature, efficient, and large-scale pension fund. Financial performance over time provides critical insight into institutional
sustainability, operational efficiency, and strategic positioning. Below is the four-decade analysis of financial data, focusing on key performance indicators (KPIs).
1. Operating Income NSSF’s operating income refers to the total revenue generated from its income-producing activities. This includes interest earned on investments, rental income from properties, dividend income from shares and equity
investments, and other related sources of revenue accrued by the institution. Operating income serves as an important indicator of how effectively the institution’s income-generating activities are performing. It reflects the efficiency of investment decisions, asset management, and overall financial performance. A strong operating income suggests that the institution is successfully managing its resources to generate sustainable returns, which supports its long-term financial stability and ability to meet its obligations to members.
The table below displays the growth in operating income from 1986 to 2025. Operating income UGX'Bn 3,500
3,000
2,500
2,000
1,500
1,000
500
1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 201 0 201 1 201 2 201 3 201 4 201 5 201 6 201 7 201 8 201 9 2020 2021 2022 2023 2024 2025
-
Operating income demonstrates a strong upward trajectory over the 40year period, increasing from UGX 1 billion in 1986 to UGX 3.1 trillion in 2025. Early years (1986–2005) were characterized by low and inconsistent earnings, reflecting a formative stage of development.
Between 2006 and 2013, income growth stabilized, followed by a brief period of volatility between 2014 and 2016. From 2017 onwards, operating income expanded rapidly and consistently, signaling improved investment performance and institutional maturity.
This sustained growth indicates enhanced revenue-generating capacity, driven by asset expansion and improved portfolio management. Story continues on next page
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40th Anniversary Issue – July 2026
NSSF financial performance from 1986 to 2025 2. Total Assets Total Assets represent the aggregate value of all economic resources owned and controlled by NSSF that are available to meet present and future obligations to members and beneficiaries. They reflect the financial strength, stability, and long-term sustainability of
the fund. NSSF’s assets include cash and cash equivalents, fixed income investments, equities, real estate and investment properties, alternative investments, receivables, property, plant and equipment (PPE), and intangible assets. Over the past 40 years, NSSF has steadi-
ly grown its asset base to exceed UGX 26 trillion as of June 2025, reflecting sustained member contributions, prudent investment management, and consistent long-term accumulation. The most significant acceleration occurs after 2010, suggesting the onset of compounding growth dynamics.
The graph below shows growth in total assets between 1986 and 2025.
Total Assets UGX'Bn 30,000
25,000
20,000
15,000
10,000
-
1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 201 0 201 1 201 2 201 3 201 4 201 5 201 6 201 7 201 8 201 9 2020 2021 2022 2023 2024 2025
5,000
The growth in total assets shows a compound average growth rate of 18% year on year. The trend in growth of total assets is reflective of the trend in the growth of accumulated members’ funds. Increase in members’ funds over
time has made more funding available to NSSF, thereby enabling more assets to be acquired and investment income. NSSF’s assets are prudently invested in a portfolio of asset classes, and broadly as of June 2025 these are
NSSF Uganda Managing Director Patrick Ayota receives a dividend dummy cheque from MTN Uganda CEO Sylvia Mulinge. MTN Uganda is one of the Fund’s best-performing equity investments.
Story continues on next page
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40th Anniversary Issue – July 2026
Solana Lifestyle and Residences is a 550-acre award-winning, mixed-use development comprising residential, commercial, retail, leisure, hospitality, and public open spaces. It is located at Lubowa off Entebbe Road. Once completed, the development will be home to 2,750 residences. Phase 1 consists of 370 units and is almost sold out.
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40th Anniversary Issue – July 2026
NSSF financial performance from 1986 to 2025
Asset Class
Sub-Category
Asset Allocation
Value in UGX
1.Fixed Income
Bonds, loans, deposits
80.40%
UGX 20.52 Trillion
2.Equities
Listed
12.49%
UGX 3.19 Trillion
Private
0.83%
UGX 214 Billion
Property
6.28%
UGX 1.6 Trillion
3.Real Estates
This strategic asset allocation indicates an investment strategy that is both aggressive and yet prudent, leaving no chance for idle resources. This has witnessed NSSF offering better than
average returns that has also contributed to increased revenues. This has enabled the Fund to provide members with double-digit returns in the last 15 years.
3. Accumulated Members’ Funds
resents the total contributions received to date plus interest credited less the total benefits paid out.
Over the past 40 years, NSSF members have consistently made contributions to the Fund. These contributions accumulate over time and are credited with interest as declared annually. The amount reflected in NSSF’s books as accumulated members’ funds rep-
Member funds closely track total assets throughout the period, reaching UGX 25.5 trillion in 2025. This near equivalence suggests a conservative financial structure with minimal reliance on external leverage.
Such alignment is characteristic of pension or provident funds, where assets are primarily funded by member contributions. The result is a strong solvency position and reduced financial risk.
The performance is presented in the graph below
Member Funds UGX'Bn 30,000 25,000 20,000 15,000 10,000 5,000
1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 201 0 201 1 201 2 201 3 201 4 201 5 201 6 201 7 201 8 201 9 2020 2021 2022 2023 2024 2025
-
The growth in members’ funds is aligned with the growth in total assets. As of June 2025, accumulated members’ funds represent 98% of the Fund’s total assets.
While NSSF’s total assets amount to UGX 26 trillion, accumulated members’ funds stand at UGX 25.5 trillion. This demonstrates that the Fund holds sufficient assets to meet members’ obligations as and when they fall due. Story continues on next page
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40th Anniversary Issue – July 2026
NSSF financial performance from 1986 to 2025 4. Contributions collected during and 10%, respectively. An analysis of each year the contributions collected each year On a monthly basis, employers make contributions to NSSF on behalf of their employees. The employee and employer contribution rates are 5%
provides a good measure of how effectively NSSF is promoting compliance among employer organizations in remitting their employees’ contributions.
Contributions show steady and resilient growth, rising from negligible levels in the early years to UGX 2.1 trillion in 2025. The growth becomes more pronounced after 2005 and remains consistent through 2025.
The performance of annual contributions is shown in the graph below.
Contributions UGX'Bn 2,500
2,000
1,500
1,000
-
1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 201 0 201 1 201 2 201 3 201 4 201 5 201 6 201 7 201 8 201 9 2020 2021 2022 2023 2024 2025
500
This trend reflects increased membership, higher wages, and policy-driven expansion into the informal sector in recent years. Contributions form a stable and predictable inflow, supporting liquidity and long-term investment.
However, the growth rate is slightly slowing compared to the growth of total assets, suggesting that the scheme’s expansion is increasingly driven by investment income than new contributions.
NSSF Uganda Managing Director Patrick Ayota receives a dividend dummy cheque from Airtel Uganda CEO. NSSF invested in the telecom company in 2014.
Story continues on next page
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40th Anniversary Issue – July 2026
NSSF financial performance from 1986 to 2025
NSSF Uganda Deputy Managing Director Gerald Paul Kasaato speaks at a media dialogue discussing the Fund’s performance.
5. Benefits paid out Benefits are paid from the accumulated members’ funds as and when members qualify to access their savings. There
are seven types of benefits i.e., age benefits, withdrawal benefits, exempted employee benefits, invalidity benefits, survivors’ benefits, immigration grant benefits, and mid-term benefits.
At payout, members receive a lump sum payment consisting of contributions and interest compounded every year.
Below is a graph of benefits paid out from 1986 to 2025.
1,400 1,200 1,000 800 600 400 200
Benefit payments are increasing at a faster rate than contribution collected. Benefits paid currently amount to 62% of contributions collected compared to 27% 10 years ago. This growth differential indicates that outflows are accelerating more rapidly than inflows, which may gradually reduce the scheme’s surplus if the trend persists. The big jump
2025
2024
2023
2022
2021
2020
201 9
201 8
201 7
201 6
201 5
201 4
201 3
201 2
201 1
201 0
2009
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
1993
1992
1991
1990
1989
1988
1987
1986
-
in 2022 compared to 2021 was due to the introduction of mid-term benefits.
6. Interest Rate Declared on Savings
Although contributions still exceed benefits, the narrowing gap signals a transition toward a payout-intensive phase. This trend introduces potential liquidity and sustainability considerations for the future.
NSSF annually declares interest to its members, which is credited to their individual accounts. The interest declared represents the Fund’s performance for that year and is determined by the income earned and expenses incurred during the period. Story continues on next page
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40th Anniversary Issue – July 2026
NSSF financial performance from 1986 to 2025
Over the past 40 years, the trend in the interest rates declared has been as shown in the graph below.
Interest declared 16.00% 14.00% 12.00% 10.00% 8.00% 6.00% 4.00% 2.00%
1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 201 0 201 1 201 2 201 3 201 4 201 5 201 6 201 7 201 8 201 9 2020 2021 2022 2023 2024 2025
0.00%
cost of administration below 1% compared to the industry average of 2.2%, demonstrating exceptional operational efficiency. This means that only a very small proportion of the revenue generated is consumed by administrative and operational expenses. This reflects strong cost management practices, dis-
7. Total Expenses NSSF’s expenses include administrative expenses, operating expenses, depreciation and amortization. The growth in expenses has been effectively controlled relative to income growth. NSSF has maintained the
ciplined expenditure controls, and efficient resource utilization. Overall, this level of efficiency positions the institution as highly cost-effective and financially well-managed.
The Total Expenses over the past 40 years are as shown in the graph below:
Total Expenses UGX'Bn 250
200
15 0
10 0
50
2025
2024
2023
2022
2021
2020
201 9
201 8
201 7
201 6
201 5
201 4
201 3
201 2
201 1
201 0
2009
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
1993
1992
1991
1990
1989
1988
1987
1986
-
Story continues on next page
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40th Anniversary Issue – July 2026
NSSF financial performance from 1986 to 2025 Operating expenses increased from minimal levels to UGX 230 billion in 2025. However, the growth rate of expenses remains significantly lower than that of operating income.
This divergence indicates strong operational efficiency and the realization of economies of scale.
8. Cost Income Ratio
This is an efficiency ratio that shows institution’s costs in relation to income. Below is a graph illustrating how costs have changed relative to income over the past 40 years.
3,500 3,000 2,500 2,000 1,500 1,000 500
1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 201 0 201 1 201 2 201 3 201 4 201 5 201 6 201 7 201 8 201 9 2020 2021 2022 2023 2024 2025
-
Operating income
Total Expenses
Historical Perspective
Global Comparison
•
For context, many global pension funds typically operate within a cost-to-income range of 10% to 20%. Achieving an 8% ratio places the Fund among the most operationally efficient pension funds internationally.
1990s: The cost-to-income ratio was extremely high, largely due to startup inefficiencies, structural setup costs, and the operational challenges associated with building institutional systems and capacity.
•
Early 2000s: The ratio ranged between 35% and 98%, reflecting a transition period characterized by restructuring, system upgrades, and efforts to stabilize operations.
•
From 2010 onward: The ratio consistently remained below 15%, demonstrating significant improvements in cost management, operational discipline, and efficiency gains driven by better governance and technology adoption. The ratio declined further to a record low of 8% in 2025 marking the most efficient year in the institution’s history.
This sustained improvement in the cost-to-income ratio reflects disciplined expenditure control, economies of scale, strong financial oversight, and continuous operational improvement with clear indicators of world-class operational efficiency.
9. Conclusion The analysis demonstrates a remarkable transformation over four decades, with the Fund achieving substantial growth, operational efficiency, and financial stability. NSSF’s strong asset base and consistent income generation underscore its success. However, the increasing rate of benefit payments marks a shift toward a more mature phase, where sustainability will depend on effective asset-liability management and prudent investment strategies. Future success will rely not only on continued growth but also on the ability to manage rising obligations while maintaining competitive returns.
NSSF Chief Finance Officer Stephens Mwanje.
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40th Anniversary Issue – July 2026
The proposed one-stop Government Office Campus (GOC) to accommodate the selected Ministries, Departments, and Agencies (MDA’s). It will be developed by NSSF Uganda, in partnership with the Government of Uganda.
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40th Anniversary Issue – July 2026
NSSF @ a glance – Uganda’s economic growth engine
NSSF @ a glance – Uganda’s economic growth engine May 2026
Legal status
Contribution structure
Established under the National Social Security Fund Act (Cap. 230)
15% of gross monthly wage, split 10% employer and 5% employee.
Total assets UGX
30
trillion
UGX
Benefits paid
UGX
1.322
trillion
UGX
Over
2.13
trillion
80.4% Fixed income 13.3% Equities 6.3% Real estate Employers
3.4
113,300
million members
UGX 80 trillion in assets | 50% coverage 95% customer satisfaction
About 13% of GDP
32.45
Total value created 2014 to 2024
trillion
Membership
for 2024/25
Vision 2035
UGX
3.52
Investment allocation
Interest rate to members
13.5%
Contributions
Revenue
Invested in local companies
trillion
estimated at UGX
UGX
143
2.27
trillion
The value created in 2023 was 7.3 times that in 2014. Impact growing with size of portfolio.
25% of gov’t domestic debt
trillion
UGX
17.39
Total value in Uganda alone 2014 to 2024
was UGX
55.2
Over the period 2014 to 2024, the Fund supported over 310,000 FTE jobs were created by NSSF`s activities
trillion
trillion
or 2X the Fund size over the same period. In 2023 alone, it was UGX 8.9 trillion which was 4.6% of GDP
1.9 million FTE jobs. In 2024,
The Fund activities impact the wider economy. The value created was largely attributed to payouts to members, investment program and own operations Story continues on next page
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40th Anniversary Issue – July 2026
NSSF @ a glance – Uganda’s economic growth engine
Former Minister of Finance, Planning and Economic Development Matia Kasaija and former Minister of Gender, Labour and Social Development Betty Amongi at the 13th NSSF Annaul Members Meeting on September 28th 2025.
TD
A ELECTR ND I
OM PAN Y NC L
A
IO
DISTRIBU T TY CI
UG
NSSF 40th ANNIVERSARY The Uganda Electricity Distribution Company Limited (UEDCL) congratulates the Board, Management and Staff of the National Social Security Fund (NSSF) on their remarkable 40-year anniversary. The four decades are a symbol of distinction, resilience, and devotion to the Ugandan workers saving with the fund. The fund prepares UEDCL employees for retirement through its timely investments and value addition. From time to time, NSSF has contributed to the nation's infrastructure development hence propelling socio-economic transformation. We celebrate this milestone and look forward to strengthening our partnership in the years to come. Congratulations!
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40th Anniversary Issue – July 2026
Testimonials
Usher Wilson OwereFour Decades of Saving with NSSF Julius Businge
Financial Journalist
A
t 66, Usher Wilson Owere speaks with the calm assurance of a man who has lived deliberately. A former Chairperson of the National Organisation of Trade Unions and a lifelong advocate for workers’ rights, Owere’s story is also the story of quiet discipline, patience, and belief in the power of long-term saving.
Owere traces his saving discipline to his upbringing. Raised by his grandfathers, he learned early that wealth is built patiently. Watching cattle multiply over time taught him that value grows when you allow it to mature. That lesson followed him into the workplace, where he realized that consuming everything today leaves nothing for tomorrow.
Long before saving became fashionable or widely trusted, he chose consistency. For four decades, he has saved continuously with the National Social Security Fund, retiring at 55, accessing his benefits, and yet continuing to save to secure the future even further.
Marriage and family reinforced that discipline. With a supportive wife and a shared vision, saving became a family value rather than an individual sacrifice. Over the years, that mindset helped him raise seven children, all of whom have completed university education, with one still finishing. Education, he believes, is one of the most meaningful returns on long-term planning.
“Saving is not deprivation; it is protection for tomorrow,” Owere says. Owere began his working life before NSSF was established in 1985. When the Fund was introduced, many workers were skeptical. Trust in institutions was fragile, wages were low, and daily needs often felt more urgent than distant retirement. But Owere saw saving differently. He understood it not as deprivation, but as protection.
“Consistency matters more than the size of the contribution,”
Working his way up from an assistant security officer to a senior operations officer at the Uganda Civil Aviation Authority, he experienced firsthand how small, consistent contributions could grow alongside a career. When he started, his salary stood at just a few thousand shillings. Saving was difficult, but he stayed the course. As his income grew through union-led advocacy for better pay, his contributions to NSSF grew as well. The habit was already formed. “Start small, but start now; discipline grows with time,” he advises.
Learning discipline
“Consistency matters more than the size of the contribution,” Owere adds.
Union leadership Saving did not happen in isolation from Owere’s public life. As a union leader, he was deeply involved in improving workers’ welfare. His leadership roles at the Civil Aviation Authority and later as Chairperson of the Amalgamated Transport and General Workers Union expanded his understanding of social security and its importance. He encouraged colleagues to check their NSSF statements, to understand their savings, and to think beyond immediate needs. Over time, his advocacy extended beyond individual workplaces to national platforms. As trust in the Fund wavered during periods of scandal and public doubt, Owere became one of its strongest defenders, convinced that workers’ money needed protection, not fragmentation. “Your savings should work for you long after your last salary,” he says. Story continues on next page
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40th Anniversary Issue – July 2026
Testimonials Living the returns When Owere reached retirement age and accessed his benefits, he treated the money with the same discipline that had built it. He invested deliberately. He bought land, built a home, and established a school that now serves both nursery and primary learners. He eliminated rent from his life and secured assets that would outlive his working years. Even then, he did not stop saving. He continued to balance NSSF savings with cooperative societies and bank investments, understanding the value of diversification. He welcomed the introduction of midterm access and voluntary savings, reforms he had long championed, and embraced the opportunity to keep contributing even after retirement. For Owere, NSSF offered more than interest. It offered peace of mind. He saw it as safer than many alternatives and reliable in delivering long-term value. Meanwhile, being recognized as the longest-serving member at NSSF’s 40year milestone carries deep personal
meaning for Owere. It affirms not just his loyalty to the Fund, but the correctness of a philosophy built on patience and foresight. The recognition is not about longevity alone. It is about consistency in a world that often rewards short-term thinking.
many families struggled. Those with reserves survived with dignity.
Looking ahead
His guiding principle remains simple: save steadily, plan early, and think beyond yourself. He believes saving is not only about personal comfort, but about leaving a legacy and setting an example for the next generation.
Despite his achievements, Owere continues to save. He understands that money loses value over time and that uncertainty is part of life. Experiences like the COVID-19 lockdown reinforced his belief in preparedness. Schools closed, incomes stalled, and
At 66, Usher Wilson Owere is still saving, still advocating, and still believing. His journey reflects the quiet power of long-term commitment and the enduring promise of social security when trust, patience, and purpose come together.
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40th Anniversary – July2026 2026 SavingsDigest - ISSUE 4Issue - JANUARY
Testimonials
My 35 years working at NSSF Francis Baryahabwa Administration Manager
hen you joined, what was W the organisation like in its early years? I joined in 1992. The NSSF ACT CAP 222 of 1985,put 7years earlier, was in the process of implementationin terms of recruiting staff- an MD, DMD and CS had been recruited in 1990 who in turn were recruiting other staff with the support of also a newly appointed board. Many staff had been inherited from the ministry of Labour where the Fund had been situated as a ministry department with a director of social security reporting to the permanent secretary. So things were in transition and slow. Supervision was also highly hierarchical with a boss being a boss. Promotions were largely based on seniority.
How different was the work environment then compared to now? The work environment was slow and only moving from civil service fashion. The Head office was in a very old building on Kampala Road called Ambassador house where access was through shops on the ground floor, then through a corridor to the 2rd floor. Kampala branch where I was based as a compliance officer was on the first floor. Kampala road where the office was based was typically very noisy with traffic which would be felt in the office The infrastructure now is modern with everything very clean and good including having air-condition. The office infrastructure was very oldvery old chairs, tables, cupboards and everything.
There is less hierarchy now as you can easily try to see HODs, CS, DMD, MD without first making an appointment.
What challenges did the organisation face in those early years? Operations were largely manual including the use of typewriters. There were no computers which came later on as technology was not as advanced to enable. There was no accountability to savers and members in terms of members statements as there was no systems to capture and issue statements which only came in limited operation in 1994 (SSDMS- Social Security Data Management System). The field and public was harsh as a result and resistant to saving. The interest rate declared those years was very low- about 3% or lower. The performance Appraisal Management system was based on the civil service model with an Annual confidential report filed on a staff without interfacing with a staff and you could not know what a supervisor has put in there. Salary increment were through an annual inflationary adjustment of usually 10% across board per annum regardless of individual contribution to the performance.
What would surprise today’s staff about how things were done back then? No discussion of appraisals. Fewer vehicles in the field and increased use of motorcycles by field staff. No members statements Issuance till later years. Highly hierarchical management and limited approachability. Benefits claims payments taking a very long time 3months plus on average. Due to the currency devaluation of 1987 the benStory continues on next page
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40th Anniversary Issue – July 2026
Testimonials efits amounts paid were very low with the trial balance payment of only UGX 154 not enough to transport a claimant to come and pick the money. These were in cheques and there were many stale cheques those years due to claimants’ reluctance to pick the meagre payments. The field staff-me inclusive- were largely money minded (not records minded) and would collect many cheques without corresponding schedules because credit was going to how much money a branch collected and hence the unposted contributions and growth of the suspense contributions scenario. Most of the branches were also located in old, dilapidated buildings across the country- many near or in the buildings that hosted the ministry of labour.
Which transformation do you feel had the greatest impact(positive) on the organisation? By 1995 more staff not inherited from the civil service were getting recruited- University graduates-accountants, Auditors, compliance and contribution officers, customer service officers, legal officers, Public relations officers etc, so a fresh breeze of air started. Nontraditional benefits began to come
from around 1996 like housing advance for 6 months to 1 year, Home ownership loan, Co-ownership of motorcycles and cars and the Free medical insurance scheme. Also, the Fund offices started to shift away from old civil service building to modern buildings including the head office. New furniture also started being purchased. This greatly increased morale and productivity and improved the working environment.
How has the organisation’s mission or mandate evolved since you joined? The main mandate when we joined was to register employers, then employees(members), sensitization, collection of contributions, investing the collections and payment of benefits in that order. Those years were using a lot the enforcement model as there was a lot of resistance in the field. Each field officer and manager had an inspection/compliance enforcement certificate. The RM(Relationship Manager) of those years was called Compliance Officer while the Area Manager was called District Compliance Officer This model changed in later years to emphasize Relationship building and also the Fund started having Annual
Members meetings as consultative forums and also delved into Real estate development by buying investment properties like at Mpumudde in Jinja, National Housing Bungalows at Bukoto from National housing corporation, A house in Naguru and then former Udyam house (Social Security house) on jinja road. It also started to buy big lands for housing development projects at Nsimbe and Lubowa. This was a big mandate addition to alleviate commercial and housing deficit in the economy than only traditional payment of benefits.
Are there leadership decisions that you believe shaped the organisation’s future? Yes. Completion of the construction of workers house to have a permanent place as NSSF Head office as we had shifted twice from Ambassador house and then Lumumba Avenue. Also the change from buying finished houses for rent like at kisugu, mbuya into constructing own houses for sale like at Mbuya, lubowa and now Temangalo changed the approach. I believe this opened another revenue generating stream than investing only contributions in the banks/money markets etc. Story continues on next page
NSSF staff at an event. Staff engagement is now at an all-time high at 89%.
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40th Anniversary Issue – July 2026
Testimonials All inhouse given and supervised loans and housing advances stopped as well as lending money to staff against the security of the SPF.
Insatiability has remained a problem. As more non traditional benefits came through, staff always want more like there is self entitlement.
errands including mail service till they were re-purposed to drivers. Securitythe security guards were Fund staff and were a number.
Loaning was now outsourced through the bank and interest was now levied on these loans.
Driving and owning performance also remains a problem with many people especially in the customer focus area not putting a customer to the fore
Cleaners were also staff on the payroll.
What role did staff play in navigating periods of change or reform? Management became more consultative and involving of staff. Several committees would be set up- like the tender/purchasing committee that worked with the powerful purchasing officer. There was also the IMIS (Integrated Management information System) committee to help implement technology projects in TES Department rather than having the head of IT working alone. A senior driver was also put in place to work with the powerful transport officer- to check on the repairs and supervise Drivers and transport generally.
What values have remained constant despite all the changes?
What makes you proud to say you work here? The Brand visibility has grown and continues to stand out. Many people who used to curse us for working here now wish they work here. The job security. The TATs for all the services have improved a lot and continue to improve. The competitive interest rate being offered etc.
Operationally a benefit claim especially Survivors benefit would take a very long time while members statements were not available for years owing to lack of technology to capture and process them. Those years of “bosses” of SIR, MADAM also had a culture and hierarchy of secretaries. There was a secretary to every area manager, a secretary to every head of Department and off course as it is now a secretary to statutory appointees.
Are there traditions, practices, or You needed to see a secretary to seek stories that only long-serving staff an appointment to see the HOD while would know? at a branch where I as area manager Yes. Insourcing (rather than outsourcing) of services used to be the practice for a long time. Services like Tea provision and preparation was by Fund employed tea makers, very many employed office messengers running the
of several branches -a secretary to the Area manager/District compliance officer- would schedule you to see the area manager. This stopped in 2010 when secretaries were removed and repurposed- except for PAs of the statutory Appointees- CS, DMD, MD. It was Story continues on next page
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BLUECRANE COMMUNICATIONS LET’S TECH YOU AHEAD
40years
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BlueCrane Communications extends its warmest congratulations to the Board, Management, and Staff of the National Social Security Fund (NSSF) on your 40th Anniversary. From a vision of social security to a pillar of Uganda’s economy, NSSF has grown alongside the dreams of millions. We are proud to celebrate this historic milestone with you. Here’s to more years of making lives better.
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63
40th Anniversary Issue – July 2026
Testimonials
NSSF Staff attend to a customer at the Customer Experience Centre. Customer Satisfaction is at an all-time high at 88%.
ing by Parliament. With time the new leader(s) including a new board, would settle down and the Fund stories would get out of the media.
offensive to the MD if you referred or called him SIR. Now the system is too open that you do not need to fix an appointment at branch and HOD level- even with the statutory appointees. You just walk in
What crisis or difficult period do you believe tested the organisation? The constant changes in Management at the Top- starting from around 1998 when the inception management changed. There after Top management would change at an average of every 3yrs till the year 2010. The main reason was real estate development projects that were starting to be implemented and purchase of land and allegations of financial impropriety around them. I was in the branches as Area manager and days and weeks of screaming headlines in the newspaper on those alleged scandals would make us hide in the offices and not venture in the field. This would set us many miles backwards from what we had been achieving.
How did the Fund navigate it? At that time the Fund PR function was not well constituted but in any case, left the matter to the Ministry of Gender to refute or deny the allegations. Those years we would be told not to talk much about what was screaming in the media and to refer any enquiries to head office. In most times it would be the line minister making the changes and an investigation would be conducted includ-
We would also resume normal business including venturing out into the Field.
“The Brand visibility has grown and continues to stand out. Many people who used to curse us for working here now wish they work here. The job security.”
Which achievement would you say makes you feel most proud to be part of this institution? I feel proud about the Fund because it has shaped me into what I am today. It has opened for me networks and opportunities. Have walked journeys with it and contributed to the developments and improvements along the way: •
Right from School as Compliance Officer, Area Manager of several Branches, Regional Manager, Area Network Manager, Operations Manager, Deputy Chief Operations Officer, Ag. Chief Operations Officer and Administration Manager/ OSH Coordinator. This has opened up my horizons and met many people across the country. I have also contributed a lot to the operations like the demarcating of the Kampala branches and the zones which used to have ambiguities. Most of the benefit forms I designed over the years are still in use today.
•
I was Chairman of the NSSF Contracts Committee for six years and I used to travel to the East Africa Procurement forum
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Testimonials conference every year rotational to all the countries that comprise the EAC. I made many friends in the EAC region as a result who continue to be valuable. Also as Chairman of the contracts committee, we revived to completion many stalled and challenging real estate development projects. These included Lubowa, Mbuya, solving the Nsimbe joint venture and successfully exiting a share holder and owning the land and others. •
I represented NSSF on two Uganda Government National steering Committees- the National Health Insurance Formulation committee, the Competitiveness Enterprise development steering committee which created one stop centres in the country. I met many people and networked with many Government official from different settings. These have continued to be useful especially during the Corvid 19 response era, The on-
going NIRA ID renewals which contacts in turn benefitted the Fund. •
Have been able to educate my family through working at NSSF over the years and these currently include a lawyer and a medical doctor who is about the finish.
In your view, what is the organisation’s most important contribution over the last 40 years? Growth over the years and being a major contributor to the economy in terms of Assets mobilization. The increasing involvement in real estate projects development have also helped reduce the rentable commercial space in Kampala, Mbarara, Jinja and another coming up in Mbale The housing units that have been built in Lubowa, Temangalo, Mbuya are also contributing to the economy. Availing a platform for saving has been great- many savers are now reaping big savings thus sustaining many livelihoods and general economic development.
What gives you confidence about the next 10 years? The recent strong venture into the largely untapped voluntary contributions space is already doing wanders with platforms like smart flexi catching up wildly. The interest rate is also rising all the time thus creating more value to the members. The strong entry in the housing deficit market should in the next few years pull the Fund to the space of massive housing estates like the ones we have seen in Ghana, Tanzania and Rwanda done by the saving schemes of these countries.
What would you like the organisation to be remembered for at its 50th anniversary? Resilience and turnaround. From Paying a benefit claim after 90 days to paying a claim in one day. Efficiencies like updating member contributions timely. Evolution from hopelessness to a very strong brand able to attract and recruit the best of the employees in the market.
NSSF A
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The Proposed One Kampala project, located on Yusuf Lule Road on a site measuring approximately 1.074 acres. Sandwiched strategically between the upscale districts of Nakasero and Kololo, the site is a 10-minute walk away from the best social amenities, hotels, and commercial hubs.
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40 NSSF members share their views about the Fund most employers have adhered. It always brings a smile at the end of the month when you get that message, showing your balance growing. It feels passive, but it’s a brilliant idea, because not every worker has the financial discipline to save on their own. Above all, NSSF is truly owned by Ugandans.
Chris Irumba
S
aving with NSSF has been really helpful — but you only feel the benefits once you’ve actually joined. Before, I worked with a few companies that didn’t take NSSF seriously. We would get our full salary, spend it, and before you know it, the money was gone — with nothing to show for it. Now, with the new measures in place,
Julius Setumba
I
’ve been using their services for more than ten years now, and honestly, my experience has been really good. They’re transparent — you always get updates and instant feedback. A simple example, when you make a deposit, they notify you straight away. I feel like their services have greatly
improved, and more people can trust them now. I’m happy with what they offer.
Godwin Kugonza
I
graduated just three years ago, and I’ve been working for a company earning less than a million shillings. My savings are still small, but they’ve been growing steadily — and honestly, NSSF has been good to me. It’s easy to track everything: once you log into their system, you can check your balance anytime. My hope is to keep working, stay consistent, and retire with something meaningful. When that day comes, I want to use my savings for something good — for my life and for my dear ones. Story continues on next page
SMS CONSTRUCTION LIMITED Our Mission To deliver superior construction and engineering services that exceed customer expectations through competitive pricing, timely project delivery, teamwork, and a safe working environment. Our Vision To be a progressive company driven by strong core values, delivering lasting impact across the East African region while fostering long-term relationships built on trust, quality, and customer satisfaction.
SMS CONSTRUCTION LIMITED CONGRATULATORY MESSAGE SMS Construction Ltd extends its warmest congratulations to the National Social Security Fund (NSSF) upon the remarkable milestone of forty (40) years of dedicated service to the people of Uganda. Over the past four decades, NSSF has played a pivotal role in promoting financial security, safeguarding workers’ savings, and contributing to the nation’s
socio-economic development. This achievement is a testament to your commitment, resilience, and continuous innovation in serving Ugandans. As a valued client and partner, SMS Construction Ltd greatly appreciates the trust and collaboration we have shared with NSSF. We are proud to be associated with an institution that upholds excellence, integrity, and a
forward-looking vision. We commend the Board, Management, and Staff of NSSF for this outstanding accomplishment and wish you continued success in the years ahead. May you keep empowering generations and strengthening Uganda’s future. Congratulations once again on this significant milestone. What We Do SMS Construction Limited is a leader in the construction industry, offering comprehensive services including: 1. Construction & Building Engineering: High-quality solutions for residential, commercial, and infrastructure projects. 2. Concrete Batching & Precast: Modern batching plants producing durable, high-quality concrete products. 3. HVAC & Air Conditioning: Efficient heating, ventilation, and air conditioning systems for residential and commercial spaces. 4. Carpentry: Custom carpentry services emphasizing durability, precision, and superior craftsmanship.
Address. Plot 6C,SMS House 7ths street Industrial Area, P.O.Box 37672,Kampala-Uganda Tel:+256(0)200918800 Email:info@smsconstruction.com
Key Projects & Construction Sites As part of our contribution to Uganda’s national development agenda, SMS Construction Limited has been actively involved in several highprofile and strategic projects across the country. Our portfolio includes works at: - National Social Security Fund (NSSF) developments - Marriott Hotel Project - Uganda Cancer Institute - Uganda Electricity Transmission Company Limited (UETCL) facilities - Directorate of Government Analytical Laboratory (DGAL) infrastructure - Inspectorate of Government (IG) Tower - Among other public and private sector projects nationwide
SMS MANAGEMENT
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40th Anniversary Issue – July 2026
Testimonials
Johnson Thembo
I
would like to congratulate NSSF on its 40th anniversary. To me, one of the true game changers in recent years has been the SmartLife Flexi innovation. This initiative has not only revolutionised the way NSSF members save, but it has also successfully bridged the long-standing gap between long-term social security and immediate financial needs. For a long time, the absence of flexible, voluntary contributions was a missing link. By introducing this option, NSSF has created an opportunity to empower workers in both the formal and informal sectors to save at their own pace. This bold, digital-first approach demonstrates that the Fund is listening to the modern workers’ need for flexibility and convenience. It is a progressive move that truly deserves recognition — and yes, some well-earned flowers.
Robert Ssuuna
A
s a long-standing member of NSSF Uganda since 2007, I wish to applaud the Fund’s services, specifically the notable improvements in financial performance and member accessibility. The organisation
has delivered strong returns, declaring on average 11.5% -12%. Digital enhancements, such as the USSD, the NSSF GO app for tracking contributions and applying for benefits, along with voluntary savings options like the Smart life Flexi plan, have made services more convenient and inclusive. Despite these advancements, key areas for improvement include greater flexibility in midterm access and housing affordability to serve savers better. The current midterm benefit allows members aged 45 and above with at least 120 months of contributions to withdraw up to 20% of their savings, but this threshold excludes younger long-term contributors and limits usability for pressing needs like education or emergencies.
Lawrence Kusiima
S
aving with NSSF has been a valuable experience, promoting financial discipline and long-term security. However, some policies need improvement. Midterm access at 45 is restrictive, given life’s uncertainties. Allowing withdrawals every ten years would enable contributors to benefit earlier, making savings truly meaningful, rather than only at midterm, retirement, or chronic illness.
Oliver Taremwa
S
aving is a good thing, and I don’t have any problems with it. Every month, I look forward to seeing my account grow — especially with the annual interest rate. The more you save, the more interest you earn and NSSF has fulfilled that. What’s helpful is that I save a percentage of my pay, and my employer adds on top. That means by the time I reach retirement age, I’ll actually have something meaningful to take home. I never feel the burden of saving because the money is deducted automatically. Honestly, for me, this is the real way a true African can save for the future.
Arthur Natukunda
W
hen I was a young man turning 18, I got my first job and was required to register for an NSSF number. At the time, it was simply a condition of employment, and I gave little thought to the benefits it would offer in the future. Years later, after reviewing the projections on the NSSF app for when I turn 50, I now see it as one of the most impactful government-led savings schemes ever developed for citizens. The greatest benefit to me has been the discipline of long-term saving, with the assurance that by the age of 50, I will have a secure foundation to further invest in and support my retirement. Story continues on next page
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40th Anniversary Issue – July 2026
Testimonials every 5% I save is both reassuring and motivating. I also commend the Fund for introducing mid-term access, a timely and humane policy shift that proved especially valuable during the COVID period.
Hans Peter Ssenyonjo
I
am a proud member who has been saving with the Fund for over seven years. NSSF remains a beautiful and forward-looking initiative, giving employees something solid to rely on after retirement especially for those who contribute consistently. The improving annual interest rates have steadily boosted member confidence, with the 13.5% payout last year standing out as a historic milestone. As a contributor, the immediate 10% employer contribution for
Sharon Kyatusimire
E
very year, I eagerly anticipate the day that the new NSSF interest rate is announced. I have been saving, on and off, for about
eight years — first through an employer and later voluntarily. I have also tried saving through the Smart Life program. Watching my money grow year after year is the best feeling. It gives me hope for the future. I have also appreciated their customer care. When I needed to update details on my account, the process was smooth and seamless. Occasionally, I worry that when it’s finally time for my payout, there might be some reluctance on their part. But I know members who have received their money and enjoyed the benefits, which reassures me. I hope NSSF continues to innovate and introduce more products. They feel more trustworthy to me than private investment plans. Story continues on next page
Warmest congratulations to National Social Security Fund Uganda on the remarkable milestone of 40 years of service and impact. Four decades of safeguarding the financial future of Ugandan workers is an achievement that speaks to vision, resilience, and unwavering commitment to national development. Over the years, NSSF Uganda has evolved into a pillar of social security and economic growth empowering millions of members, strengthening investor confidence, and contributing significantly to Uganda’s transformation agenda. This milestone is not only a celebration of longevity, but of leadership, innovation, and trust built with generations of Ugandans. We are especially proud that Omega General Electricals Limited has had the privilege of partnering with NSSF Uganda throughout this journey As a trusted Manufacturer of all kinds of electrical switchboards and a provider of comprehensive engineering solutions such as: Power distribution switchboards, Automatic Mains Changeovers, Automatic Power Factor Capacitor banks, Feeder pillars, Stabilizers, Motor Control Centres, Meter boxes, including Power Installation, Maintenance Services, energy systems optimization, Structured Cabling, and Infrastructure Support. Omega General Electricals Limited has remained committed to delivering quality, reliability, and technical excellence in support of NSSF’s operational and infrastructure needs. Our partnership has been built on shared values: professionalism, integrity, efficiency, and a forward-looking approach to growth. Supporting NSSF’s facilities and projects over the years has allowed us to contribute in our own way to an institution that plays such a critical role in Uganda’s socioeconomic stability. As NSSF Uganda celebrates 40 years of impact, we celebrate alongside you with gratitude for the trust you have placed in us and with confidence in an even stronger future ahead. Here’s to continued partnership, innovation, and another 40 years of excellence and national progress.
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40th Anniversary Issue – July 2026
Testimonials
Amosi Twimuche
Patrick Abigaba
William Sebunje
I
enjoy saving with NSSF primarily because of its competitive interest rate. Having invested in real estate myself, I have found that the annual interest earned from NSSF surpasses the typical yearly returns from apartment investments.
I
T
began saving with NSSF in 2012 and personally view it as a reliable and transparent institution. I believe employers should be encouraged to increase their top-up contributions for their employees. When I joined the public sector a few years ago, I chose not to withdraw my accumulated NSSF savings. My intention is to let them continue growing.
oday, where resources are needed more for expenditure than for saving, NSSF becomes the prime option for those looking to secure some funds for the future. It provides a sense of security and peace of mind, knowing that there is money saved for tomorrow. The withdrawal restrictions are also beneficial, helping those with poor financial discipline to save consistently. Furthermore, the accountability models of sharing profits with members enhance confidence, as the value of saving is augmented. I am proud of the NSSF model.
Stephen Mbabazi
I
appreciate that they send online links for meetings and sensitisation workshops. However, they also need to take stronger action against employers who fail to remit employees’ contributions on time.
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NSSF @
ICPAU is proud to be associated with you. INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS OF UGANDA, Plot 42, Bukoto Street, Kololo, P. O. BOX 12464, Kampala www.icpau.co.ug,
ICPAU,
@ICPAU1,
0414 - 540125,
icpau@icpau.co.ug,
Institute of Certified Public Accountants of Uganda
ICPAU1
ICPAU1
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40th Anniversary Issue – July 2026
Testimonials
Jimmy Komakech
I
feel thrilled and secure thanks to the NSSF fund. I can sleep peacefully at night knowing my retirement is covered through NSSF’s mandatory savings program. This is, by far, the best initiative the fund has provided for those of us in the private sector. What has truly impressed me recently is the introduction of NSSF’s voluntary savings scheme, which has been working exceptionally well for everyone, including those in the informal private sector. As an NSSF member, I am impressed with the fund’s commitment to providing social security services to Ugandans. I hope NSSF continues to invest in sustainable, impactful projects that benefit Ugandans — such as affordable housing and infrastructure development — helping to align their work with the country’s development goals.
Charles Kato
Julius Mukunda
A
E
s a long-standing member of NSSF, I have watched the fund evolve into a dependable pillar of financial security for Ugandan workers. Over the years, NSSF has consistently shown professionalism, transparency, and a solid commitment to safeguarding our savings. The improvements in service delivery — particularly through digital platforms, clearer communication, and quicker access to information — have made it easier to engage with the fund and feel assured that our contributions are being managed responsibly. I especially value NSSF’s commitment to educating members about retirement planning and financial security.
conomist: Members should be involved in vetting the ventures that they invest in and also vetting the board members. They should start funding good infrastructure projects like the Jinja Expressway which will generate more income to the savers.
Baaz Waiswa
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he idea of NSSF and saving for old age is and will always be a good idea considering that our saving culture in Uganda, and in most developing societies is low, and almost nonexistent.
Ruth Komuntale
T Priscilla Regina Nalwoga
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have interacted with beneficiaries of their incubation programme, the Hi-Innovator, whose businesses have been scaled up by making them competitive in regional markets especially in the area of agribusiness value addition.
he annual payout has kept increasing and it looks attractive. However, more work needs to be done on the app, the user experience needs to be improved. I have not yet reached the point of withdrawing the savings from the fund however they should continue investing wisely for the members to increase their annual returns.
Patricia Lindrio
T
he fund looks good, I have been out of employment for one year but I have been saving for 17 years, they keep sending me the updates of whatever they are doing. Story continues on next page
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Testimonials
Anthony Ogallo
Wycliffe Sebunya
Jackie Tahakanazibwa
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I
I
hairman Petroleum Importers Association: NSSF has sprung from a being a redundant institution into a vibrant retirement benefits scheme. It is shielded with a lot of faith built on their credibility as an institution that has kept its word. They should invest in some of the projects where we are borrowing from China and paying a lot of interest so that money comes to the fund, for instance they could fund the construction of the Jinja Expressway.
XTREME Uganda Limited
n the last 40 years, NSSF has been building its resource envelope and ensuring that every member is benefiting from all the projects. I was happy when they introduced the Smart Flexi project which allows anyone to save with the fund. They have tried to recruit many new members by sensitising the public and it has brought a lot of buy-in. Today boda boda riders and market vendors are saving with the fund. The Hi-Innovator project was also a very good initiative, they have been transparent with their investments and somehow earned the public trust.
Physical Address Cornerstone Plaza, First Floor ‘Shop No. AB 71 Kafumbe Mukasa Road, Opp. Usafi Market Tel: +256 704 604 436, +256 754 885 959, +256 392 001 232 Email: info@xtremeugandalimited.co.ug xtremeugandalimited@gmail.com Website: www.xtremeugandalimited.com
Dealers In : Refrigeration Equipment, Ventilation Equipment, Laboratory Equipment, Kitchen Equipment, Gas Equipment ‘and Cold Room Equipment, Domestic and industrial Air Conditioning, Electrical and Communication tower.
have saved consistently with the fund and I am happy with its growth and stability despite the hiccups here and there. These are issues that any organization will have to face at one time. I looked at my statement, and I am happy with the balance. I haven’t reached the age for mid-term access, I hope I shall be able to do something with it while I am still energetic. NSSF needs to be more focused and more transparent by involving the members to agree on where to invest the money to get more interest. However I say cheers to them for the 40 years. Keep soaring higher and higher.
Yvonne Mpanga
B
usiness Developer and Advisor: I love the way they have embraced technology. Having worked at COSEKE, I see how they were quick among all government institutions to embrace technology compared to institutions such as the Uganda Police and URSB and this has enabled them to reach out to bigger audiences.
Yvonne Katureebe, XTREME Uganda Limited warmly congratulates the National Social Security Fund (NSSF) upon celebrating 40 years of dedicated service to Uganda. Your unwavering commitment to safeguarding workers’ savings and driving national development is truly commendable. Over the years, NSSF has stood as a pillar of trust, security, and progress for millions of Ugandans. As you mark this remarkable milestone, we celebrate your legacy of excellence and look forward to even greater achievements ahead.
I
used to save there when I worked with Fresh Cuts. I stopped in 2022. I went for the midterm access and invested the money in farming for retirement.
Happy 40th Anniversary!
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Testimonials
Sumin Namaganda
T
he mid-term access was a great innovation because I saw people access the money for personal growth and they transitioned to a better life. The fund should come up with more of such innovations to benefit the members when they are still alive. It is a very strong and sound institution and they have digitised most of their operations. Congratulations upon making 40 years!
Beckham Mushabahebwas
I
have been saving since 2014. I have been enjoying the interest rates all these years, however they need to improve.
Paul Tumwesigye
I
have saved with them since 2002 which is now over 20 years. The services are 90 percent good; they give us our statements and regular updates and whenever there are complaints, they rectify them immediately. I believe they are doing quite well. The idea of midterm access was very good. I accessed it and invested it in my building project and the rest of the money in unit trusts.
Peace Asanase
W
hen I was working at Stanbic Bank I used to save at NSSF between 2004 and 2015, but I stopped when I retired. I no longer save. The money is still there. I haven’t accessed it. I don’t need it now. I will only access it when I feel I have good use for it.
Stephen Otage, Journalist
Susan B. Mugyenyi
I
would like to congratulate NSSF upon making 40 years. The interest rate has been good for the members. In the future, I believe NSSF should partner with landlords like KCCA, Buganda Kingdom and district land boards, identify some of the slum areas where they own land, and build modern low cost houses which will accommodate the working population which has been forced to sleep in slums.
S Moses Bright
T
heir services are good. Whenever my salary is deducted and sent to them, they send me a notification, and whenever I have issues with them and I call them, they respond. My only request to them is to reduce the number of years to access the 20 percent, to 40 years.
aving with NSSF is an excellent idea. However, it should come with complimentary financial literacy education for all savers. NSSF should assign financial advisors to every company that saves with them. This would allow members to receive free financial guidance and advice directly. These advisors could schedule regular meetings, for example, on a quarterly basis — to visit organisations and counsel employees on financial management, as well as on how to start and grow side hustles.
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NSSF’s affordable housing project under construction on 463.87 acres of land situated in Temangalo, Wakiso district, just 17 km from Kampala City Centre comprises 3,500 houses of various types. Construction of Phase 1 comprising of 550 units is scheduled to be completed before the end of 2026.
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Personalities behind Social Security
40 key personalities that have shaped Social Security in Uganda Janet Mukwaaya
T
he recent NSSF reforms can be partly attributed to Janat Mukwaya, who, while serving as Uganda’s Minister for Gender, Labour and Social Development, was the primary mover of the National Social Security Fund (Amendment) Bill in 2019. This followed cabinet approval during its sitting on 5th March 2018, chaired by HE President Yoweri Museveni, which approved the Principles to Amend the National Social Security Fund Act.
President Yoweri Kaguta Museveni
P
resident Yoweri Museveni has made several key decisions that have enabled the growth and transformation of the NSSF over the last 40 years. The most recent, and perhaps most significant, was his assent to the NSSF Amendment Act in January 2022, which introduced legal reforms to the NSSF in 40 years. The landmark law expanded the Fund’s mandate, mandatory coverage for all employers, reformed governance, introduced new products, mid-term access benefit, and enhanced non-compliance penalties for defaulting employers. The President also shadowed the Fund from being broken up in 2011, wondering why a successful public entity needed to be liberalized, which marked the end of the liberalization efforts and led to a decision by the Cabinet to withdraw the NSSF Liberalisation Bill from Parliament. Lastly, in 2003, the President ordered a transfer of the supervision of the Fund from the Ministry of Gender to the Ministry of Finance, Planning & Economic Development, which ushered in an era of financial prudence, transparency, and impactful investments.
Matia Kasaija
H
on Kasaija is the Minister of Finance, Planning and Economic Development, who has been a supervisor of the Fund since his appointment in 2016. He was the sole supervising minister until January 2022, when new legislation introduced dual supervision, alongside the Minister of Gender, Labour & Social Development. Ho Kasaija is credited with ensuring leadership stability at the Fund after years of high turnover of top leadership, as well as ensuring financial prudence at the Fund. Under his supervision, the Fund has grown to contribute about 12% to the country’s GDP, as well as become the leading domestic lender to the Government of Uganda. The Fund diversified its investment portfolio, increasing its equity investments and regional exposure within East Africa. The Fund, however, has maintained a large majority of its investments in Uganda. He also declared the highest interest ever paid by the Fund (15%) in Financial Year 2017/2028 and has consistently declared competitive interest rates throughout his tenure as minister.
The principles included expanding social security coverage, enhancing efficiency and effectiveness in investment, providing for the introduction of new benefits, improving governance, and streamlining the appointment of staff to key positions within the Fund. Cabinet also approved amendments, which made the bill that sought to amend the NSSF Act, to establish a stakeholder board; to provide for mandatory contributions by all workers, provide for voluntary contributions, provide for midterm access to members’ contributions, a five-year term of office for the managing director and deputy managing director; in-house fund management, and introduction of new benefits.
Anthony Butele
I
t was Anthony Butele, then Minister of Labour, that tabled the on November 22, 1984, the National Social Security Fund Bill to the Parliament. The Bill sought to repeal the Social Security Act No 21 of 1967 and the Social Security Amendment Decree No. 33 of 1972 to create an autonomous Fund. From November 1984 to early 1985, the Bill was debated by Parliament. Story continues on next page
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Personalities behind Social Security Hon. Kafumbe-Mukasa
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he then MP for Mpigi Central, while contributing in the House, proposed the second reading of the NSSF Bill 1984. In his deliberation, Kafumbe-Mukasa said: “On the proposed amendment of the NSSF Bill, Mr Speaker Sir, I beg to move that the NSSF Bill 1984 be read for the Second time.” He continued: “Mr Speaker Sir, the subject of the Bill is to transform the present NSSF into an autonomous corporation to ensure secure, profitable, and effective financial management of the Fund for the benefit of the workers in particular and the country at large. The Bill seeks to repeal the Social Security Act No. 21 of 1967 and the Social Security (Amendment) Decree No. 33 of 1972.”
Gerald Ssendaula
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n 2004, Ssendaula oversaw the transfer of NSSF from the Ministry of Gender, Labour, and Social Development to the Ministry of Finance to improve the management of workers’ savings, following a directive from President Yoweri Museveni in 2004. He also oversaw a 2004 overhaul of the Fund’s then leadership following gov-
shilling, removed two zeros from the old currency, and imposed a 30% conversion tax.
Betty Amongi
H
on Amongi took over the NSSF reforms mantle following her appointment as Minister of Gender, Labour and Social Development in 2021. Under her watch, the NSSF Amendment Act was signed in January 2022, which introduced dual supervision, making her the Minister for Social Security. Hon Amongi issued regulations that operationalized the new Amendments: NSSF Voluntary (Contributions and Benefits) Regulations 2024, which enable workers to make flexible, additional savings beyond mandatory deductions. She also approved the Mid-term benefit terms and conditions that enabled savers to access the midterm benefit.
Rt. Hon Francis Butagira
R
t. Hon Butagira presided over Parliament as Speaker during the parliamentary debate of the NSSF Bill from November 1984 to early 1985. On January 8, 1985, Parliament passed the National Social Security Fund Bill into law to provide for its membership the payment of contributions to, and the payment of benefits out of, the Fund and for other purposes connected. The enactment of that law was a significant step towards the transformation of the Social Security Fund management, membership, contribution rates, and investment opportunities. The law stood the test of time until it was amended in January 2022.
Rt. Hon Rebecca Kadaga
T ernance challenges. Later, he was one of the former government officials that suppoprted the Fund’s investment in electricity distribution firm Umeme Limited.
Jaberi Bidandi Ssali
H
on Bidandi Ssali was the first supervisor of the new NSSF under the NRM government as the Minister of Labour from 1986 to 1988. During his tenure, he oversaw a nascent NSSF and oversaw a Fund affected by the currency reform in 1978, when the government, under the Economic Recovery Program, introduced a new
he legislative efforts to amend the NSSF Act started during Rt. Hon Kadaga’s stewardship as Speaker of Parliament, with the introduction of the NSSF Amendment Bill. She presided over Parliament during the first reading of the Bill. Kadaga also commissioned the Fund’s first real estate investment outside Kampala city – the Jinja City House in 2018, during which she called for more real estate investment in all regions in Uganda. Since then, the Fund has constructed Mbarara City House and Mbale City House, and plans to construct more City houses across the country.
Rt. Hon Jacob Oulanya
R
t. Hon was the Speaker of the 11th Parliament when the Bill was re-
introduced, following the lapse of the previous Parliament. During his term, the NSSF National Social Security Fund (Amendment) Act, 2022, was introduced, debated, and passed. In particular, as Speaker He also called and pushed Parliament to fast track considertation of the Bill following delays. He issued an ultimatum to the government to bring back the proposed legislation and issued directives to the Finance and Gender Committees of Parliament to prioritise scrutiny of the Bill.
Rt. Hon Anita Among
R
t Hon Among was Deputy Speaker of Parliament when the NSSF Amendment Bill was introduced and presided over some sessions of Parliament as it debated the Bill, later passed into law. The amendments ushered in reforms of the Fund that expanded its mandate, streamlined governance, and introduced opportunities for products such as the Mid-term Access. She also instituted a parliamentary committee that inquired into the management of NSSF affairs.
Dr. Milton Obote
A
lthough the idea to reform the SSF had been mooted before, former president Milton Obote promised to undo the Social Security (Amendment) Decree No. 33 of 1972 issued by Idi Amin, and turn the then Social Security Fund into an autonomous body managed out of the Ministry of Labour. He re-echoed the same policy proposal on Labour Day, May 1, 1981. The same proposal was mentioned again on the floor of Parliament in March 1982. In November 1984, a bill to formally establish the NSSF was tabled before Parliament.
Hon Flavia Kahahenda
A
s the Chairperson of the Committee on Gender, Labour, and Social Development, she led the parliamentary scrutiny and passage of the National Social Security Fund (NSSF) (Amendment) Act, 2021. NSSF Amendment Bill. She was the Woman Member of Parliament for Kyegegwa District. Her Committee’s report was adopted by Parliament, which paved the way for the passage of the Bill into the current NSSF Act (Cap 230).
Patrick John Muzaale
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rof. Muzaale was the pioneer Chairperson of the NSSF Board of Directors, who served for a year before hand-
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Personalities behind Social Security ing over to Elly Karuhanga. He was instrumental in laying the governance foundation of the Fund, ensuring the necessary legal requirements were fulfilled as the Fund began operations post 1985.
Hon. Elly Karuhanga
H
on. Karuhanga was the Chairman Board of Directors from 1986 to 1990. Taking over from Prof Patrick Muzaale, Karuhanga found a Fund that was trying to find its footing. He is credited with having steered the Fund through the period of currency reform, when the savers were affected, along with the rest of the population. After the challenges of the currency reform, the Fund enjoyed some semblance of stability by the time Karuhanga handed over the reins to Dr Crispus Kiyonga.
Dr. Chrispus Kiyonga
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r. Kiyonga is the longest-serving Chairman of the NSSF Board of Directors. He served from 1990 to 1998. He is credited with having overseen the resumption of construction of the Workers House, following years of delays. The project was completed by Roko Construction Limited and commissioned by President Yoweri Museveni on Labour Day in 2001.
Ivan Kyayonka
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van Kyayonka served as the Board Chairman of the National Social Security Fund (NSSF) Uganda from 2012 to May 2015. Kyayonka, the celebrated executive who had led Shell Uganda for many years, was appointed to promote good corporate governance and usher in a private sector mindset in the Fund’s operations to accelerate efficiency. During his tenure, he was forthright in his defense of the Fund’s equity investment in utility company Umeme Limited, arguing that the Fund had to move with the times and diversify its investment portfolio.
Vincent Ssekkonno
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ublic service veteran Vincent Ssekkonno served as the Board Chairman of the NSSF Uganda from 2009 to 2012 following appointment by then Minister of Finance, Syda Bbumba. Ssekkonno was instrumental in re-establishing the Fund’s direction following a few years of turbulence in 2008.
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His board insisted on the Fund pursuing the protracted court case against Alcon International and Alcon Kenya, in spite of advice and insistence from various circles for the Fund to settle the case out of court. The case went all the way to the Supreme Court, which sent the dispute back to the High Court. The Fund ultimately prevailed after the High Court ruled in its favour.
Martin Bandeebire
Patrick Byabakama Kaberenge
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e served as the NSSF Chairman of the Board of Directors for two terms from 2015 to 2021. He brought stability to the role and oversaw the Fund’s transformation as a result of Vision 2025. Kaberenge is credited with leading the charge at the Board level to rekindle the Fund’s real estate investment portfolio that was in abeyance for a number of years. Under his tenure, iconic projects like Solana Lifestyle & Residences, Citadel Mbuya Housing Project, and NSSF Pension Towers were started.
served on 4 boards
James Marcus Rwabeire Baira e was the pioneer Managing Director of the Fund after its establishment by an Act of Parliament in 1985, and after the March 1986 statutory instrument that operationalised the Act. He had been at the helm of the Fund the previous year. He is credited with establishing the operational foundation of the nascent institution to get it up and running.
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artin Bandebiire served as the Corporation Secretary of the NSSF for over 10 years. He is known for having steered the Fund during turbulent times, as acting Managing Director twice in 2007 and 2009-2010. During this time, he also served on the NSSF Board by virtue of his position as the Ag. Managing Director. He left the Fund in 2010 for private law practice.
Richard Byarugaba
He was also a key proponent of midterm access products to members of the Fund.
Dr. Peter Kimbowa
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r. Kimbowa, a governance and management expert and trainer, was at the helm of the Fund as the Board Chairperson following his appointment in September 2021. During his tenure, the Fund recorded record growth. He is credited with having strengthened the Fund’s corporate governance structures during a period of sustained public scrutiny. During his tenure, he oversaw changes in the top management of the Fund.
Peninnah Tukamwesiga
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s. Tukamwesiga is a current member of the NSSF Board of Directors representing workers through the Confederation of Free Trade Unions (COFTU). She is the longest-serving member of the NSSF Board, having been first appointed in 2015. In addition, she has served on 4 boards since her appointment (since 2015), and has
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ichard is the longest-serving Managing Director of the NSSF, having served for 10 years between 2010 and 2022. He is widely credited with turning around and transforming the NSSF into a multi-trillion shilling fund during his tenure, restoring public confidence and trust, as well as spearheading reforms that led to the amendment of the NSSF Act in 2022. Under his leadership, the Fund also carried out a staff re-organisation, aligning human capital to the strategic objectives contained in the three-year Corporate Strategy (2011/12 – 2014/15), and “Vision 2025”, an ambitious 10year Strategic Plan that was primarily focused on positioning the Fund as the social security provider of choice.
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40th Anniversary Issue – July 2026
Personalities behind Social Security Vision 2025 marked a decade of stability and accelerated growth: Under his leadership, the NSSF’s value grew from confidence and approximately Shs1.7 trillion in 2011 to over Shs17 trillion by late 2022. He championed digital transformation and oversaw major real estate projects.
Patrick M. Ayota
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atrick Ayota is the current Managing Director of the NSSF, a role he assumed in 2023, having served as Deputy Managing Director since 2016. He has ensured continuity of the Fund following leadership changes in 2023, overseeing the execution of Vision 2025, and ensuring a smooth transition to Vision 2035. Under his tenure, the Fund has expanded its mandate because of reforms and expanded the investment horizon, not just for the benefit of members, but also for the country. He has overseen the Fund’s positioning as a key partner to the government in the implementation of its economic development agenda. He has also championed the view that the Fund must create its own future, thus starting programmes like NSSF Hi-Innovator and intervention in agriculture.
Hon. Justice Benjamin Josses Odoki
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n 2013, then-Chief Justice Benjamin Odoki authored a landmark lead judgment in the Supreme Court case involving the NSSF and Alcon International, which sent the case back to the High Court. The case centered on a multi-million dollar arbitral award previously granted to Alcon International for the termination of a contract to build the NSSF Head Office building, the Workers House in Kampala. Justice Odoki and the Supreme Court bench overturned the arbitral award, ruling that it had been obtained through fraudulent information, and preserved the legal doctrine that any matter that is a result of fraud is null and void. The decision saved the NSSF (and its contributors’ savings) from paying approximately $8.8 million (at then-current rates) to Alcon.
Justice Musa Ssekaana
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n November 2024, Justice Ssekaana overturned findings made by a Parliamentary Select Committee against NSSF’s Chief Financial Officer, Steven Mwanje, citing fairness violations
during the committee’s inquiry, thereby upholding the right to a fair hearing. His ruling also called into question the fairness and findings of the committee. During his time as a judge of the High Court, Justice presided over a few cases involving NSSF and issued landmark rulings. In October 2024, Justice Ssekaana dismissed a suit by Kenyan firm Alcon International seeking to recover property (plant and machinery) from NSSF. He ruled the claim was time-barred under the Limitation Act, as the company waited over 22 years to file after the initial 1998 dispute. His ruling preserved the NSSF Workers House, which was in danger of being entangled in the dispute. In April 2024, he dismissed a petition by former NSSF Managing Director Richard Byarugaba, who challenged the Minister of Gender’s decision not to renew his contract, preserving the administrative discretion of the appointing authority.
Justice Boniface Wamala
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he Hon. Justice Boniface Wamala of the High Court of Uganda, Commercial Division, presided over a significant tax dispute case between the Fund and Uganda Revenue Authority. In November 2020, Justice Wamala delivered a landmark ruling in favor of the NSSF in a tax case against URA. The dispute centered on whether the interest the NSSF pays to its members annually is a deductible expense for income tax purposes. The Tax Appeals Tribunal had initially ruled against the NSSF, but Justice Wamala set aside that decision. He ruled that the interest paid to NSSF members is a deductible expense, meaning the NSSF was not liable for the disputed Shs42.5 billion (approximately $11 million USD) tax assessment. This is one of the most significant decisions, as it prevented a drastic reduction in the interest paid to NSSF savers annually.
Geraldine Ssali Busuulwa
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rs. Busuulwa was the first female Deputy Managing Director of the NSSF and the first female Ag Managing Director. She is the only female top executive to lead the Fund, having acted in the position for over 10 months in 2014. She departed her role as Deputy Managing Director upon expiry of her contract in October 2017.
Paul Bwiso
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s Chief Executive Officer of the Uganda Securities Exchange (USE), Paul Bwiso is a critical stakeholder in Uganda’s social security sector, given his role as head of the USE and the Chairman of the East African Securities Exchanges Association (EASEA). Over his tenure for the last 10 years, he has overseen various IPOs, in which the NSSF has been a significant participant. Todate, the Fund has invested over Ugx 3 trillion in the regional exchanges. He is a critical cog in value creation for NSSF members, working in partnership with various other actors to drive investment and regional capital markets development.
JB Kakooza
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awyer Kakooza was a Corporation Secretary of the Fund in the 1990s and early 2000s. He was an ever-present figure at the National Social Security Fund as the Fund established a strong hold and began to expand. Whereas JB Kakooza was an early advocate of reforming the Fund, he was opposed to liberalisation of the social security sector snd break up of the Fund, a view that ultimately carried the day.
Gerald Paul Kasaato
E.M. Asia
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r. Asia was part of the first leadership team as Deputy Managing Director, following the establishment of the Fund by an Act of Parliament in 1985, and after the March 1986 statutory instrument that operationalised the Act. Alongside James Baira, he helped set up its operational foundation.
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40th Anniversary Issue – July 2026
Personalities behind Social Security
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erald Paul Kasaato is the current Deputy Managing Director of the NSSF Uganda. In his prior role as the Chief Investment Officer, he is credited with modernizing the Fund’s investment approach, pivoting to the lucrative equities space during a period when some of the largest companies in East Africa, such as Kenya’s Safaricom, Uganda’s Umeme, and MTN, cross-listed in the region. He also expounded the Fund’s investment outlook beyond government securities, while consistently earning record incomes that translated into very competitive interest rates for members. He is now leading the Fund’s digital transformation to a future-ready, modern institution on par with the best global social security funds.
Francis Baryahabwa
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rancis is the current longest-serving staff member of the NSSF, having joined the Fund in November 1992. Francis has been part of significant changes at the Fund during his years of service, having grown through the ranks to head the Administration function at the Fund. He epitomizes what it means to have commitment, dynamic enough to embrace the changes the Fund has undergone, but loyal enough to remain a loyal employee of the Fund.
Wamala Douglas and Amoni Alex
Kizito Ronald
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amala Douglas and Amoni Alex were the first NSSF members to benefit from the Midterm Access Benefit in March 2022, following the signing into law of the NSSF Amendments Act. The qualifying provisions include: 20% for members who are at least 45 years old and have made contributions for at least 10 years; and 50% for members with disabilities (PWDs) who are at least 40 years old and have made contributions for at least 10 years.
Amon Twinomugisha and Fridah Nanfuma
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he duo were the first NSSF members to contribute voluntarily when the NSSF Voluntary Membership Plan was launched in 2017, to expand social security coverage to individuals not covered by mandatory provisions, particularly those in the informal sector and small businesses. The plan evolved into the NSSF Smartlife, following the issuance and publication of the NSSF (Voluntary Contributions and Benefits) Regulations 2024. The regulations ushered in the new voluntary contributions regime, and enabled savers who made voluntary contributions before January 7, 2022, transfer their funds to Smartlife Flexi Plan or remain under the old regime.
onald was the first NSSF member to contribute to the Fund using Mobile Money as a contribution channel in June 2017. The Fund introduced mobile money payment solutions to enable members, particularly voluntary savers and small businesses, to conveniently pay contributions. This initiative aimed at increasing convenience, efficiency, and expanding coverage to workers in the informal sector. Mobile Money channel has since become a mainstream means of receiving contributions, especially from voluntary members, as well as paying benefits to qualifying members.
Vanessa Bitature
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anessa was the first NSSF member to enroll for the NSSF Smartlife Flexi upon launch in November 2024. Smartlife Flexi is a flexible, goal-driven savings plan designed to help you achieve your financial goals on your terms. With the freedom to choose how much you save, when you contribute, and the length of your savings period, it’s as adaptable as you need it to be—all while earning a competitive monthly return, accrued daily. The product has since shown remarkable progress, with a total portfolio of Ugx 90 billion and 65,000 voluntary savers as of the end of January 2026.
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Voluntary Contributions
The Fund’s journey to creating Voluntary Contributors From Voluntary Mandatory Contributions Plan to Smartlife Flexi
Vanessa Bitature, the first NSSF Smartlife member makes her first contrinution at launch of the product in November.
n June 2016, the Fund launched Iplan. its first voluntary membership The plan actualised the provisions of section 10 of the NSSF Act Cap 222, which provided for Employers exempted from making mandatory contributions to register as contributing employers and subsequently register its employees. It also provided for members whose standard contributions had ceased to be remitted to register as voluntary contributors and thereafter make contributions for themselves. The employers and Members who enrolled on this program could make contributions via mobile money MTN and Airtel and or through the NSSF e-payment portal. Although, membership to the voluntary savings plan was optional, the
contributions were paid into mandatory accounts and members qualified for the same benefits as mandatory Contributors as was spelt out in section 19, 20,21,22,23,24 of the NSSF Act cap 222. Hence the plan was dubbed” Voluntary Mandatory” Within one year of its launch, by June 2017, Voluntary mandatory contributions stood at UGX2.3Bn, at 73.3Bn by January 2022 and 112Bn by November 2024.
could not cater for the unique nature of the informal sector worker. The transition from “Voluntary- mandatory” to Smart Life” was therefore majorly driven by the need to expand coverage to the informal sector and to also encourage formal sector workers to save more thereby increasing their average payouts. This transition could not happen without an enabling regulatory environment.
The transition from Voluntary Mandatory contributions to The much-awaited legislations came on January 2, 2022, when H.E. President Smart Life The NSSF Act Cap 222 had catered for formal sector workers, however the unique characteristics of the informal sector including lack of employment contracts, unpredictable income and in some instances little or no separation between the capital and the owner, meant that the NSSF Act Cap 222,
Yoweri Kaguta Museveni Tibuhaburwa, assented to the NSSF Amendment Act, Cap 230 and subsequently on November 8, 2024, when the MOGLSD Hon Amongi Betty issued the NSSF Voluntary Contributions and Regulations 2024 – (SI 9 of 2024). Story continues on next page
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40th Anniversary Issue – July 2026
Voluntary Contributions These two pieces of regulations provided a conducive regulatory environment for the Fund and culminated into the launch of the Fund’s “Smart Life Flexi”.
Smart Life Flexi is launched. The Fund launched Smart Life Flexi the Fund’s voluntary flagship product on November 20, 2024. Smart Life Flexi is a voluntary Fintech product, developed and built by NSSF staff. It enables people in the informal sector to save daily, this mirrors the nature of their income, at the same time it addresses the issue of adequacy of formal sector workers by providing them with a product that enables them to supplement their mandatory savings. Savings durations range from 1 year upwards, members can save from as
little as UGX5,000/=, earn interest on daily balances, which interest is credited monthly. Members can choose to exit at the end of their saving tenure or roll over their savings for another savings duration. Convenience underpins the products offering and members can self serve across multiple channels from onboarding, making contributions and account closure. So far, the product has been well received by people in both formal and informal segments and boasts of over 100,000 enrolments with a total portfolio size of over UGX 200Bn within 18 months of its launch. The behavioural change is remarkable, and the product’s early success is a testament that people can save for themselves if they are offered a good value proposition.
The NSSF Smartlife Flexi project team delivered the Fund’s popular voluntary savings product
We are therefore confident that the average payout to members will more than triple from the current UGX25Million within the next 10 years, since some members are operating Smart Life Accounts alongside their Mandatory accounts. The journey towards the creation of value for Voluntary contributors has just begun. The plan is to continuously create relevance across the member life journey from the time the member joins the Fund to the time the member exits the Fund. There are more products in the offing, like Smart Life Fixed term, Medi Care and Amaka among others.
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NSSF in the Community
Our Impact in the Community A
s part of our “Empowerment” value proposition, NSSF is committed to contributing to the social and environmental wellbeing of the communities in which we do business. We do this through our community programmes – by building partnerships with credible institutions, being good corporate citizens and directly supporting worthy causes. Rooted in policy, our interventions are in 4 areas; that is Youth, Education, Health, Disadvantaged groups, and lately, the Environment.
Kampala Hills Run & Public Schools renovation Using Funds raised from the NSSF Kampala Hills Run since 2016, the Fund has renovated 22 primary schools under KCCA and across the country, helping reduce dropouts while increasing pupil enrollment.
Digital Literacy The Fund availed digital learning tablets worth UGX 450m to 11 government-aided schools to facilitate the establishment of digital libraries, benefiting more 5200 students every year. In partnership with World Vision and UCC, the Fund is promoting digital literacy in another 13 primary schools across the country through the “E-Class Project”.
NSSF Career Expo The expo is held to equip students with the necessary skill sets and enhance their success rate in the job market. The initiative has benefited over 250,000 students and has been implemented in 14 universities. It is designed to equip students with skills and knowledge to increase their employment and entrepreneurial opportunities. Over UGX 40 billion has been mobilized as savings from students who register and later start contributing.
Blood Donation & Storage Intervention The Fund has been engaged in a partnership with the Ministry of Health to support the Uganda Blood Transfusion Services mobile donation of safe blood across the country. The partnership has so far enabled UBTS to collect over 60,000 units of blood, thus saving over 18,000 lives through transfusion of safe blood. The initiative has also led to a ‘normalization’ of blood donation. NSSF has also donated blood centrifuges to UBTS– which are essential in the processing of blood for different patient needs.
Covid-19 Vaccination Support The Fund purchased 5,000 test kits worth over Ugx 380 million during the of COVID-19 test kits to the Ministry of Health for the purchase of 5,000 test kits. The Fund received recognition from the National Task Force as one of the major corporate entities to support task force work.
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NSSF in the Community
The NSSF Hi-Innovator Programme The NSSF Hi-Innovator Programme is an initiative of the National Social Security Fund (NSSF) in partnership with Mastercard Foundation. The initiative supports Ugandan entrepreneurs by providing catalytic seed funding, entrepreneurial learning, and business development support so they can become more competitive, high-impact businesses. It was established in August 2020 as a 5-year initiative to explore mechanisms that the Fund could implement to unlock dignified and fulfilling work opportunities for youth through entrepreneurship, and in turn create capacity to save with the Fund. Its primary focus is on businesses that are not considered attractive to traditional investors and could otherwise struggle to raise the financing and technical support they need to grow. The NSSF Hi-Innovator Programme has recorded gains in job creation, enterprise development, and entrepreneurial skills, by creating over 200,000 jobs, after seed-funding 438 Small and Growing Businesses (SGBs). This is according to an independent impact evaluation report by Ipsos Uganda Limited that assessed the project’s intervention areas for five years. Through the programme, over 81,000 entrepreneurs have been trained, 438 Small and Growing Businesses (SGBs), and have received seed funding. The intervention has created 202,300 direct and indirect jobs.
Support to Health Facilities The Fund has, over the years, donated medical equipment to health facilities in underserved regions. • Mulago Uganda Heart Institute – medical equipment • Kiruddu Hospital - ICU equipment (monitors, oxygen concentrators, suction machines) • Kawaala Health Centre - medical equipment for maternity and postnatal facility. • Masaka Regional Referral Hospital – medical equipment for the Neonatal Unit. • Soroti Regional Referral Hospital – support to maternity ward and hospital beds • Hope for Humans, Kitgum - health care support for underprivileged persons • Bukalasi Health Centre III (Bududa) - maternity ward equipment • Mpigi Hospital – accident and emergency and maternity equipment • Arua Regional Referral Hospital – maternity ward equipment and renovations • Boroboro Health Centre III – medical equipment
Support to Youth Sports Development NSSF has supported development of sports in Uganda through its sponsorship of the NSSF KAVC International – a tournament that brings together premier volleyball clubs from Uganda, Kenya, Tanzania, Burundi, Rwanda, South Sudan and Ethiopia. As a direct result of this exposure, several Ugandan players have joined professional ranks across Africa, Europe and Asia.
Financial Intelligence Programme The initiative is aimed at empowering Ugandans with financial and investment knowledge, personal financial management skills, business ideation, and retirement planning for better-informed financial decisions. Participants learn through flexible setups including online sessions, field visits, workplace arrangements, and community peer cohorts.
40th Anniversary Issue – July 2026
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40th Anniversary Issue – July 2026
Awards and Recognition
ASSA APPRECIATION AWARD for consistency in supporting ASSA training programs, Year 2024/25
KAMPALA INNOVATION WEEK Startup Champion Of The Year: In Public Sector 2021
THE SABRE AWARDS 2019 Corporate Image
PARTNERSHIP AWARD By NSSF Kenya
CORPORATE GOVERNANCE AWARDS Resilience and Sustainable Impact Award Winner in the Public Sector, 2024
SUPERBRANDS AWARD - EAST AFRICA 2014 For Excellence in Branding
PRAU BLOOD DONATION CAMPAIGN AWARD
UCC APPRECIATION AWARD For supporting the Inaugural UCC Suppliers Conference 2026
5TH CF0 & PUBLIC FINANCE AWARDS 2025 Finance Team Of The Year (Bronze)
NATION MEDIA GROUP Empower Her Woman of the Future Award 2025
BALANCED SCORECARD INSTITUTE Award for Excellence 2016
AMDA APPRECIATION AWARD For support towards the success of the AMDA Medical Camp 2022
ICXA ’21 Employee Experience in the Crisis - Financial Services (Silver)
ICXA ’21 Customer Experience in the Crisis - Financial Services (Silver)
ICXA ’21 Best Use of Insight and Feedback - Financial Sector under 5,000 employees (Gold)
THE CORPORATE LEAGUE 2015 Most Supportive Team
RUBIES ROCK CONSULTS & HASH Recognition for sponsorship of the Mother’s Day Dinner 2024
WORLD BREAST FEEDING WEEK 2023 Recogition of support to Enable Breastfeeding for working parents
Financial Reporting Awards - Uganda 2025 Corporate Governance Reporting Award
Financial Reporting Awards - Uganda 2020 Sustainability Reporting Award
EAST AFRICA PR WEEK-ARUSHA 2025 Recognition for valuable partnership and support
BCA GREEN MARK Certified 2024
2ND NATIONAL ICT SUMMIT 2025 Recognition of invaluable contribution and support
INTERNATIONAL SOCIAL SECURITY VIDEO FESTIVAL AWARDS 2025 Short video Winner
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40th Anniversary Issue – July 2026