The National Social Security Fund (NSSF) has posted record-breaking operational efficiency, outshining regional peers and challenging stereotypes about Ugandan managerial competence.
Speaking during the Eastern Regional Employer Engagement in Mbale, NSSF Executive Director Patrick Ayota announced that the Fund generated Shs18 in value for every shilling spent in the 2023/24 financial year.
This performance stands in sharp contrast to Kenya’s Shs7 and Tanzania’s Shs5.
“This discredits the long-held notion that Ugandans are less competent managers,” Ayota said.
“NSSF is 100% run by Ugandans. We can manage our businesses well if we put our heads to it.”
He added that NSSF spent Shs221 billion to generate Shs2.5 trillion in revenue—a cost-to-income ratio of just 8 percent, compared to 56 percent in Uganda’s banking sector.
“That’s incredible efficiency by any standard,” he said.
The Fund’s growth has also been exceptional. A decade ago, it had taken 30 years to accumulate Shs5.5 trillion.
By June 2024, it had surpassed Shs22 trillion in member savings and is now approaching Shs25.6 trillion.
The Fund is on track to meet its Shs30 trillion target in the coming years, driven by ongoing public sensitisation and a growing membership base.
Ayota pointed to rising confidence among members, citing a sharp increase in the number of savers opting to leave their money with the Fund even after retirement age.
In June 2022, there were 5,200 members aged over 55 who had left a combined Shs555 billion with NSSF.
By June 2024, that figure had risen to 79,000 members with Shs1.1 trillion still held in the Fund.
“This is a clear vote of confidence in our management,” he said.
Customer satisfaction remains high at 88 percent, and Ayota believes the Fund’s continued performance can serve as a national model for institutional efficiency.
“We’ve built a Ugandan success story,” Ayota said. “We must now protect it, grow it, and ensure it delivers lasting value for all workers.”