NSSF Announces 11.5% Interest Rate on Member Savings
In 2014, the Fund offered the same 11.5% rate, with the highest rate in the past decade being 15% in 2018.
NATIONAL | The National Social Security Fund (NSSF) has announced an interest rate of 11.5% on member savings for the financial year 2023/24.
This marks a significant step toward promoting a savings culture and enhancing financial security for the Fund’s 2.3 million registered members.
Keep Reading
The announcement was made by Finance Minister Matia Kasaija during an event in Kampala, where he reiterated the importance of aligning NSSF investments with key sectors that support government objectives, such as real estate, startups, and agriculture.
According to Kasaija, such investments would provide consistent cash flow and maintain stability even during economic downturns.
“As the Minister of Finance, Planning, and Economic Development, I am focused on three key aspects: is the Fund financially stable and growing? Is the Fund investing in the right assets and sectors of the economy? And is the Fund preserving and growing the value of members' savings?" Kasaija stated.
The NSSF, currently managing assets worth Shs 22.13 trillion, plays a crucial role in Uganda’s economy.
The Fund has invested Shs1.53 trillion in local companies and Shs 1.54 trillion in real estate, contributing significantly to the country’s GDP.
With 97,800 registered employees and 25,000 actively contributing employers, the Fund continues to expand its reach.
Kasaija expressed satisfaction with the Fund's management, noting that the performance report from NSSF’s Managing Director, confirmed by the Auditor General, demonstrated that the Fund is meeting its financial goals.
He highlighted the Fund's success in consistently paying more than 2% above the 10-year average rate of inflation, preserving and growing members' savings.
NSSF management attributed the high interest rate to effective investment strategies that have consistently yielded positive returns, reinforcing members’ confidence in the Fund’s ability to responsibly manage their savings.
The announcement of the 11.5% interest rate also reflects the NSSF’s long-standing commitment to delivering value to its members.
In 2014, the Fund offered the same 11.5% rate, with the highest rate in the past decade being 15% in 2018.
The new interest rate not only benefits current members but also encourages long-term financial planning and savings among Ugandans, further strengthening the country’s economic resilience.
