New board pledges to steer NSSF to greater heights

Business

The newly appointed board has pledged to play well, their oversight role to ensure the National Social Security Fund (NSSF) is steered to greater heights.

“We pledge to be open- minded and curious to ask the right questions. We will ensure transparency and accountability as all individuals and teams within the Fund. We also plan to remain very adaptive so that we can move with the times, but also ahead of the times since we are in the post pandemic era and artificial intelligence has become part of our lives,” said Dr. Peter Kimbowa, the new NSSF board chairman.

Kimbowa is a corporate governance and management expert.

He was speaking on Tuesday during the function to inaugurate the new 10-member board during a function held at Kampala Serena Hotel.

Kimbowa said the main vision of the fund in the next three years of the new board will be reshaping the fund’s portfolio to respond better to the business environment, prioritize and leverage on technology, data and analytics platforms so as to serve members better through problem solving.

‘’We are going to look at the opportunities to see how to grow the fund for the next generation solutions,” he added.

The NSSF Managing Director, Richard Byarugaba applauded the outgoing board for a job well-done.

‘’Statistics reveal that there’s growth in our assets under management from shs 5.6 trillion at the start of their first term in 2015, to about shs15.4 trillion this year, a growth of 175% in just 8 years,” he said.

Byarugaba explained that the Fund is currently undergoing a fourth milestone since it was set up which he identified as NSSF Bill 2019 that he said once enacted into law will usher in significant reforms, especially around the removal of the contribution’s eligibility threshold, voluntary contributions over and above 15%, and mid-term benefits.

The Finance Minister, Matia Kasaija also added his voice to applauded the outgoing board members for adding a brick onto NSSF.

‘’You have exited the stage without any blemish on your record of service and I commend you for that,” he said.

Board

Earlier this month, the Finance Minister appointed a 10 member  board  headed by Dr. Peter Kimbowa to oversee the National Social Security Fund(NSSF)

Kimbowa replaced Patrick Byabakama Kaberenge, whose term expired on August 31, 2021 having served for six years

On new board are four representatives of the trade unions, two for employers through the Federation of Uganda Employers (FUE).

National Water and Sewerage Corporation’s Dr.Silver Mugisha and Uganda Civil Aviation Authority’s Fred K Bamwesigye represent employers through FUE.

The minister also re-appointed Aggrey David Kibenge representing the Ministry of Gender, Labour and Social Development as well as Patrick Ocailap, representing the Ministry of Finance.

Other member on the NSSF board include Sam Lyomoki and Penninah Tukamwesiga representing workers under the Confederation of Free Trade Unions (COFTU); Bahemuka Julius and Hassan Lwabayi Mudiba, also representing workers under the National Organisation of Trade Unions (NOTU).

The NSSF Managing Director Mr. Richard Byarugaba will continue serving as the only executive member of the 12th board.

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