24 July 2017

Uganda: NSSF Assets Hit U.S.$2.2 Billion

Kampala — The National Social Security Fund (NSSF) has reported that its total assets now stand at $2.2b (Ush7.6trillion) making them the largest institutional investor in Uganda.

According to the Board Chairman Patrick Byabakama Kaberenge, ¾ , amounting to Ush5.5trillion has been lent to government to run its projects.

Byabakama said recently during the Towards Overcoming and Relieving Community Hardships (TORCH) awards that were held at the Kampala Serena Hotel where NSSF awarded Ush80M to five outstanding community projects.

"As an organization, we have moved to support agriculture financing. 2million Euros will be given to Ugandan farmers to support agriculture," said Byabakama.

Byabakama called for the slow movement in liberalization of the pension sector arguing that they must see what is most relevant to Uganda and leave out what is not important.

"See how NSSF can be well managed and peoples' savings well utilized. We have 1.7million past and current members ," said Byabakama.

Child Health Education Empowerment and Rehabilitation Uganda was the overall winner and walked away with Ush20M.

Uganda's Prime Minister Dr. Ruhakana Rugunda urged NSSF to start projects that can stimulate Uganda's economy and avoid dangers of failure to invest.

"Tackle vulnerability of Ugandans in old age. Make sure that as many Ugandans are safely protected in their later days of life," said Rugunda.

Richard Byarugaba said they want a reform that will see people and companies employing less than 5 people and the informal sector also include in the mandatory contribution scheme.

"There are over 11 million in the informal sector and 4 million in the formal sector. Allow voluntary contribution of say 15% collection in Tier 1, 15% collection in Tier 2 and 30% collection in Tier 3," said Byarugaba.


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