The National Social Security Fund (NSSF) has declared an interest rate of 13.5% (UGX 2.79trillion) for the Financial Year 2024/25, a 2% increase from 11.5% declared last year.
This year’s UGX2.79trillion payout is the highest that the Fund has paid out to members, continuing a track record of strong returns, following the UGX 2 trillion paid out to members for 2023/24. For more than a decade, the NSSF has consistently delivered interest rates at least 2% above the 10-year average rate of inflation, ensuring the preservation and growth of the value of members’ savings.
The announcement was made during the 13th NSSF Annual Members’ Meeting held in Kampala on Monday, September 22, 2025.
“After reviewing the Fund’s financial performance and in accordance with Section 36(2) of the NSSF Act, I am pleased to declare an interest rate of 13.5% for the year ended June 30, 2025,” said the Minister of Finance, Planning, and Economic Development, Hon. Matia Kasaija, drawing applause from members present.
The minister commended the NSSF Board and Management for achieving remarkable growth in the face of economic challenges. “The Fund’s Assets Under Management grew by 17.5%, from UGX 22.13 trillion in 2023/24 to UGX 26 trillion in 2024/25, while member contributions rose by 10.4% to UGX 2.13 trillion,” he revealed. “Benefits paid to members also increased from UGX 1.12 trillion to UGX 1.32 trillion, showing that the Fund meets its obligations promptly.”
Kasaija emphasised the importance of financial stability, transparency, and accountability in building public trust. “For yet another year, the Auditor General has given the Fund an unqualified opinion. This means the Fund’s books are clean, accurate, and fair,” he said.
He challenged the Fund to grow and add value to its members’ savings and to enable him to declare a competitive interest rate. “If I may take you back 5 years ago, for Financial Year 2020/21, I declared 12.5%, Financial Year 2021/22, I declared 9.65%, Financial Year 2022/23, I declared 10% and last year, I declared 11.5% for the Financial Year 2023/24. This year, I am glad to report that the Fund has once again risen to the challenge.”
Assistant Auditor General James Bantu confirmed this, stating: “In my opinion, the accompanying financial statements present a true and fair view of the Fund’s performance and financial position as at June 30, 2025, in accordance with international accounting standards and the NSSF Act.”
NSSF Managing Director Patrick Ayota attributed the performance to strategic investments, innovation, and operational efficiency. “As at June 30, 2025, the Fund accounted for 11.5% of Uganda’s GDP, with UGX 13.7 trillion invested in government domestic debt, UGX 1.6 trillion in real estate, and UGX 1.45 trillion in local companies,” he said.
“Over the last decade, NSSF has contributed UGX 59.5 trillion to the economy and created 1.88 million jobs, while maintaining an average annual return of 11.5%.”
Ayota highlighted the success of the Smartlife Flexi Plan, a product targeting voluntary savers, especially in the informal sector. “In just ten months, we registered UGX 27 billion in contributions from over 33,000 members,” he said. “Almost 60% of these savers contributed less than UGX 50,000, proving that social security can be inclusive for all income levels.”
Board Chairman Dr. David Ogong pledged continued strong governance as the Fund looks to Vision 2035. “We are committed to strategic oversight, portfolio diversification, and exploring alternative investments while balancing short-term gains with long-term stability,” he said.
The Plan, dubbed “Vision 2035”, centres around growing the Fund to Ugx 50 trillion, increasing NSSF coverage to 50% of the working population, and customer satisfaction of 95%.
On her part, the Minister of Gender, Labour and Social Development, Hon. Betty Amongi, lauded the Fund for expanding coverage. “The new Voluntary Contributions and Benefits Regulations of 2024 have enabled the informal sector to embrace social security. With UGX 27 billion already mobilised, the future looks promising,” she said.
This progress follows the Minister’s approval of the NSSF (Voluntary Contributions and Benefits) Regulations 2024, which paved the way for the launch of the Fund’s voluntary savings product, Smartlife Flexi, in November last year.
“I am happy to note that the NSSF Smartlife Flexi product is being embraced by the informal sector as well as the formal sector, with Ugx27billion contributions and over 40,000 people enrolled in only 10 months,” she said, urging the Fund to further intensify outreach to the informal sector.
