Airtel Uganda has paid a UGX 50.31 billion dividend to the National Social Security Fund (NSSF), marking a significant return on the Fund’s investment and a moment of pride for Uganda’s capital markets and savers.
Airtel Uganda Managing Director Soumendra Sahu echoed the significance of the event. “Today marks a proud moment as we fulfil our promise to our shareholders. This dividend handover reflects how Airtel and NSSF are building a stronger economy, empowering workers, supporting families, and contributing to Uganda’s growth.”
This payout stems from NSSF’s 10.5% equity stake in Airtel Uganda, acquired during the telecom’s 2023 Initial Public Offering (IPO), which positioned the Fund as the company’s second-largest shareholder.
“That confidence is now rewarded with UGX 50.31B in returns — a clear sign of the power of investing in strong, local companies,” said Sahu during a ceremony held at the Sheraton Hotel in Kampala on Friday.
NSSF Managing Director, Patrick Ayota, described the development as “a welcome reward on our members’ savings”. “This is more than just a cheque. It is a return on trust and a reaffirmation of the value of investing in strong, well-managed local companies. It demonstrates that Ugandans’ savings, when strategically invested, can deliver real, measurable value.”
Confidence in Uganda’s Capital Markets
Airtel’s IPO in December 2023 brought 4,614 new shareholders into the Uganda Securities Exchange (USE), reinforcing Uganda’s efforts to deepen public participation in capital markets and support inclusive growth.
NSSF’s investment in Airtel was based on a long-term value strategy, not short-term profits. “We believed in Airtel’s vision even before the IPO. In just 18 months, that confidence has yielded over UGX 50 billion in returns for our members,” Ayota noted.
A Portfolio Built for Resilience
Ayota used the occasion to highlight the Fund’s broader investment strategy. As of June 2024, NSSF’s total assets stand at over UGX 25 trillion, up from UGX 5.5 trillion in 2015, surpassing its 10-year target of UGX 20 trillion well ahead of the June 2025 deadline.
NSSF’s portfolio is diversified across: Government Securities: 79%; Equities (incl. Airtel): 14.1,% and Real Estate: 6.4%. “Diversification is critical because no one has a perfect vision of the future. We spread risk so that if one area underperforms, others can cushion the impact,” said Ayota.
Voluntary Savings and Enterprise Growth
NSSF also highlighted its Mazima Retirement Plan, a voluntary savings product launched in November 2023. In just six months, 39,000 Ugandans have saved UGX 16 billion—half of them saving less than UGX 50,000.
Meanwhile, the Fund’s Hi-Innovator Programme, launched in partnership with the Mastercard Foundation, has funded 430 businesses, created over 30,000 jobs, and disbursed UGX 6 billion in capital, with 65% of supported businesses led by women.
“We’re not only managing money—we’re building an inclusive economy. We’re creating opportunities for savers, entrepreneurs, and future investors,” Ayota said.
A Partnership for Uganda’s Future
Airtel Uganda continues to expand its footprint as a trusted technology enabler. The company has introduced Uganda’s first AI-powered spam alert service, is rolling out Network-as-a-Service capabilities, and remains focused on reliable, affordable connectivity.
“This dividend is a symbol of how institutional investment can support national development,” Sahu added. “We’re proud to stand with NSSF in building a better tomorrow for all Ugandans.”
