National Social Security Fund asset base has hit shs 25trillion mark, Patrick Ayota the funds Managing Director told suppliers in Kampala. The fund now eyes growing the business to 50 trillion by 2035 and expand its country coverage by 50%.
“We thank God. We thank our staff, various Boards of Directors over the years, our supervising ministries, and all who have made this possible. We are now on the brink of a new era – a new day where we aim to redefine what’s possible once again. Our next goal is to grow Assets Under Management to Ushs 50 trillion by 2035,” Ayota said
In 2015, the Fund launched the 2015-2025 Strategic Plan, with a key strategic objective to grow the Fund’s Assets Under Management to Ushs 20 trillion by 2025.
The other strategic objectives were improvement in business processes to pay benefits to qualifying members in one day and achieving 95% staff and customer satisfaction.
“The unwavering commitment to deliver our value preposition of safety, convenience, and empowerment to our members, has propelled the Fund to achieve this milestone.”Ayota said.
He added that the key drivers that enabled the Fund to achieve the milestone are consistent growth in both contributions from members and income from the Fund’s investments.
Information from the Fund shows that contributions increased from only Ushs 688 billion in 2015 to Ushs 1.27 trillion in 2020 and hit Ushs 1.72 trillion by 2023.
Despite the volatile economic environment over the last 10 years, income has also consistently increased. In 2015, the Fund’s income stood at Ushs 583.2 billion, but rose to Ushs 1.47 trillion by 2020. Last Financial Year, the Fund recorded Ushs 2.2 trillion in realized income.
