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Kampala - The National Social Security Fund (NSSF) has declared a 13.5% interest rate for the 2024/25 financial year.
This is the highest interest rate in the fund’s history. The declaration came from the Minister of Finance, Planning and Economic Development, Hon Matia Kasaija, during the NSSF annual members meeting.
The 13.5% rate, the minister said, is above the 10-year average inflation rate of 4.2%.
Historic Payout to Members
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The minister credited the fund for increasing benefits paid from Shs 1.12 trillion to Shs 1.32 trillion.
This year’s interest rate will credit a record-breaking Shs 2.7 trillion to members' accounts.
Minister Kasaija noted that the fund has consistently risen to the challenge of adding value to members' savings.
"Every year I give the Fund a challenge to grow and add value to the members' savings to enable me declare a competitive interest rate, "said the minister.
"5 years ago in 2020/21 I declared a 12.5% interest; in 2021/22 I declared 9.65%, in 2022/23 I declared 10% and last year I declared 11.5% . This year I am glad to report that the fund has once again risen to the challenge. I now declare this year’s NSSF interest rate at 13.5%
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Ministers Betty Amongi and Matia Kasaija at the NSSF Annual meeting
Fund Performance and Investments
NSSF Managing Director Patrick Ayota reported on the fund's performance, revealing that as of June 2025, NSSF savings account for 11.5% of Uganda’s GDP at Shs 26.01 trillion.
A big portion of the funds are invested: Shs 13.7 trillion in government domestic debt, Shs 1.6 trillion in real estate, and Shs 1.45 trillion in local companies.
According to a KPMG report, the fund has added Shs 59.5 trillion to the Ugandan economy over the last 10 years.
Growth in Membership and Jobs
Ayota said the fund has created over 1.9 million jobs in the past decade. The number of members receiving benefits has also grown, from 15,000 in 2015 to 48,000 last year.
Total member contributions increased by 10% to UGX 2.13 trillion. The fund’s total revenue saw a 24% increase, reaching UGX 3.13 trillion. Assets under management grew by 17.5% to UGX 26.01 trillion. The cost of administration was reduced by 12% to 0.89%.