NSSF members get 11.5% interest on savings.

 NSSF members get 11.5% interest on savings.

By Hope Mafaranga

National Social Security Fund (NSSF) members have received 11.5% on their savings in the last financial year (2023/24).

The finance minister made the announcement during the fund's 12th annual general meeting in Kampala on September 20, 2024.

Last year, NSSF declared a 10% interest rate, which translated to about sh1.591 trillion in total.

“Given the improved performance, I am confident that the fund will pay a competitive interest rate for the financial year 2023/24 as will be declared by the Minister of Finance,” NSSF managing director Patrick Ayota said.

NSSF reported a 15% increase in earnings to sh2.53 trillion for the financial year ended June 30, 2024, driven by growth in interest, dividends, and real estate income.

NSSF’s total assets under management grew 19.2% to Sh22.13 trillion, exceeding its 2025 target. Member contributions grew 12.2% to sh1.93 trillion.

“Income from all three asset classes we invest in increased this last financial year compared to the previous one. Interest income increased from sh2 trillion to sh2.34 trillion, dividend income from our listed and unlisted equities increased from sh145.1b to sh175b, and income from our real estate investments also increased from sh11.9b to sh13.3b,” Ayota said.