Uganda’s NSSF Surpasses Regional Peers in Growth and Efficiency

The National Social Security Fund (NSSF) Uganda has outpaced its regional counterparts in Kenya and Tanzania, showcasing remarkable growth and operational efficiency. At a recent media briefing, Managing Director Patrick Michael Ayota emphasized the Fund’s impressive performance, positioning it as a regional leader.

NSSF Uganda exceeded its ambitious 20-year strategic goal of reaching Shs 20 trillion in assets by June 2025, surpassing expectations with assets totaling Shs 22.13 trillion by June 2024, an increase of over Shs 2 trillion in just six months. Ayota highlighted a 19.2% growth in the current financial year, with contributions rising by 12.2% year-on-year.

NSSF Uganda’s cost-to-income ratio remains a key indicator of its efficiency. For every 100 shillings raised, the Fund spends just 8.77, compared to the banking industry average of 60 shillings. Additionally, the Fund’s administrative costs stand at just 1% of total assets, far outperforming regional peers—NSSF Kenya at 2.2% and NSSF Tanzania at 3%, with the global average being 2%.

Looking forward, Ayota is confident in lowering the administrative cost ratio below 1%, cementing NSSF Uganda’s leadership in the region.