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The Fund targets to increase contributors from the current 10% to 50% of the country’s workforce during the same period
Kampala, Uganda | JULIUS BUSINGE | National Social Security Fund hopes to increase its assets from the current Shs 18.4 trillion to Shs 50 trillion by 2035, according to the Fund’s new Managing Director, Patrick Ayota.
Ayota, who spoke to the media in Kampala on Aug.23 five days after his appointment as the Fund’s substantive boss for a five-year term, said the new target is under the organisation’s ‘Vision 2035’.
Ayota has been the Fund’s deputy managing director since 2017 under Richard Byarugaba, who has since exited following the expiry of his contract.
“We will focus on expanding social security coverage of Uganda’s working population and the sustainability of the Fund over the next 10 years and beyond,” Ayota said.
He added: “In 2015, the Fund developed a 10-year Strategic Plan, which was anchored around growing the Fund to Shs20 trillion by 2025, improving customer satisfaction to 95%, improving staff satisfaction to 95%, and payment of benefits within one day. I am glad to note that we are on course to meet, and in some instances surpass these targets by 2025.”
He said the Fund targets to increase enrollment of the country’s total workforce from current 10% to 50% in the same period.
Going forward, Ayota said, his team is cognizant of the new legal mandate of the Fund as envisioned by the NSSF Act, as amended.
“We have developed our “Vision 2035”, which will not only make the Fund play a more active role in the lives of ordinary Ugandans but will also remain a springboard for the mobilisation of long-term domestic savings,” he said.
Currently, NSSF Uganda retains its position as the largest social security Fund in East Africa by value and the new vision aims to keep it in the lead.
Ayota explained that the benefits payment turnaround time has held steady at 11 days over the last two years because of additional legal requirements for the verification of NSSF members claiming their savings.
He added that to achieve its “Vision 2035”, the NSSF will deliberately introduce new initiatives to create the capacity and the willingness of Ugandans to save.
“Creating a capacity to save simply means that the Fund will roll out a sustainability strategy focusing on job creation, intervening in the agriculture value chain, and supporting the innovation ecosystem,” he said, “On the other hand, creating a willingness to save means that we shall implement empowerment programmes for our members through financial literacy, increasing compliance, and innovating value-adding products,” he added.
Ayota also said that despite some turbulence over the last 8 months, members still trust the Fund going by the good performance numbers to be released at the upcoming Annual Members’ Meeting on September 25, 2023.
Meanwhile, Ayota revealed that the Minister of Gender, Labour, and Social Development Betty Amongi had appointed Gerald Kasaato as Acting Deputy Managing Director on the recommendation of the Board of Directors for a period of six months or until a substantive deputy managing director is appointed.
Kasaato is currently the Fund’s Chief Investment Officer. He is a CFA Charter holder, accountant, and alumnus of the Harvard Business School and holds an MBA in Finance from Exeter University in the UK.
He also holds a Master of Science Degree in International Finance and Investments from the London Southbank University, and a Bachelor of Science Degree in Accounting from Oxford Brookes University.
Savers will wait to see how Ayota will run the Fund which has previously been negatively affected by the interference from the political wing of the government.
