Q&A: Increasing Uganda’s willingness and ability to save⏤ NSSF’s Ayota explains the building blocks of his game-changing UGX50 trillion; Vision 2035 If “cast in the deep end of the pool” was a person, then probably, that person would have been Patrick Ayota. He was re-appointed as the Deputy Managing Director of the Fund and subsequently its caretaker Managing Director in December 2022 at the start of what would be quite some long months when the Fund came under intense scrutiny by its stakeholders. By the time he was appointed the substantive Managing Director in August 2023, it had been a long and hard 8 months for Ayota. Regardless Ayota, who has been an integral part of the turnaround of the Fund over the last decade, held steady, emerging victorious. Members too won a handsome 10% interest rate, regardless of strong headwinds. Now that the storm is over, it is time to get down to business and deliver on the big UGX50 trillion Vision 2035. In this interview, with CEO East Africa Magazine’s Muhereza Kyamutetera, Ayota gives context to the FY2022/23 performance and the vital building blocks of Vision to 2035.

October 12, 2023October 17, 2023

Patrick Ayota, NSSF Managing Director

The just-announced FY2022/23 was quite surprising for many a stakeholder. Given what happened in the financial markets, here and globally but more importantly, the ‘negative noise’ that dominated much of the second half, many a stakeholder didn’t expect better performance than what we experienced in FY2021/22. It is an amazing story. If you look at what the fund went through in the last six months of FY2022/23, I can say it really tested the trust that the members have in the Fund. To put it into perspective, we had a contribution target of UGX135 billion per month in FY2022/23. As…

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