The National Social Security Fund (NSSF) is projecting robust performance at the close of the Financial Year 2024/25, with income expected to reach UGX 3 trillion and assets under management forecasted to grow to UGX 25 trillion—marking a continued upward trajectory for Uganda’s largest retirement benefits scheme. This projection represents significant year-on-year growth, building on the UGX 2.53 trillion in income and UGX 22.13 trillion in assets that the Fund recorded at the close of the Financial Year ended June 30, 2024. In light of the strong financial performance, NSSF is expected to declare a competitive interest rate to members…
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New Vision Printing and Publishing Company Limited remains profitable, solvent, and fully compliant, according to the Auditor General’s 2024 report. Whereas Auditor General Edward Akol gives the media conglomerate a…
Hardly two years after arriving in Uganda to take up her very first CEO role at Uganda’s largest telco, MTN Uganda, Sylvia Mulinge has emerged as Uganda’s most admired CEO, in the CEO East Africa Magazine’s inaugural 100 Leading & Most Admired CEOs In Uganda Survey. The 2-in-1 CEO East Africa Magazine’s Most Trusted and Respected Companies & The Most Admired CEOs in Uganda Survey 2024 is part of the magazine’s thought leadership agenda that seeks to create a body of knowledge on what exactly great companies and great leaders are made of, as well as recognise them. “This, we…
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Mr Patrick Ayota’s inaugural year as Managing Director at the National Social Security Fund (NSSF) coincided with the announcement of the Fund’s annual financial performance last week. Mr Ayota took over last year in August after NSSF weathered the storm of Parliament hearings into the management of the Fund. In his reflection on the NSSF performance, he says, the past year stood out as one of resilience, determination, and remarkable performance. “Despite the intrusive months of rigorous public investigation inquiry, we emerged from a challenging year even stronger. Our strong governance prevailed and sustained us. Member trust in NSSF…
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The Nation Social Security Fund (NSSF) has announced its earnings increased by 16% from UGX 2.2 trillion to UGX 2.53 trillion for the Financial Year ended June 30th 2024. The Fund is therefore set to pay a competitive interest rate to its savers which will be declared by Finance Minister, Matia Kasaija at the 12th Annual Members Meeting on August 26th. Addressing the media at the NSSF Annual Media Roundtable, NSSF Managing Director Patrick Ayota attributed the growth to an increase in interest income earnings, dividend income as well as real estate income. “Income from all three asset classes we…
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The Minister of Gender, Labour, and Social Development Hon Betty Amongi has appointed a new Board of Directors for the National Social Security Fund (NSSF) for a 3-year term effective September 01, 2024. Dr. David Ogong has been appointed the new Chairperson, replacing Dr Peter Kimbowa whose 3- year tenure elapsed on September 01, 2024. The Permanent Secretary and Secretary to the Treasury Ramathan Ggoobi also joins the Board, replacing Patrick Ocailap. Richard Bigirwa also joins as a worker’s representative under the National Organisation of Trade Unions (NOTU), replacing Lwabayi Mudiba Hassan. The Minister also reappointed Aggrey David Kibenge representing…
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The National Social Security Fund (NSSF) has reaped a total of UGX 80.6 billion from its investment in MTN Uganda over the last 3 years, following payment of UGX 39.8 billion dividends for the year ended December 31, 2023. The payment is the largest the Fund has earned from a listed company in the region this year, NSSF Managing Director Patrick Ayota said during a media conference at Workers House on Thursday. “Not only is MTN Uganda the highest dividend payer across our equity portfolio this year, but the company has also been consistent in delivering positive growth over the last…
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The National Social Security Fund (NSSF), Uganda’s national savings scheme, has hit UGX 20 trillion in Assets Under Management (AUM), one and a half years ahead of schedule. The Fund had until the end of FY2024/25 (end of June 2025) to hit the UGX20 trillion targets, but as of February 29, 2024, the Fund’s assets under management stood at UGX20.018 trillion. In 2015, the Fund launched the 2015-2025 Strategic Plan, with a key strategic objective to grow the Fund’s Assets Under Management to UGX 20 trillion by 2025. The other strategic objectives were the improvement in business processes to pay…
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The government of Uganda’s continued uncontrolled borrowing from commercial banks via government securities and at anti-market rates to the detriment of the private sector dominated the greater part of the just-ended Absa 2024 Economic Outlook Forum. Various experts called out the government for failing to tame its growing appetite for borrowing from the local markets and at double-digit rates, something that is increasingly making it unattractive to lend to local businesses especially SMEs and startups on one hand while also killing venture capital options as the pension funds, whose long term funds would be a reliable source of very affordable…
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With an overall score of 62.8, Uganda maintained its fourth position out of the 28 African countries measured under the 2023 Absa Africa Financial Market Index (AFMI) – a report that evaluates the financial development of countries with an overall aim of reducing the barriers to investment and boosting sustainable growth. The 2023 report was released early on Tuesday during the 2024 Economic Outlook Forum hosted by Absa Bank Uganda at the Kampala Sheraton Hotel – bringing together investors and experts from both the public and private sectors. According to the index, within Africa, Uganda ranks behind only South Africa…
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