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NSSF Announces 10% Interest Rate, Eyes Remittances from Ugandan Illegal Immigrants

posted onSeptember 26, 2023

The National Social Security Fund (NSSF) has raised the interest payable to savers to 10% for the year 2022/23. The 10% interest is equivalent to Shs1.51 trillion which will be credited to members’ accounts starting today.

The new interest rate was announced by Minister of Finance, Planning, and Economic Development, Matia Kasaija on Tuesday, September 26 at the Fund’s annual members’ meeting in Kampala. It is a slight but much-welcome increase from last year’s rate of 9.5%. The 10% rate is also well above the 10-year inflation rate of 4% which NSSF has committed to beat by two percentage points with its instests.

Minister Kasaija while unveiling the new rate commended NSSF for the improved performance both in revenues collected and and investments. Patrick Ayota, the Fund’s Managing Director, revealed that the total realized income increased from Shs 1.9 trillion in 2021/22 to Shs2.2 trillion in 2022/23.

Ayota also announced that the Fund’s financial assets registered growth again from Shs17.24 trillion to 18.56 trillion “I want to thank all of you the members for entrusting NSSF with our money and I want to assure you that it is safe,” said Minister Kasaija. “Many naysayers did not imagine the possibility of growing this fund to Shs20 trillion, and now that we project to achieve this objective a year ahead do schedule, is definitely laudable.”

The Fund (NSSF) revealed it will soon start taking remittances from Ugandans working abroad including those who are living and working in those countries illegally. The Government is currently finalizing the legal requirements that will allow such illegal immigrants to save with the NSSF on a voluntary basis. This was revealed by the Minister of Gender Labor and Social Development Betty Among at the Fund’s Annual Members’ Meeting in Kampala.

“I will soon finalize the Statutory Instrument which will allow different categories of people to save with NSSF including illegal immigrants working abroad,” said Minister Amongi. “We have recently had engagements with these Ugandans and they told us that where they are, as illegal immigrants, they are not able to save their money with the social security funds in those counties because of their status. You find that someone is on ‘kyeyo’ in the UK but they cannot save with the UK system, and they are now asking to be supported to send their money back home,” she explained.

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