Matia Kasaija, Uganda’s Minister of Finance, Planning and Economic Development (MoFPED), has announced that people contributing and saving with the National Social Security Fund (NSSF) will get up to 11.5 per cent interest on their savings this year.
The Thursday, September 26, 2024 announcement of the 11.5 per cent interest, made at the 12th NSSF Annual Members General meeting at the Kampala Serena Hotel, is the highest in about a decade.
Before announcing the interest for the 2023-2024 financial year, Minister Kasaija said the fund had grown by a little over 19 per cent in the past financial year. Total interest payments for all the savers will be Shs 2 trillion.
“The fund is indeed growing, moving from Shs 18.56 trillion in FY 2022/23 to Shs 22.13 trillion in FY 2023/24—an increase of 19.2 per cent,” the minister said.
“As per the NSSF Act for FY 2023/24, I declare an interest rate of 11.5 per cent. The interest rate is slightly above UGX 2 trillion, marking the highest amount of money ever paid in interest to NSSF members.”
NSSF Managing Director Patrick Ayota said that with the long-term saving of about Shs 22.13 trillion, the fund was about 11 per cent of GDP.
Minister Kasaija emphasized the need for NSSF growth, investments and increasing the number of savers. “I am interested in three to four key aspects: First, is the fund steady and growing? Secondly, is the fund investing in the right sectors of the economy and in valuable assets? Thirdly, is the fund preserving and growing the value of members’ savings?” he asked.
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