Sat . 19 Apr 2019

National Social Security Fund (Uganda)

national social security fund (uganda)
The National Social Security Fund NSSF is a quasi-government agency responsible for the collection, safekeeping, responsible investment, and distribution of retirement funds from employees of the private sector in Uganda who are not covered by the Government Retirement Scheme Participation for both employers and employees is compulsory


  • 1 History
  • 2 Investment portfolio
  • 3 Operations and economic performance
  • 4 Pension Towers
  • 5 Governance
    • 51 Board of directors
    • 52 Management
  • 6 Branch network
  • 7 See also
  • 8 References
  • 9 External links


In February 2009, the President of Uganda fired the minister of finance, whose ministry supervises the activities of NSSF Also terminated were the managing director of the NSSF and his deputy A new board of directors and a new management team were appointed in 2009

In late 2010, NSSF underwent a restructuring process aimed at making it more efficient, competitive, and responsive to the needs of the members It is now poised to provide a wide range of social security products and be the lead institution for domestic capital formation and deepening the financial sector

Analysts in the country said in 2013 that the NSSF had become a leading player in the country's economy

Investment portfolio

According to its financial statements for the year ending 30 June 2014, NSSF had UGX:265 trillion in government treasury bonds with yields ranging from 1025 to 1435 percent, UGX:6821 billion on deposit with commercial banks, UGX:2513 billion in equity investments at fair value through profit or loss EPL, UGX:2502 billion in capital work-in-progress, UGX:1937 billion in investment properties, UGX:1432 billion in corporate bonds with yields ranging from 1103 to 1700 percent, UGX:733 billion in equity securities held-for-trading by fund managers HFT, and UGX:146 billion in cash and bank balances:15 Based on market value as of 30 June 2014, NSSF's largest investments in equity securities were as follows::41–42, 44

  • Safaricom Kenya Public Company Ltd - UGX:897 billion EPL
  • Umeme - UGX:881 billion EPL
  • Stanbic Bank Uganda Ltd - UGX:314 billion EPL
  • DFCU Ltd - UGX:180 billion EPL
  • New Vision Publishing and Printing Company Ltd - UGX:90 billion EPL
  • Tanzania Breweries, Ltd - UGX:704 billion HFT
  • East African Breweries, Ltd - UGX:616 billion HFT
  • Bank of Baroda Uganda Ltd - UBX:574 billion EPL
  • Diamond Trust Bank - UGX:563 billion HFT
  • BAT Kenya Ltd - UGX:557 billion HFT
  • Centum Investments Ltd - UGX:519 billion EPL
  • Safaricom - UGX:490 billion HFT
  • Kenya Commercial Bank - UGX:409 billion HFT
  • Equity Bank Ltd - UGX:397 billion HFT
  • DFCU Bank - UGX:332 billion HFT
  • CFC Stanbic Holdings - UGX:302 billion HFT
  • Nation Media Group - UGX:291 billion HFT
  • Equity Bank Ltd - UGX:278 billion EPL
  • NIC Bank Ltd - UGX:286 billion HFT
  • Stanbic Bank Uganda - UGX:284 billion HFT

Operations and economic performance

The NSSF is a defined contribution scheme and is financed largely by contributions from employers and employees The total contribution is equal to 15 percent of an employee's gross salary, with the employer contributing 10 percent and the employee 5 percent:18 The NSSF pays five types of benefits::18

  • Age benefit - paid to a member who has reached the retirement age of 55
  • Withdrawal benefit - paid to a member who has reached the age of 50 and is out of regular employment for one year
  • Invalidity benefit - paid to a member who has become incapable of gainful employment
  • Survivor's benefit - paid to the dependent survivor of a member
  • Emigration grant - paid to a member who is leaving Uganda permanently

The NSSF's total assets increased to UGX:49 trillion as of 31 December 2014, compared to UGX:44 trillion as of 30 June 2014:15 At the end of 2014, over 81 percent of the NSSF's total investments were in fixed income, with the remaining 19 percent invested in listed companies, unlisted companies, and real estate The number of account holders as of the end of 2014 was about 145 million In March 2018, The Independent, a Ugandan English language newspaper, estimated the NSSF total assets at about USh9 trillion approximately US$248 billion at that time

Pension Towers

Beginning in the early 2000s, NSSFU has been developing an office complex known as Pension Towers, along Lumumba Avenue, on Nakasero Hill, one of the most prestigious neighborhoods in Kampala, Uganda's capital city The complex consists of three interconnected towers; one central tower of twenty-five stories in height, flanked on either side by a ten-story tower Roko Construction Company, a Ugandan construction company constructed the four basement floors between 2008 and 2012, but failed to qualify for further works on the project Three Chinese firms are in a final bidding process to complete the construction, between 2012 and 2015 Construction costs for the complex are estimated at UGX:260 billion When finished, the three towers will contain in excess of 59,410 square metres 639,500 sq ft in office space Parking for over 500 vehicles will be provided in the development


Board of directors

Ugandan Minister of Finance Matia Kasaija appointed a new board of directors in September 2015 composed of the following members:

  1. Patrick Byabakama Kaberenge - Chairman
  2. Pius Bigirimaana
  3. Sarah Walusimbi - Vice Chairperson
  4. Patrick Ocailap
  5. Peninnah Tukamwesiga
  6. Richard Byarugaba - Managing Director and CEO


The management of the NSSF consisted of the following individuals as of February 2018:

  • Richard Byarugaba - Managing Director
  • Patrick Ayota - Deputy Managing Director
  • Richard Wejuli Wabwire - Corporation Secretary
  • Edward Ssenyonjo - Head of Risk
  • Stevens Mwanje - Chief Finance Officer
  • Barbara Teddy Arimi - Head of Marketing & Communications
  • Milton Owor - Head of Human Resources & Administration
  • Gerald Paul Kasaato - Head of Investments
  • Barigye Geoffrey - Head of Internal Audit
  • Geoffrey Ssajjabi - Head of Business
  • Elijah Kitaka - Head of Information Technology
  • Jean Mutabazi - Head of Operations

Branch network

As of October 2015, NSSF had a branch network of 19 branches in the central, eastern, northern, and western parts of Uganda, with six in Kampala, the capital

  1. Head Office: Workers House, One Pilkington Road, Kampala
  2. Bugoloobi Branch: Bugoloobi
  3. Kireka Branch: Kireka
  4. Entebbe Branch: Entebbe
  5. Kawempe Branch: Kawempe
  6. Bakuli Branch: Bakuli
  7. Arua Branch: Arua
  8. Gulu Branch: Gulu
  9. Lira Branch: Lira
  10. Soroti Branch: Soroti
  11. Mbale Branch: Mbale
  12. Jinja Branch: Jinja
  13. Lugazi Branch: Lugazi
  14. Masaka Branch: Masaka
  15. Masindi Branch: Masindi
  16. Hoima Branch: Hoima
  17. Fort Portal Branch: Fort Portal
  18. Mbarara Branch: Mbarara
  19. Kabale Branch: Kabale

See also

  • Bank of Uganda
  • Economy of Uganda
  • Insurance Regulatory Authority of Uganda
  • Uganda Retirement Benefits Regulatory Authority
  • Uganda Revenue Authority
  • List of tallest buildings in Kampala


  1. ^ a b c d e Tentena, Paul 24 July 2017 "NSSF assets hit $22 billion" East African Business Week Kampala Retrieved 10 February 2018 
  2. ^ a b Businge, Julius 19 March 2018 "Uganda: Who Wins in the Proposed NSSF Monopoly" The Independent Uganda via AllAfricacom Kampala Retrieved 21 March 2018 
  3. ^ PTV 17 February 2009 "Uganda First Lady named cabinet minister" PressTvcom PTV Archived from the original on 5 March 2016 Retrieved 14 October 2015 
  4. ^ Busuulwa, Bernard 3 April 2009 "NSSF turns to fund managers" The EastAfrican Retrieved 14 October 2015 
  5. ^ Kidimu, Gilbert 12 September 2013 "Uganda: Workers to Benefit From Pension Reforms" New Vision Kampala via AllAfricacom Retrieved 14 October 2015 
  6. ^ a b c d e "Financial Statements for the Year Ended 30th June, 2014 Together with the Report and Opinion Thereon of the Auditor General", Uganda Office of the Auditor General, 29 October 2014, accessed 14 October 2015
  7. ^ Mugabe, David 23 May 2012 "NSSF constructs Uganda's tallest tower" New Vision Retrieved 14 October 2015 
  8. ^ NSSFU 2011 "Pension Towers to reduce office space shortage in Kampala" NSSF Uganda NSSFU Retrieved 14 October 2015 
  9. ^ Monitor Reporter 29 September 2015 "Finance minister names Kaberenge new NSSF Chair" Daily Monitor Kampala Retrieved 10 February 2018 
  10. ^ NSSF 10 February 2018 "NSSF Management" Kampala: Uganda National Social Security Fund NSSF Retrieved 10 February 2018 
  11. ^ Vision, Reporter 29 October 2014 "Byarugaba bounces back as NSSF boss" New Vision Kampala Retrieved 14 October 2015 
  12. ^ NSSF October 2015 "Branch Directory" NSSF Retrieved 14 October 2015 

External links

  • Total Assets of UShs 625 Trillion As of June 2016
  • National Social Security Fund Uganda Homepage
  • UShs170 Billion Set Aside To Boost Savers’ Interest - NSSF Board
  • NSSF holds 86% of all pension assets - report - As of December 2014

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