NSSF Uganda declares record 13.5% interest for savers in FY 2024/25

In a historic announcement that cements the National Social Security Fund (NSSF) as one of Uganda’s strongest financial institutions, the Minister of Finance, Planning and Economic Development, Hon. Matia Kasaija, declared a record 13.5 percent interest rate for savers for the financial year 2024/2025—the highest ever in the Fund’s history.

The decision follows a remarkable year of growth for the Fund. NSSF’s assets under management surged by 17.5 percent to reach UGX 26 trillion, while earnings rose by 11 percent to UGX 3.5 trillion. As a result, savers will collectively receive UGX 2.7 trillion in interest, up from UGX 2.0 trillion last year, when an 11.5 percent rate was declared.

Speaking at the declaration, Minister Kasaija praised the Fund’s performance and commended management for exceeding targets.

“Every year, I challenge the Fund to grow and add value to members’ savings so that I can declare a competitive interest rate. The interest rate for the financial year 2024/25 is 13.5%. I congratulate savers and management,” he said.
He further revealed that members’ contributions grew by 10.4 percent, from UGX 1.93 trillion in FY 2023/24 to UGX 2.13 trillion in FY 2024/25.

NSSF Managing Director Patrick Ayota underlined the Fund’s mission of transforming lives through a culture of saving:

“We came here with a very clear and meaningful purpose—to make lives better by making saving a way of life. We encourage people to save because we understand the impact it has. As custodians of member value, we not only guarantee the safety of savings but also their preservation, providing returns above inflation.”

The Fund’s operational efficiency has also strengthened. The cost of administration fell to 0.89%, down from 1%, meaning the Fund is now spending less to manage more. Ayota emphasized that the Fund’s financial resilience remains unshakable:

“Even if we closed today, we would still be able to pay out every member that has saved with us.”

New products are helping broaden savings across Uganda’s workforce. In just 10 months, SmartLife Flexi attracted UGX 27 billion in savings from over 33,000 members, most of them small savers. Notably, 33.8% of contributors saved less than UGX 10,000, and almost 60% less than UGX 50,000—a testament to NSSF’s expanding reach to grassroots communities.

Hon. Betty Amongi, Minister of Gender, Labour and Social Development, highlighted efforts to make saving more inclusive:

“When I began supervising the Fund, I challenged them to increase membership. That’s why we introduced products like SmartLife Flexi, which has grown tremendously. Our ambition is to attract more members, both formal and informal. I am also reviewing NSSF regulations to reduce the minimum contribution from UGX 5,000 to UGX 1,000, so that every Ugandan—from Boda Boda riders to market women—can save.”

The Fund also revealed its Vision 2035 goals: expanding coverage to 15 million working Ugandans, growing assets to UGX 50 trillion, and achieving 95% member engagement. Already, value creation has risen sharply—UGX 21.4 in revenue for every shilling spent, up from UGX 18.1 last financial year.

As Uganda’s largest retirement fund, the NSSF’s record-breaking performance signals more than just numbers; it reflects growing financial security for millions of workers and renewed confidence in long-term savings as a pathway to national development.