Our Business

Business model

Creating sustainable stakeholder value

We aim to create and preserve value for our stakeholders, while recognising that some activities may reduce value. In managing our business, we weigh trade-offs between capitals to maximise positive outcomes and limit negative impacts.

Legend

Value creation

Value erosion

Value preservation

Members
Financial Capital	Intellectual Capital	Human Capital	Manufactured Capital	Social & Relationship Capital	Natural Capital
Interest to members (RoE) of 13.5% (June 2024: 11.5%) Benefits paid UGX 1.32Tn (June 2024: UGX 1.12Tn) Sustained fund growth; stable liquidity to pay benefits on time	Customer satisfaction rate of 88% (June 2024: 87%) Chatbot to efficiently deal with member queries on WhatsApp resulting in 96% of customer traffic now being managed through e-channels	Investment in upskilling employees of UGX 2.43Bn (June 2024: UGX 3.25Bn) to improve productivity and increase customer satisfaction levels Frontline and back-office staff upskilled to improve customer experience	Substantial investment in improving our enterprise architecture UGX 9.7Bn (June 2024: UGX 4.6Bn) to build capacity to improve business process turnaround times	Investment in financial literacy campaigns UGX 0.31Bn (June 2024: 0.5Bn) Responsible ESG leadership and investment in corporate social responsibility initiatives to improve the lives of members and the communities in which we operate Launch of Smartlife Flexi, a new, voluntary goal-based savings plan	Responsible ESG leadership and investment

Employees
Financial Capital	Intellectual Capital	Human Capital	Manufactured Capital	Social & Relationship Capital	Natural Capital
Significant investment in employee wellness Spending on employee wellness of UGX 3.4Bn (June 2024: UGX 3.15Bn)	Retention of specialist skills (Data Science Specialists, Software Developers, and CFAs) Employee attrition of 4% (June 2024: 3.4%)	91% (June 2024: 89%) employee satisfaction rate Equity 53.1% Male and 46.9% Female (June 2024: 53% Male and 47% Female)	Uptime of application systems at 98.2% (June 2024: 99.7%) due to Employees efficiently working from home: 100%	93% of customers who logged complaints were resolved on the first attempt (June 2024: 94%)	48.4% increase in water consumption (June 2024: increase of 27%) 38.6% increase in energy consumption (June 2024: increase of 123%) 116% increase in paper consumption (June 2024: -5%)

Suppliers
Financial Capital	Intellectual Capital	Human Capital	Manufactured Capital	Social & Relationship Capital	Natural Capital
Local supplier contracts awarded: UGX 25.58Bn (June 2024: UGX 24.4Bn) Supplier development through forums and mentorship; Hi-Innovator partnership unlocking capital and technical support for SMEs Faster turnaround through e-GP; stronger vendor performance and compliance; green certification services embedded in major projects	Hi-Innovator Programme in partnership with Mastercard Foundation to support highly impactful and scalable small and growing businesses to access seed capital and technical support thereby creating an efficient business ecosystem. 438 businesses received grant funding of USD 20,000 each	Employee wellness programmes: Spending on employee wellness of UGX 3.4Bn (June 2024: UGX 3.15Bn)	Digital channel and innovation spend UGX 2.5Bn (June 2024: UGX 2.32Bn) Infrastructure spend (branches and contact centres) UGX 13.6Bn (June 2024: UGX 11.2Bn) Substantial investment in our Enterprise Architecture UGX 9.76Bn (June 2024: UGX 4.6Bn)	Buy Uganda Build Uganda (BUBU): 97.1% of procurements are with local suppliers (June 2024: 98.8%) 658 (June 2024: 500) contracted suppliers	Green certification services for Pension Towers and Lubowa Housing Development

Communities
Financial Capital	Intellectual Capital	Human Capital	Manufactured Capital	Social & Relationship Capital	Natural Capital
Responsible corporate citizen and commitment to SDGs Taxes paid (direct & indirect) spend of UGX 242.40Bn (June 2024: UGX 216.04Bn)	Tonality score of 95% (June 2024: 92%)	32 hours dedicated to CSI activities	Digital Index 86% (FY 2024: 76%) which is an average of: Online sentiments 83% (FY24: 74%) Digital penetration growth 78.6% (FY24: 56%) E-channel to walk-in ratio 96% (FY24: 91%)	Responsible corporate citizen and commitment to SDGs Responsible ESG leadership and investment in corporate social responsibility initiatives to improve the lives of members and the communities in which we operate 202,323 number of jobs created through the Hi-Innovator programme over 5 years	A meaningful contribution to our environmental sustainability, aligned to the national, regional and global development goals Water conservation and waste management initiatives

Regulators & Legislators
Financial Capital	Intellectual Capital	Human Capital	Manufactured Capital	Social & Relationship Capital	Natural Capital
52% Employer compliance (June 2024: 57%)	Responded with agility to comply with the NSSF Act Cap 230 and process midterm Benefits Access (MTA) provisions within a short period of time	The Fund maintains good relationships with supervisory regulators and a broad array of other policymakers Senior leadership time dedicated to regulatory engagement	Procurements processed using e-Government procurement system, and complied to the provisions of the PPDA amended Act of 2023 658 (June 2024: 500) contracted suppliers on eGP portal	Responsible corporate citizen and commitment to SDGs Taxes paid (direct & indirect) spend of UGX 242.40Bn (June 2024: UGX 216.04Bn) Compliance with regulatory requirements of the URBRA Act, 2011	100% of the waste from buildings diverted to KCCA pipelines in line with the City Council Solid Waste Management Ordinance of 2000 Water and waste handling, treatment, and disposal are conducted in accordance with regulations, as identified in Section 4.2, Global Environmental Health and Safety (GEHS), which guide water monitoring and management Environmental Impact Assessments by the National Environmental Management Authority (NEMA) on all the Fund’s construction projects in compliance with Regulation 37 of the Environmental Assessment Regulations, Statutory instrument No.13 of 1998 Net Zero commitment path with a 13.58% near-term GHG reduction target; strengthening of climate disclosure foundations

Strategic trade-offs impacting our capitals

40 YEARS OF BUILDING THE FUTURE: POWERING GROWTH, EMPOWERING GENERATIONS