Our Performance
CFO's financial review
Mr. Stevens Mwanje, Chief Financial Officer
"FY2024/25 marks the successful conclusion of our Vision 2025, and we are immensely proud of exceeding all key performance targets, including achieving the UGX 20 trillion milestone well ahead of schedule. As we celebrate 40 years of building Uganda’s future, the Finance function has firmly positioned itself as a strategic enabler to the business, driving sustainable growth and laying the foundation for Vision 2035.
Over the last decade, Finance has transformed beyond traditional stewardship into a future-ready business partner powering innovation, operational excellence, and ESG/Sustainability leadership. We remain committed to empowering generations while enhancing transparency, efficiency, and member value."
As we celebrate 40 years of building Uganda’s future, the Finance function stands at the forefront of powering sustainable growth and empowering generations, the key pillars in our commitment to Vision 2035. Our role has evolved beyond traditional stewardship of resources to becoming a strategic enabler of the Fund’s transformational ambitions.
We have made commendable progress in the second year (the Finance Department Strategic Plan (2024 – 2028) towards becoming a fit-for-purpose and future ready Finance Department that is able to appropriately support the Fund in achieving its Vision 2035 strategy and beyond.
Key milestones and achievements: A decade of strategic transformation (FY2015/16 – FY2024/25)
Departmental reorganisation and strategic realignment
In 2017, leadership changes saw Mr. Patrick Ayota appointed as Deputy Managing Director and Mr. Stevens Mwanje as CFO, a move that ushered in a new era for the department.
The key restructures included:
- In 2022, the Strategy function grew into a fully-fledged department reporting directly to the Managing Director
- The Tax and Insurance units were merged into one functional unit for better synergy
- Establishing the Planning and Analytics Unit to drive forward-looking reporting and strategic decision-making
- Strategic staff rotations within the department to foster skill-based growth and cross-functional collaboration
Driving automation and efficiency
The department has embraced digital transformation and streamlined critical processes to improve turnaround time (TAT), enhance accuracy, and support a paperless environment.
The highlights include:
- Yo-Budget: A live budgeting system integrated with the ERP, giving real-time visibility to budget holders
- EDRMS/ADA: A digital platform eliminating the need for physical document handling
- Xente petty cash management: A cashless solution that improved accountability and reduced risk
- Revenue automation: Auto-calculation of incomes to reduce manual errors and ensure precision
Building ‘Brand Finance’
Internally, the department established a culture of continuous learning and excellence, informally branded as 'Brand Finance.'
The initiatives included:
- Mandatory professional certifications for all Finance Department staff
- Group and individual coaching programmes
- Team-building events to enhance team cohesion
- Audit timelines improved significantly from an 8-month process to within 3 months completion in time for the Annual Members Meeting every September
Excellence in integrated reporting
NSSF’s journey in reporting has set the benchmark for transparency and accountability over the years. The Finance team led a transition to integrated reporting, aligning with international best practices achieving several awards including ICPAU’s integrated report FiRe Awards.
Awards include:
- Gold Awards (5): 2018, 2020, 2021, 2022, 2024
- Silver (2): 2017, 2023
- Bronze (1): 2019
- Other ICPAU’s FiRe awards in Sustainability , Corporate Governance, Public Sector Entities, Presentation and Communication categories
- The Fund has also received (three Gold Awards for Regional Excellence in Integrated Reporting (2022,2023, and 2024)) from the Chartered Governance Institute of Southern Africa (CGISA) and the Johannesburg Stock Exchange (JSE)
- At the CFO Public Finance Awards (CFOPF25), our CFO, Stevens Mwanje, was recognised among the Top 50 CFOs, while the Finance team proudly received the Bronze Award for Finance Team of the Year
