Report Overview
Chairman's statement
Dr. David Ogong, Chairman, Board of Directors
"Forty years ago, NSSF began as a modest savings scheme. Today, it stands as East Africa’s largest and most trusted social security institution, a testament to the vision, resilience, and trust of millions of Ugandans. Our past is our foundation; our future is our promise."
This year marks a defining milestone: four decades of building Uganda’s future, powering economic growth, and empowering generations. As the newly appointed Chairman of the 13th Board, it is both an honour and a privilege to present my first report at such a significant point in the Fund’s history.
A legacy worth celebrating
We set out with a clear mandate: to collect, invest, and pay out benefits in a way that delivers lasting value to our members and the country. I am proud to report that as at 30 June 2025, assets under management reached UGX 26 trillion, and for the year under review, contributions stood at UGX 2.1 trillion, and the Fund paid out over UGX 1.3 trillion in member benefits.
Our compliance rate, at 52%, reflects a growing contributor base, supported by the registration of 14,000 new employers this year, many of whom have already begun remitting contributions. We have achieved this while maintaining exceptional operational efficiency, delivering a historic low expense ratio of 0.89%, well below our target.
Equally important is the trust we have earned. Customer satisfaction stands at 88%, staff engagement at 91%, and our brand remains one of Uganda’s most respected. These results are a tribute to our dedicated management and staff, whose commitment is the driving force behind our progress.
Challenges that shape our ambition
While our achievements are significant, we remain acutely aware of the work ahead. Uganda has a population of 46 million people, yet NSSF serves only 3.3 million members, with an even smaller proportion actively contributing. Most are drawn from the formal sector, where contributions are mandated by law.
The 2022 Amendment Act opened the door for us to serve the informal sector, which presents vast opportunities but also distinct challenges, such as irregular incomes, low penetration, and limited awareness of social security. Our Smartlife product, designed for voluntary contributions, has already attracted UGX 17.2Bn in a period of only 7 months, demonstrating trust and appetite for social security beyond the formal sector. We will build on this momentum through aggressive financial literacy campaigns, new product innovation, and partnerships that extend our reach. We also operate in a complex regional and global economic environment.
Fluctuating exchange rates, inflationary pressures, and volatile capital markets demand careful stewardship of members’ funds. Additionally, investment opportunities are constrained by regulatory limits, requiring us to balance opportunity with risk. Finally, we continue to address the backlog of unallocated member funds from historic employer submissions that lacked complete member details.
Resolving this remains a key priority.
Positioning NSSF for national development
One of the 13th Board’s top priorities is to align the Fund’s investment strategy more directly with Uganda’s national development goals. Over the past 40 years, we have delivered consistent value to members, but around the world, pension funds also play a visible role in driving economic growth. We will explore targeted investments in infrastructure and community development that not only generate sustainable returns but also create jobs, improve livelihoods, and strengthen our economy. While we will continue to invest prudently in treasury bonds, equities, and real estate, we must also pursue opportunities where our impact is both measurable and transformative.
Innovation for member value
Building on the early success of Smartlife Flexi, which has already attracted significant voluntary contributions from workers with irregular incomes, we are expanding our product suite to give members more choice and flexibility. This includes the upcoming Smartlife Fixed, a long-term investment option offering competitive interest rates and medical insurance benefits, designed to help members preserve and grow their savings. We are also developing an agency model to expand our national reach by leveraging the networks of banks and telecom agents, making NSSF’s products and services more accessible than ever before.
Vision 2035: Our next chapter
Looking to the next decade, we have developed a bold 10-year strategy anchored on two foundational pillars. These pillars will drive us toward our 50:50:95 agenda (Vision 2035): expanding workforce coverage to 50%, growing assets under management to UGX 50 trillion, and sustaining a 95% satisfaction rate from both members and staff.
Creating the willingness to save
Building trust in the Fund, deepening financial literacy, and inspiring a culture of long-term saving.
Creating the capacity to save
Expanding access and innovating products for diverse income groups, alongside livelihood programmes that empower communities to save.
Safeguarding the legacy and building the future
Over the past 40 years, the Fund has progressed from its early introduction to a period of robust growth. Today, we stand at the threshold of a new era, well positioned for a future driven by voluntary contributions, broader financial inclusion, and investments that deliver tangible social and economic impact.
As the stewards of this institution, our duty is twofold: to safeguard the Fund’s hard-earned legacy and to ensure it continues to adapt, innovate, and deliver value in a rapidly changing world. This means maintaining the trust of our members, making prudent and impactful investment choices, and expanding access to social security so that every working Ugandan gets the opportunity to build a secure future.
Appreciation
I extend my sincere appreciation to our Supervisory Ministries, my fellow Board members, and the management team for their leadership and commitment. Most importantly, I thank our employees for their dedication and resilience, and our members for their trust. As we embark on this next chapter, I reaffirm our commitment to being Uganda’s trusted social security provider of choice, powering growth, empowering generations, and building a future where every Ugandan worker can retire with dignity.