Assets grew by 18% from UGX 22.1 trillion ($6.16Bn) to UGX 26 trillion ($7.23Bn)
Report Overview
Managing Director's statement
Patrick M Ayota, Managing Director
"Our 40-year journey is a story of our members' trust. confidence has fueled our growth and resilience and now marks the beginning of a new era. With Vision 2035, we are thinking bigger and bolder — transforming savings into prosperity and empowering generations to come." This year marks a defining milestone as we celebrate 40 years of resilience, growth, and trust. Over four decades, the Fund has grown from a modest savings scheme into East Africa's largest and most trusted social security institution, a cornerstone of Uganda's socio-economic transformation.
The trust our members place in us is the foundation of our success. Today, more than 2.5 million Ugandans save with the Fund, enabling us to deliver impact well beyond financial returns, from job creation and infrastructure investments to financial inclusion and community empowerment.
Despite a challenging global environment characterised by regional instability, inflationary pressures, and fluctuating currency rates, the resilience of our team and our clear strategic focus have delivered strong results and positioned the Fund for the future. NSSF operates within this complex economic landscape by leveraging emerging opportunities and addressing challenges to strengthen community ties and enhance its investment impact.
FY2024/25 Performance: Powering growth
Contributions increased to UGX 2.1 trillion ($592Mn), up 10% from UGX 1.9 trillion ($537Mn) the year before
Total income rose to UGX 3.5 trillion ($978Mn), 11% increase from the previous year
Administration costs were maintained at 0.89% of assets, better than our 1.04% target and significantly better than industry average
Beyond financial performance, we saw unmistakable evidence of trust. More than 79,000 members over the age of 55, eligible to withdraw UGX 1.3 trillion in savings, chose to leave their money with the Fund, demonstrating their faith in our management.
Our voluntary savings platform, Smartlife, has further deepened this confidence by attracting thousands of new savers, including informal workers. In its first months alone, members saved over UGX 2 billion, with deposits ranging from as little as UGX 5,000 to larger, regular contributions. These stories of everyday Ugandans building financial security show that saving is no longer only for the few but is becoming part of our national culture.
Vision 2035: Empowering generations
As we transition from Strategy 2025, we look to the future with bold ambition. Vision 2035 sets out three transformative goals.
Vision 2035 reflects our long-term mission of empowering generations. From today's young workers to tomorrow's retirees, and the communities in which they live, our purpose is to ensure that every Ugandan can achieve financial security and dignity in retirement.
50%
Coverage - 50%:
We currently cover 11% of Uganda's working population. By 2035, our goal is to expand this to 50%, reaching over 15 million members, particularly by bringing the informal sector into social security.
UGX 50 TRN
Growth - UGX 50 trillion:
We will continue to align our investments with safety of our members' savings and national priorities in infrastructure, agriculture, and industrialisation. With resilience and innovation, we aim to grow the Fund to UGX 50 trillion.
95%
Satisfaction - 95%:
Member, staff, government, and public satisfaction will be central. Already, our staff engagement stands at 91% and member satisfaction is rising. By 2035, our target is a 95% satisfaction rate across all stakeholders, as we roll out new initiatives including financial education, job creation programmes, and co-investments in priority economic sectors.
Sustainability and ESG for the long term
Sustainability is not a slogan but the foundation of how we operate. We continue to align with the UN Sustainable Development Goals, particularly SDG 1 (No Poverty), SDG 5 (Gender Equality), SDG 8 (Decent Work and Economic Growth), and SDG 13 (Climate Action). Our approach is reflected in initiatives that are ongoing, planned, or already delivering scale.
Environmental stewardship through partnerships in land restoration, afforestation, and sustainable agribusiness
Social inclusion with the Borderless Education programme, in partnership with Vision Group and World Vision, which is set to deliver digital learning materials to 300 rural schools to bridge the education gap
Health access through the piloting of affordable healthcare products tailored for the informal sector, widening the scope of social protection
Entrepreneurship and jobs via the Hi-Innovator Programme, which since inception has supported 438 startups in agriculture, light manufacturing, health, the digital economy, and education. These enterprises have created over 38,563 direct and 163,760 indirect jobs, demonstrating the catalytic role NSSF plays in empowering entrepreneurs
These initiatives validate that our sustainability commitments are not box-ticking exercises, but essential to our strategy, our resilience, and our legacy.
Innovation and technology to strengthening agility
Innovation, excellence, and sustainability remain cornerstones of our success. This year, we deployed predictive Artificial Intelligence (AI) for fraud detection and benefit forecasting, expanded AI-powered customer support in multiple languages, and piloted facial recognition for online benefit payments.
We also made a strategic decision to develop our own core systems in-house. By investing in Ugandan talent and reducing reliance on external vendors, we have enabled agility, cut costs, and secured ownership of our platforms. Smartlife, built internally, already demonstrates the strength of this approach.
This commitment to innovation strengthens our ability to serve Ugandans better today while building future-ready solutions for generations to come.
