Our Business
Operating context
Mr. Geoffrey Waiswa Sajjabi, Chief Commercial Officer
"FY2024/25 marks 40 years of transforming the nation through growing our members’ savings and securing their future. The Fund continues to adapt through innovation against a backdrop of economic recovery following the slowdown caused by Covid-19, regulatory reforms and evolving member and stakeholder needs.
The growing informal workforce and increasing demand for flexible savings solutions provides an opportunity for us to accelerate innovation, deepen engagement, and optimise service delivery for our members. We remain passionately committed to our promise of making savings a way of life and providing our members with convenient and flexible options to enhance their well-being."
Celebrating innovation and convenience
Following the enactment of the NSSF (Voluntary Contributions and Benefits) regulations in 2024, we launched Smartlife Flexi, a groundbreaking voluntary savings product designed for Uganda’s dynamic workforce. Smarlife Flexi empowers individuals to save for both short and long-term goals at their own convenience while enjoying flexibility and daily competitive returns.
This is a testament to the Fund’s forward-looking vision, bridging the gap between traditional social security and modern financial realities. Smar Life Flexi offers us the opportunity to improve our members’ financial wellbeing. A total of 27,194 members enrolled for this product, saving UGX 17.2Bn.
We have also leveraged technology and partnerships to address pain points to make saving effortless. We have adopted multiple payment channels, onboarded mobile money auto save options and launched bank standing orders through integration with the NSSFGO App.
These innovations have not only lowered transaction fees for our members but also enhanced their overall convenience.
Tackling challenges through strategic initiatives
Over the last 40 years, the Fund has faced numerous challenges with low employer compliance being one of the most significant ones. Through integration with Uganda Revenue Authority and Uganda Registration Services Bureau, the Fund has leveraged partner platforms for data sharing and implemented initiatives to improve compliance.
Last financial year, the URA-NSSF integration enabled the registration of more than 13,000 new employers. This is a clear demonstration of the Fund’s reliance on technology powered by artificial intelligence and machine learning.
Last year’s nationwide initiative to support members in updating their personal details led to faster, more accurate delivery. A newly developed system automated manual steps in benefits processing, reducing TAT and increasing efficiency.
The deployment of a real-time customer feedback platform enabled timely interventions, driving increased customer satisfaction levels. Our upgraded digital claim now supports partial claims, providing greater flexibility and improved member experience.
Significant milestones in performance
The above challenges notwithstanding, the year recorded over UGX 2.1 trillion in member contributions resulting in 10% growth. Benefits TAT reduced to a record 5.6 days. Member and employer registrations exceeded 200,000 and 14,000 respectively: further demonstrating public trust in the Fund.
Looking forward
As we celebrate 40 years of building Uganda’s future and improving our members’ financial well-being, the Fund remains steadfast in its mission to broaden social security coverage across the country. Guided by our 2035 strategy, we will continue partnering with like-minded stakeholders to extend coverage to at least 50% of Uganda’s labour force by 2035.