Our Strategy
Our regulators and government
For the past forty years, we have collaborated closely with key regulators to develop a strong and reliable social security system that supports Uganda's socio-economic growth. Our regulatory partnerships have been essential to our success in building Uganda's future, driving economic growth, and empowering generations.
Our regulators include government, Parliament of Uganda, Ministry of Gender, Labour and Social Development (MGLSD), Ministry of Finance, Uganda Retirement Benefits and Regulatory Authority (URBRA), Public Procurement and Disposal of Public Assets (PPDA), Solicitor General, Attorney General, Auditor General, Uganda Revenue Authority (URA), Capital Markets Authority (CMA), National Environmental Management Authority (NEMA), Financial Intelligence Authority (FIA) and Bank of Uganda among others. It is crucial that we engage with these key stakeholders across all aspects of our operations, using various communication channels to ensure effective and proactive management.
In the last financial year, we worked closely with all regulators and the government to address members' needs and capitalise on opportunities from the NSSF Act. Our aim was to create strategies that improve members' lives and deliver sustainable value for both the Fund and society.
Opportunities
The regulators have given us opportunity to:
Enhance transparency through improved reporting and disclosures
Influence and advocate for policy positions, leading the industry
Collaborate with regulators to develop strategies that meet client goals and strengthen the financial industry
Mitigate or prevent systemic risks, promoting financial stability
Support and align with international and local practices for capital and ESG requirements
Promote a culture of compliance while strengthening our compliance structures and systems
Building Uganda’s future – A Legacy of regulatory collaboration
We worked closely with regulatory bodies such as the Ministry of Finance, Planning and Economic Development (MFPED), Ministry of Gender, Labour and Social Development (MGLSD), Uganda Retirement Benefits Regulatory Authority (URBRA), Parliamentary Council and the Capital Markets Authority (CMA). These partnerships have enabled:
Legal and policy reforms
In collaboration with URBRA and the MFPED, MGLSD, NSSF has been instrumental in expanding member rights and allowing for voluntary contributions through the voluntary contributions regulations passed in November 2024.
Governance and compliance frameworks
Regulatory oversight has strengthened NSSF’s governance structures, internal controls, and risk management systems, providing a solid institutional foundation that has evolved over 40 years.
Powering growth – Regulatory support for strategic investments
The Fund’s growth and diversification strategy has been driven by regulatory support and collaboration:
Capital markets development
Through partnerships with the CMA and the Bank of Uganda, NSSF has become one of the largest institutional investors in Uganda’s capital markets. During the reporting period, this has helped deepen financial markets and enhance investor confidence. Our regional investments in Kenya, Tanzania, and Rwanda further expand our regulatory landscape. We consistently engage with the regulators in these countries to manage and adapt to regulatory changes, maintaining productive relationships that support a stable business environment.
Real estate and infrastructure projects
The Fund continues to invest in major developments such as Pension Towers, Lubowa Housing Estate, and Temangalo, in compliance with National Environmental Management Authority (NEMA) requirements, delivering both social value and economic returns.
Innovation in savings and collections
Close coordination with URA, PPDA, NIRA has enabled the implementation of digital and integrated systems for streamlined contributions, tax compliance, and broader financial inclusion.
Empowering generations – Member-focused regulations
Our vision and purpose have always been guided by regulations designed to protect members’ interests. Last financial year, we:
Enhanced member access
Regulatory reforms introduced the voluntary contributions saving, allowing all Ugandans to voluntarily save and be able to access their savings in times of need, a significant step in empowering working Ugandans.
Transparency and accountability
Regular audits, actuarial assessments, and performance evaluations, required by regulators, ensure that members benefit from a well-managed, transparent, and sustainable Fund. Through these efforts, we build mutually beneficial partnerships and maintain effective regulatory compliance that supports both the Fund and our broader ecosystem. Our ongoing engagement with regulators is guided by clear expectations and open, two-way communication, helping us nurture strong working relationships with relevant authorities.
As a result, our media tonality score achieved 95%, up from 90% the previous financial year, while our procurement processes performance rating achieved 90%.