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National Social Security Fund (Uganda)

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National Social Security Fund (Uganda)

National Social Security Fund
Type Quasi-Government
Industry Social Security
Founded 1985
Headquarters 14th Floor Workers House, Plot 1 Pilkington Road, Kampala, Uganda
Key people Ivan Kyayonka
Richard Byarugaba
Managing Director
Products Investments
Revenue Increase Pretax: US$64.5 million (UGX:147 billion) (2011)
Total assets US$1.13+ billion (UGX:3+ trillion) (December 2012)[1]
Website Homepage

The National Social Security Fund (NSSF) is a semi-government agency responsible for the collection, safekeeping, responsible investment and distribution of retirement funds from employees of the private sector in Uganda, who are not covered by the Government Retirement Scheme. Participation for both employers and employees is compulsory.

Investment Portfolio

The current National Social Security Fund investment portfolio includes the following:

  • Fixed Income
    • Short term: Fixed deposits & Treasury bills
    • Long term: Corporate loans, Corporate bonds & Government bonds
  • Real Estate
    • Properties
    • Land
  • Equities
    • Private Equities
    • Listed Equities

The Fund is a leading investor on the Uganda Securities Exchange (USE)[2] It is reported to own bank deposits of about US$400 in Ugandan commercial banks. The National Social Security Fund also owns the following investments, as of June 2011:[3]

NSSF (Uganda) Investment Portfolio
Rank Investment Percentage Shareholding
1 Housing Finance Bank* 50.00
2 Uganda Clays Limited* 32.51
3 Kampala Serena Hotel* 20.00
4 New Vision Group* 19.61
5 DFCU Group* 5.93
6 Stanbic Bank Uganda* 1.72
7 Bank of Baroda Uganda* 1.50
8 Centum Investments* 0.66
9 Safaricom* 0.60
10 Nsimbe Holdings Limited 100.00
11 Victoria Properties Limited 50.00
12 Temangalo Estate 100.00
13 Pension Towers 100.00
14 Workers House 100.00
15 Social Security House 100.00
16 Others 100.00


The National Social Security Fund (NSSF) is a National Saving Scheme mandated by Government through the National Social Security Fund Act, Cap 222 (Laws of Uganda) to provide social security services to employees in Uganda. It was established by an Act of Parliament (1985) to provide for its membership, payment of contributions to, and payment of benefits out of the Fund. NSSF is a provident fund (pays out contributions in lump sum). It covers all employees in the private sector including Non-Governmental Organisations (NGOs), that are not covered by the Government's pension scheme. It is a scheme instituted for the protection of employees against the uncertainties of social and economic life.


As of June 30, 2011, NSSF had a total of over 9,000 employers registered with the Fund. The number of account holders stood at over 450,000 members.[4][5][6]

In February 2009, the President of Uganda fired the Minister of Finance, whose ministry supervises the activities of NSSF. Also terminated were the Managing Director of the NSSF and his deputy.[7]

With the appointment of a new Board of Directors in 2009 and a new management team, the NSSF has since recorded significant improvements in corporate governance. Analysts in the country say NSSF has since moved on to be a leading player in the country's economy.


In late 2010, NSSF underwent a restructuring process aimed at making it more efficient, competitive and responsive to the needs of the members. The Fund is now poised to provide a wide range of social security products and also play its role as the lead institution for domestic capital formation and deepening the financial sector.[8]

Pension Towers

Beginning in the early 2000s, NSSFU has been developing an office complex known as Pension Towers, along Lumumba Avenue, on Nakasero Hill, one of the most prestigious neighborhoods in Kampala, Uganda's capital city. The complex consists of three interconnected towers; one central tower of twenty-five stories in height, flanked on either side by a ten-story tower. Roko Construction Company, a Ugandan construction company constructed the four basement floors between 2008 and 2012, but failed to qualify for further works on the project. Three Chinese firms are in a final bidding process to complete the construction, between 2012 and 2015. Construction costs for the complex are estimated at US$107 million (UGX:260 billion).[9] When finished, the three towers will contain in excess of 59,410 square metres (639,500 sq ft) in office space. Parking for over 500 vehicles will be provided in the development.[10][11]

Board of Directors

Government of Uganda appointed a Board of Directors in May 2012. The current Board has the following as its members, as of June 2012: [12][13]

  1. Ivan Kyayonka - Chairman
  2. Christopher Kahirita
  3. Richard Bigirwa
  4. Agnes Kunihira
  5. Henry Mukasa,
  6. Musa Okellokwewewewewewewe
  7. Sarah Walusimbi.
  8. Christopher Kassami
  9. Richard Byarugaba - Managing Director & CEO[14]


The management of the NSSF consists of the following individuals: [15]

  • Richard Byarugaba - Managing Director & Chief Executive Officer
  • Geraldine Ssali - Deputy Managing Director & Deputy Chief Executive Officer[16]
  • David Nambale - Corporation Secretary
  • Edward Senyonjo - Ag. Head of Risk Management
  • Patrick Ayota - Head of Finance
  • Collin Babirukamu - Head of Information Technology
  • Olive B. Lumonya - Head of Marketing & Communications
  • Geoffrey Barigye - Head of Internal Audit
  • Joyce Kasirye - Ag. Head of Human Resources
  • George Kyarikunda - Head of Administration
  • Stevens Mwanje - Head of Commercial

Branch Network

As of June 2011, the National Social Security Fund has a branch network of twenty four branches in the central, eastern, northern and western parts of Uganda, with 6 branches dedicated to Kampala.[17]

  1. Head Office - Workers House, One Pilkington Road, Kampala
  2. Nakasero Branch
  3. Bugolobi Branch
  4. Kireka Branch
  5. Zzana Branch
  6. Kawempe Branch
  7. Bakuli Branch
  8. Arua Branch - Arua
  9. Gulu Branch - Gulu
  10. Lira Branch - Lira
  11. Moroto Branch - Moroto
  12. Soroti Branch - Soroti
  13. Mbale Branch - Mbale
  14. Tororo Branch - Tororo
  15. Jinja Branch - Jinja
  16. Lugazi Branch - Lugazi
  17. Masaka Branch - Masaka
  18. Mubende Branch - Mubende
  19. Masindi Branch - Masindi
  20. Hoima Branch - Hoima
  21. Fort Portal Branch - Fort Portal
  22. Kasese Branch - Kasese
  23. Bushenyi Branch - Bushenyi
  24. Mbarara Branch - Mbarara
  25. Kabale Branch - Kabale

NSSF Rebrands

On December 6, 2012, NSSF launched a new brand with a renewed promise. The Fund unveiled its new corporate identity- a refreshed blue and green logo as well as a new tag-line- 'A Better Future', which according to Richard Byarugaba, NSSF Managing Director, symbolizes fund's renewed commitment to be even more relevant to its members. "We are not merely changing our look and feel, but rather, the change of our visual identity symbolizes my commitment, your commitment and our commitment to deliver a better future for our growing membership by providing quality products, great customer service and offering competitive returns in a transparent and efficient environment," Mr Byarugaba said.

The Fund also changed its tagline to "A Better Future".

The development coincides with the monumental growth of the fund's asset base to a historic Shs3 trillion as of end of November 2012, a precedent the fund attributes to improved customer relationship management, adoption of faster but cheaper delivery channels and adoption of better technology.

Excellent Performance

Despite tough economic times, NSSF's balance sheet has grown by 76% to from UGX2.1 trillion in 2010/11 to as of November 2012. The fund's assets are invested in fixed income (UGX2.7 trillion or 81%), Equities (UGX391 Billion or 13%) and Real estate (UGX175 billion or 6%). Mr Byarugaba attributed the strong growth to NSSF's good relationship management which has seen compliance improve from 63% to 73% over the last two years. Monthly contributions are up by 71% from UGX 24.5bn to UGX 42.0 bn in the same period, while, member balances have also grown by 70% from UGX 1.7 bn to UGX 2.9bn. Overall, the Fund is growing by UGX 50bn a month. As a result of prudent investments and cost management, realized income has grown by 86% from UGX 158bn (2010/11) to UGX 294 billion (2012/13) while average monthly interest income is up by 112% from UGX 11.1 to UGX23.6bn. Rental and Dividend income is up by 11% and 36% respectively.

Overall costs reduced by 11 percent and as a result, cost income ratio has improved from 37% to 18%. Benefits paid to members are up by 60% from UGX 64 Billion to UGX 102 Billion while interest paid to members went up by 126% from UGX 89 billion to UGX 202 Billion. This was mainly as a result of a 10 percent interest paid at end of 2011/2012 financial year. Turnaround time for processing and paying benefits also improved by 60% from 50 to 20 days. A New Dawn Byarugaba said that even though the fund has witnessed several milestones over the last 24 months, this would be a foundation for a solid relationship between NSSF and its stakeholders and the new identity would serve as a visible symbol of this commitment.

"Whereas you cannot touch our hearts to feel this renewed commitment, this new logo represents that commitment. What we are promising our stakeholders especially our members, is that wherever you see this sign (our logo) you can expect, nothing less than quality products, great customer service, competitive returns in a transparent and efficient environment," he said.

External links

  • List of Members of Board of Directors
  • National Social Security Fund (Uganda) Homepage
  • Interview With Acting Managing Director 25 May 2010

See also

  • National Social Security Fund (Kenya)
  • National Social Security Fund (Tanzania)
  • List of tallest buildings in Kampala


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