• Targets shs1trillion revenue this year
National Social Security Fund Chief Superintendent, Richard Byarugaba, shared the Fund’s five year plan with journalists over breakfast and his eye is on tap more voluntary savers to grow numbers.
Currently the fund has registered 4,000 voluntary savers number and the current fund’s active membership stands at 800,000. The plan is to grow the figure to five million with a sizeable number being voluntary savers.
Mr Byarugaba is sure of the move because out of the 15 million Ugandans in employment, only four million are in formal employment (hence mandated by law to save with NSSF) and the remaining 11 million are potential clients in case an enabling law is put in place.
Taking journalists through the six years of his reign at the now largest financial institution in the country, Mr Byarugaba said he plans to grow the Funds asset portfolio from the current Shs8.2 trillion to Shs20 trillion in five years.
“We are here today because seven years ago we dared to dream,” he said adding that not even the proposed sector liberalization law will cow him and his team from chasing the set targets.
“If government chooses to support the law, we shall compete because we have the best services for our customers. We have got capital and resources,” he said.
Mr Byarugaba also said the Fund is now targeting to grow its annual revenue by Shs88billion from Shs129 billion in 2009/10 financial year to the Shs1trillion mark. The rake in last financial year was Shs912 billion falling below the trillion mark by Shs88billion.
Money will be raised through increased individual contributions and increased investment in Private Equity, more product investments and product innovations.
“We shall have more new benefits relevant to customer across the new journey. We shall have more roadshows to communicate directly with the customer and more clear straight-through processing where one can initiate a claim and complete transaction without repeating any process,” Mr Byarugaba promised.