The National Social Security Fund (NSSF)’s total assets Under Management (AUM) hit Shs9.8 trillion as of June 2018, a 26 percent increase from 7.2 trillion the previous financial year, the Fund said as it reviewed its 2017/18 financial performance.
Richard Byarugaba, the MD of NSSF, attributed the Fund’s impressive performance to a favourable investment climate and aggressive yet prudent investment approach.
According to the statement released by Byarugaba, income hit a record Shs1.6 trillion in 2017/18 growing by 77 percent, from Shs912 billion in 2017.
Member contributions also increased by 14 percent to Shs1.05 trillion in 2018 from Shs917 billion in 2017.
The Fund collected Shs7 billion in voluntary contributions from 10,000 new members largely driven by mobile money. Turnover of Shs553 million was registered from mobile money collections. Voluntary contributions were introduced to attract new members and grow contributions.
He says compliance level has risen to 81 percent in 2018 from 80 percent in 2017 leading to improved contributions.
“The cost to income ratio has declined by 1 percent to 12.6 percent for the Financial Year 2017/2018 from 13.4% the previous Financial Year,” Managing Director Richard Byarugaba
“We have not grown more efficient in the way we do business, but we have maintained the required discipline we made and we continue to focus on creating value for our members at a low cost,” said Byarugaba
The Fund will hold the 6th Annual Members Meeting on August 28, 2018 at the Pearl of Africa Hotel where members are expected to attend in big numbers. Managers hope to hear from members regarding management of their savings.