Kenyan president William Ruto has praised Uganda’s National Social Security Fund (NSSF) for its steady growth.
Ruto said even though Uganda have a smaller economy than Kenya, NSSF Uganda continues to have a huge pension scheme.
“Savings is what gives us the resources for investment. In fact, the norm is investments is actually a function of savings. You can only invest if you have faith. Today we are among the least, savers in our continent,” Ruto said.
“Tanzania has a better saving, better saving culture than us. They have a smaller economy than us, Uganda have a huge pension scheme bigger than ours. And they have a smaller economy. So we have to rethink, we have to change and the people from our professionals working with the people from NSSF will be here tomorrow morning so that we can take you through what we need to do.
“Today we have savings of like maybe 1.5 trillion, which is very small. It is not even I think a 10th of what is in the savings of Uganda, Nigeria. So we will take through them the motions so that we are all clear, because good people, we have no option but to change this country, and we are the people who are going to change it.”
NSSF Uganda is a quasi-government agency responsible for the collection, safekeeping, responsible investment, and distribution of retirement funds from employees of the private sector who are not covered by the Government Retirement Scheme.
It is the largest pension fund in East Africa with total assets of about Ush16.86 trillion as of March 2022. Richard Byarugaba serves as the Managing Director and Chief Executive Officer of the Fund.