National Social Security Fund (NSSF) has projected that the Fund is expected to grow to Shs50 trillion by the 2034/35 financial year.
The growth will be almost double from the current Shs27 trillion.
The projection comes amid steady annual growth of about Shs3 trillion, driven by strong contributions, sound investments, and expanding voluntary savings options.
‘Contributions to NSSF are spurred by a mix of mandatory regulations, attractive benefits, financial performance, and recent innovations in voluntary savings,’ the Fund’s projection indicates.
Speaking on the sidelines of the All-Africa Pension Conference, NSSF Managing Director Patrick Ayota said the Fund’s assets under management grew by 17.5 percent, from Shs22.13 trillion in 2023/24 to Shs26 trillion in 2024/25.
‘This growth was supported by a robust rise in member contributions and revenue generation. Member contributions increased by 10.4 percent, from Shs1.93 trillion to Shs2.13 trillion, while total revenue grew by 11 percent, from Shs3.2 trillion to Shs3.52 trillion,’ he said.
Mr Ayota also noted that NSSF’s Vision 2035 seeks to achieve 50 percent workforce coverage (over 15 million members), with a target of achieving Shs50 trillion in total assets, and 95% stakeholder satisfaction.
NSSF has been going through a phase of growth supported by, according to Mr Ayota, innovation, strategic partnerships, and sustainable investment practices that align growth with shared prosperity.
During the year ended June, NSSF recorded revenue growth across all major income streams, with interest income rising from Shs2.34 trillion to Shs2.88 trillion, dividend income from Shs175b to Shs238.14b, while real estate income grew from Shs13.24b to Shs16.64b.
Other income streams nearly doubled, from Shs382b to Shs651b.
The Fund maintained a balanced investment portfolio, allocating 80.5 percent to fixed income, 13.3 percent to equities, and 6.2 percent to real estate, a conservative mix designed to ensure stability while capturing growth opportunities.
Delivering President Museveni’s remarks at the conference, Prime Minister Robinah Nabbanja urged African countries to leverage the continent’s $1.4 trillion pension assets to accelerate development.
‘This money presents an opportunity to address Africa’s persistent challenges, such as inadequate infrastructure. Pension funds can be invested to build roads, dams, schools, hospitals, and railways to spur economic growth,’ she said.