Patrick Ayota, NSSF Managing Director (R) and Gerald Kasaato, the Ag. Deputy Managing Director (L) address the media during the unveiling of the Fund’s Vision 2035 at Workers House
The National Social Security Fund (NSSF) will focus on expanding social security coverage of Uganda’s working population and the sustainability of the Fund over the next 10 years and beyond, the newly appointed Managing Director Patrick Ayota has said.
Unveiling what the Fund has called “Vision 2035”, Ayota said that the Fund targets to increase enrollment of the country’s total workforce from 10% to 50% and grow the Fund’s Assets Under Management from Ushs 18.4 trillion today to Ushs 50 trillion by 2035.
“You will recall that in 2015, the Fund developed a 10-year Strategic Plan, which was anchored around growing the Fund to Ushs 20 trillion by 2025, improving Customer Satisfaction to 95%, improving Staff Satisfaction to 95%, and payment of Benefits within 1 Day. I am glad to note that we are on course to meet, and in some instances surpass these targets by 2025.”
“Going forward, we are cognizant of the new legal mandate the Fund has, as envisioned by the NSSF Act, as amended. We have developed our “Vision 2035”, which will not only make the Fund play a more active role in the lives of ordinary Ugandans but will also remain a springboard for the mobilisation of long-term domestic savings,” Ayota said.
In addition to the expansion of social security coverage and growth of the Fund to Ushs 50 trillion, Ayota said that NSSF will seek to be one of the most efficient organisations in Uganda by targeting to improve its customer satisfaction to 95%.
According to figures released by the Fund, its assets under management stand at over Ushs 18.4 trillion, retaining its position as the largest social security Fund in East Africa by value. Customer and staff satisfaction stands at 85% and 86% respectively, while the Benefits payment timeline stands at 11 days.
Ayota explained that the benefits payment turnaround time has held steady at 11 days over the last 2 years because of additional legal requirements for the verification of NSSF members claiming their savings.
He added that to achieve its “Vision 2035”, the NSSF will deliberately introduce new initiatives to create the capacity and the willingness of Ugandans to save.
“Creating a capacity to save simply means that the Fund will roll out a sustainability strategy focusing on job creation, intervening in the agriculture value chain, and supporting the innovation ecosystem. On the other hand, creating a willingness to save means that we shall implement empowerment programmes for our members through financial literacy, increasing compliance, and innovating value-adding products,” he added.
Ayota also said that despite some turbulence over the last 8 months, members still trust the Fund going by the good performance numbers to be released at the upcoming Annual Members’ Meeting on September 25, 2023.
At the same media conference, Ayota announced that the Minister of Gender, Labour, and Social Development Hon Betty Amongi has appointed Gerald Paul Kasaato as Acting Deputy Managing Director on the recommendation of the Board of Directors for a period of 6 months or until a substantive Deputy MD is appointed.
Gerald is currently the Fund’s Chief Investment Officer. He is a CFA Charter holder, accountant, and alumnus of the Harvard Business School and holds an MBA in Finance from Exeter University in the UK.
He also holds a Master of Science Degree in International Finance and Investments from the London Southbank University, and a Bachelor of Science Degree in Accounting from Oxford Brookes University.
