Report overview
Explore the Chairman's perspective on building member trust, advancing Vision 2035 and investing responsibly to create sustainable wellbeing for our members and a stronger future for Uganda.
Chairman, Board of Directors
“We believe every Ugandan deserves the opportunity to build a more secure future. Every contribution entrusted to NSSF represents more than a financial investment. It reflects a belief in tomorrow, a family's aspirations, and the shared responsibility we have to create inclusive sustainable wellbeing for our members, our communities and Uganda.”
Chairman's statement
Last year, we celebrated 40 years of serving the people of Uganda and reflected on the trust that generations of members have placed in NSSF. That milestone honoured our legacy. The legacy built over four decades gives us the confidence to pursue an even greater ambition.
This year marked the first full year of implementing our Vision 2035 aspirations and reaffirmed our conviction that the Fund must play an even greater role in securing members' futures while contributing meaningfully to Uganda's socio-economic transformation. As Uganda enters a new era of economic transformation, NSSF is evolving from safeguarding savings to becoming a catalyst for sustainable national development, while remaining steadfast in our responsibility to protect every member's future.
This evolution reflects our belief that financial security, economic opportunity, and national prosperity are intrinsically linked. By continuing to place our members at the centre of every decision we make, we aim to create sustainable wellbeing not only for today's contributors, but also for future generations.
The year under review was one of steady progress. We strengthened the Fund's financial position, enhanced our value proposition, improved operational performance, and continued to earn the confidence of members, employers, and stakeholders. These achievements reaffirm that responsible stewardship, sound governance, and long-term thinking remain the foundations of sustainable value creation.
Despite continued global economic uncertainty and geopolitical tensions, Uganda's economy remained resilient, providing a stable operating environment for the Fund. NSSF continued to deliver another year of strong financial and operational performance while maintaining the prudent investment discipline that has underpinned our success for more than four decades.
Assets under management increased to UGX 32.87Tn
(FY25: UGX 26.01Tn).
Contributions amounted to UGX 2.42Tn
(FY25: UGX 2.13Tn).
Benefits paid totalled UGX 1.55Tn
(FY25: UGX 1.32Tn).
Customer satisfaction improved to 89%
(FY25: 88%).
Staff engagement reached 93%
(FY25: 91%).
These results represent more than financial performance. They reflect the enduring confidence that members and employers continue to place in NSSF and reinforce our responsibility to manage their savings with integrity, accountability, and care.
“As Uganda enters a new era of economic transformation, NSSF is evolving from safeguarding savings to becoming a catalyst for sustainable national development, while remaining committed to protecting every member's future.”
The Board has refreshed Vision 2035 to reflect both the progress achieved and the opportunities ahead. While we have increased our long-term assets under management target from UGX 50 trillion to UGX 80 trillion, this growth is a means to a greater purpose: expanding social security coverage, mobilising domestic savings and increasing our contribution to Uganda's socio-economic transformation.
The stronger the Fund becomes, the better we are positioned to improve members' financial wellbeing while contributing to Uganda's long-term prosperity.
A key element of this ambition is expanding social security coverage beyond the traditional formal sector. Recent legislative reforms have enabled the Fund to extend its reach into Uganda's informal economy, creating opportunities for millions of workers who have historically remained outside formal retirement savings arrangements. As we deepen our engagement with these communities, we remain focused on building trust, promoting a culture of long-term saving and strengthening financial resilience across the country.
Chairman's statement
Uganda stands at a defining moment in its development journey. Through the Fourth National Development Plan (NDP IV) and the Government's Ten-Fold Growth Strategy, the country has articulated an ambitious vision to accelerate industrialisation, strengthen productive sectors, create employment, and transform Uganda into a modern, competitive, and prosperous economy.
As Uganda's largest social security institution and one of its leading institutional investors, NSSF has both the opportunity and the responsibility to contribute meaningfully to this national ambition.
For many years, we have safeguarded and grown members' savings through prudent investment and disciplined stewardship. That responsibility remains unchanged. However, as the Fund continues to grow, so too does our capacity to mobilise long-term domestic savings and invest responsibly in strategic infrastructure, productive sectors and nationally significant opportunities that strengthen Uganda's economy while delivering sustainable long-term returns for our members.
This is not a departure from our fiduciary responsibility; it is a natural extension of it. Sustainable national development creates stronger businesses, more employment, higher incomes, and broader participation in social security. In turn, this strengthens the Fund and improves long-term outcomes for our members. By aligning our investment strategy with Uganda's development priorities, we create shared value for members, communities and the nation while maintaining rigorous governance, disciplined risk management, and prudent capital allocation.
As we pursue this approach, we continue to explore opportunities in strategic sectors that support Uganda's long-term development objectives, including infrastructure, agriculture, tourism, energy, and industrial development.
Such investments will only be pursued where they demonstrate strong commercial viability, appropriate risk-adjusted returns, and the potential to create meaningful economic and social value for both our members and the nation.
Trust is earned through governance. Throughout the year, the Board continued to provide effective strategic oversight while maintaining a constructive relationship with Executive Management founded on transparency, accountability, and mutual respect. This partnership enables management to execute strategy while ensuring robust oversight on behalf of members.
The year also marked a planned transition in Board membership with the appointment of Agnes Abwoli Kunihira following the departure of Director Annet Birungi. On behalf of the Board, I extend my sincere appreciation to our outgoing Board member for her dedicated service and valuable contribution to the Fund. I also warmly welcome Agnes to the Board and look forward to the experience and perspective she will bring as we continue to guide the Fund's strategic direction.
Looking ahead, we welcome the transition to King VTM. We view this not merely as the adoption of a new governance code, but as an opportunity to deepen integrated thinking, reinforce ethical leadership, strengthen stakeholder inclusivity, and continue embedding governance practices that support sustainable long-term value creation.
We also recognise that the future of social security depends on accessibility, efficiency, and convenience. Our ongoing digital transformation journey remains a strategic priority as we strengthen internal systems, improve service reliability and expand access to our services through technology-enabled platforms. These investments are intended to enhance member experience, improve operational efficiency, and ensure that NSSF remains responsive to the evolving needs of a growing membership base.
“Strong governance is not simply about oversight. It is the foundation of trust, the enabler of sustainable growth and the confidence that allows us to invest for the future.”
Chairman's statement
As we begin the next chapter of our journey, our confidence has never been greater. We have strengthened the Fund, refreshed our strategy, and positioned NSSF to play an even more significant role in creating sustainable wellbeing for our members while contributing meaningfully to Uganda's future.
Particular attention will be placed on accelerating informal sector inclusion, strengthening the Fund's national footprint, advancing digital transformation, enhancing financial literacy, and identifying investment opportunities that support both member value creation and Uganda's long-term development ambitions. We believe in the aspirations of every member, the strength of our partnerships and Uganda's extraordinary potential. Guided by the trust placed in us for more than four decades, we will continue to protect what matters, invest responsibly, and contribute to building a stronger, more inclusive, and more prosperous nation for generations to come.
On behalf of the Board of Directors, I would like to appreciate the Ministry of Finance, Planning and Economic Development plus the Ministry of Gender, Labour and Social Development for their continued guidance, oversight, and commitment to strengthening Uganda's social security system. While this report reflects the year under review, we look forward to working closely with the political leadership as we continue building a well-governed, well-managed, and high-performing Fund that fulfils its mandate of providing social protection while contributing meaningfully to Uganda's socio-economic development.
We also acknowledge Government's continued encouragement for NSSF to play a more impactful role in supporting Uganda's development agenda. This constructive partnership provides an important foundation as we explore opportunities to contribute more directly to projects that promote inclusive economic growth and long-term national prosperity.
I also would like to thank fellow Board members for their stewardship; together with the Managing Director, Executive Management, and every employee of NSSF for their professionalism, dedication, and commitment.
Finally, I would like to thank our members and employers for the trust they continue to place in the Fund. That trust remains our greatest responsibility and our greatest privilege. Together, we will continue to create sustainable wellbeing for our members and share our progress for the benefit of Uganda's future.
NSSF Integrated Report 2026
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