Report overview
Reflecting on our performance, our progress towards Vision 2035 and our commitment to creating lasting value for members.
Managing Director
“Belief that tomorrow can be better than today. Belief that hard work deserves opportunity. Belief that every Ugandan, regardless of where they begin their journey, should have the chance to build financial security, support their families and contribute to the prosperity of our nation. At NSSF, that belief shapes every decision we make.”
For more than four decades, Ugandans have entrusted us with something profoundly important: not only their savings, but also their aspirations. Behind every contribution lies a personal story: a young professional starting a career or a worker looking forward to a retirement lived with dignity and independence.
As we look to the next decade, we recognise that these aspirations are evolving. We will increasingly serve a broader and more diverse membership including workers seeking greater financial security, entrepreneurs building businesses, a farmer investing in the next season and families planning for a better future. Our commitment is to remain a trusted partner throughout these journeys, helping every member build financial security and realise their aspirations.
This is the essence of our theme, We Believe in YOU.
It is a simple phrase, yet it carries profound meaning. It reflects our confidence in the resilience, ingenuity and determination of the Ugandan people. Our success as a Fund can only be measured through the success of our members. When they prosper, Uganda prospers. When they build businesses, acquire homes, educate their children and retire with dignity, we fulfil our purpose.
Our members are not merely accounts on a balance sheet. They represent millions of dreams, ambitions and futures. Our responsibility therefore extends beyond safeguarding financial assets. It is about creating opportunities that allow these aspirations to become reality.
This understanding continues to shape our transformation as we celebrate 40 years of serving Uganda. While our mandate remains firmly rooted in protecting members’ savings and delivering long-term financial security, our ambition has grown alongside the country we serve. Today, we are building an institution that not only secures retirement outcomes but also contributes to Uganda’s long-term economic potential through financial inclusion, responsible investment and shared prosperity.
Throughout the year, this belief guided our strategic decisions. The results reflect the resilience of our members, the dedication of our people and the disciplined execution of our long-term strategy. More importantly, they demonstrate that the confidence Ugandans place in the Fund is being translated into sustainable value.
Assets grew by 26%, from UGX 26.01 trillion to UGX 32.87 trillion, reflecting continued growth in the Fund’s financial position.
Contributions increased by 14%, from UGX 2.13 trillion to UGX 2.42 trillion, demonstrating sustained member confidence in the Fund.
Benefits paid during the year amounted to UGX 1.55 trillion, a 17% increase from UGX 1.32 trillion paid in the previous year.
Realised income increased by 24%, from UGX 3.13 trillion to UGX 3.88 trillion. Including unrealised gains, total revenue increased by 85%, from UGX 3.51 trillion to UGX 6.51 trillion, driven by strong investment performance and favourable market valuations.
Administrative costs stood at 0.84% of total assets remaining below the 1% target. This reflects the Fund’s continued focus on cost efficiency, prudent resource utilisation and sound financial stewardship.
These achievements are encouraging, but they are not the story in themselves. Behind every statistic is a human outcome. Every contribution represents an individual choosing to invest in their future. Our investments support businesses, infrastructure and industries that create employment and strengthen Uganda's economy.
Every benefit paid provides dignity, financial security and peace of mind to our members and their families, while also supporting economic activity in the wider economy. This is how we measure success: not only by the growth of the Fund, but by the opportunities that growth creates for the people we serve.
Managing Director’s statement
Performance has never been an end in itself. It is the foundation that enables us to reach further, expand social security coverage, invest responsibly and contribute to Uganda’s long-term development.
This philosophy is reflected in Vision 2035, our commitment to building a stronger Fund for a stronger Uganda. Our aspiration is to extend social security to 15 million members (50% coverage), grow assets under management to UGX 80 trillion and achieve 95% stakeholder satisfaction. The 50-80-95 ambition provides a clear framework for expanding inclusion, growing sustainably and earning the continued confidence of our members and stakeholders.
Realising this vision requires us to think differently about inclusion. For decades, social security systems across Africa have primarily served workers in formal employment. Yet Uganda’s future will increasingly be shaped by entrepreneurs, innovators, farmers, traders, artisans, transport operators and millions of people in the informal economy.
Our responsibility is not to wait for these individuals to fit into traditional systems, but to build a system that fits their lives. Through entrepreneurship programmes, agricultural value-chain initiatives, informal sector engagement and financial education, we are enabling more Ugandans to build sustainable livelihoods, strengthen financial resilience and participate in the formal savings ecosystem.
This conviction continues to shape initiatives such as Smartlife Flexi, the expansion of our digital platforms and our investment in financial literacy and member education. We are also embracing emerging technologies, including artificial intelligence, to enhance member interactions, improve responsiveness and encourage positive savings behaviours.
These initiatives are about more than increasing membership. They are about removing barriers, expanding opportunity and ensuring that every Ugandan, regardless of how they earn a living, can build long-term financial resilience.
Financial inclusion is not simply a social objective; it is one of Uganda’s greatest economic opportunities. When more people save consistently, families become more resilient, communities become stronger and the economy becomes more inclusive. The growth of the Fund and the growth of Uganda are therefore inseparable.
As custodians of one of Uganda’s largest pools of long-term capital, we recognise that every investment decision carries a responsibility beyond financial returns.
The savings entrusted to us become catalysts for growth, financing infrastructure, housing, enterprise and productive sectors of the economy. They support businesses that create employment, strengthen industries and generate opportunities that ultimately benefit the members whose savings made these investments possible.
This creates a powerful cycle of shared value: members entrust us with their savings; we invest responsibly to generate sustainable long-term returns; those investments stimulate economic growth and create employment; and a stronger economy enables more Ugandans to save and participate in formal social security.
We therefore increasingly view our role not simply as administrators of retirement savings, but as long-term partners in Uganda’s development. Strong financial performance remains essential, but the true measure of our success lies in the lasting value we create for our members, communities and country.
Our ambitions cannot be achieved alone. Throughout the year, we continued strengthening partnerships that expand opportunity, mobilise capital and support economic development. From entrepreneurship initiatives that nurture future businesses and jobs to regional collaboration on infrastructure opportunities, these partnerships enable us to extend our impact beyond the boundaries of the Fund.
We believe collaboration will play an increasingly important role in addressing Africa’s development needs. By combining expertise, sharing knowledge and pursuing opportunities together, we can unlock greater value for members while contributing to sustainable economic growth across Uganda and the wider region.
Trust is earned not through words, but through thousands of daily actions carried out with professionalism, care and integrity.
Every member interaction, investment decision, innovation and improvement in service reflects the expertise and commitment of colleagues across the Fund who share a common purpose: to improve the lives of Ugandans.
As we continue our transformation, we remain committed to creating an environment where our people can learn, grow and lead. By investing in their wellbeing, capabilities and leadership, we strengthen both our institution and the quality of service we provide to our members.
I am deeply grateful to every employee for the integrity, resilience and professionalism demonstrated throughout the year. Their commitment remains the foundation of our success.
As we look to the future, I am filled with optimism about the opportunities ahead for Uganda and for the Fund.
Uganda is a young, dynamic and entrepreneurial nation, with significant opportunities emerging in agriculture, innovation, infrastructure, regional integration and the energy sector. As these sectors develop, they have the potential to create jobs, broaden financial inclusion and generate opportunities for long-term investment. We believe these developments will provide a strong foundation for expanding social security coverage and improving financial security for more Ugandans.
We are encouraged by the resilience, creativity and determination of the Ugandan people. For NSSF, this presents an opportunity to play an even greater role in supporting Uganda’s socio-economic development while delivering sustainable value to our members.
Vision 2035 provides a clear roadmap for the next phase of our journey. It challenges us to extend social security coverage to at least 15 million Ugandans, deepen financial inclusion, strengthen long-term investment performance and build an innovative, resilient and trusted institution.
As we celebrate 40 years of serving Uganda, we do so with pride in what we have achieved and confidence in the foundation we have built. Our legacy gives us strength, but it is the future that inspires our ambition. The next chapter is about reaching more Ugandans, creating greater value for our members and building a stronger Fund that contributes meaningfully to a more secure, inclusive and prosperous Uganda.
Managing Director’s statement
As we celebrate 40 years of serving Uganda, I extend my sincere appreciation to everyone who has contributed to the Fund’s remarkable journey. I thank our Board of Directors for their strategic guidance, our regulators and partners for their continued collaboration, and the entire NSSF team for their dedication and commitment.
Together, we are building more than a stronger and more resilient Fund. We are contributing to a more secure, inclusive and prosperous future for our members and Uganda as a whole.
“Forty years ago, NSSF was established to help Ugandans prepare for retirement. Today, our purpose is even greater. We exist to strengthen financial confidence, expand opportunity and contribute to the long-term prosperity of our nation. That journey is only just beginning because progress begins with belief: belief in a stronger institution, belief in a stronger Uganda and, above all, belief in the potential of every Ugandan.”
NSSF Integrated Report 2026
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