NSSF loses Shs74bn


Managing Director National Social Security Fund – NSSF, Mr. Richard Byarugaba

The National Social Security Fund (NSSF) made foreign exchange losses of Shs74b due to depreciation of shilling in 2015/16 financial year.

According to the NSSF managing director Richard Byarugaba, there is a tough time for the fund ahead due to decisions made in Kenya to cap interest rates since the fund has shares in Equity Bank and KCB.

However, Byarugaba said: “NSSF revenues went up from Shs583b to Shs707b. Income for NSSF rose 21% to Shs707b because of the returns from Fixed Income assets (higher interest on government debt). The value of assets held by NSSF rose by 18% to Shs6.6trillion in part due to growth in monthly collections.

Byarugaba made the revelation during a media dialogue at fund’s headquarters in Kampala on Monday.

Outlining some of the plans for the fund, Byarugaba said they intend to build pension towers and also introduce ATMs for their clients.

“We intend to introduce ATMs for convenience of their clients. We can’t go outside of the PDDA rule. It could take us 1-2years to complete the process of getting a contractor for pension Towers. We conducted a survey and found out that our customers are happier. From 83% to 88%,” Byaruhanga said.

According to him, NSSF stock markets declined by 14%.

Theinsider Uganda is a news publishing website. We are located at Suite G25 Metroplex Shopping mall, Naalya Kampala Uganda.
Enter ad code here

Copyright © 2016 Theinsider Uganda. Unearthing the truth

To Top