Musasizi and other officials pose for a group after announcing interest for NSSF savers at the event in Kampala on Thursday
By Joseph Kiggundu
The National Social Security Fund (NSSF) has declared a record 22.53 percent interest rate for members’ savings for the financial year ended June 30, 2026.
This is the highest return to savers compared to 13.5 percent declared for the previous financial year.
This is the highest rate ever declared by the Fund in its four decades of saving and investing workers’ money.
The rate was announced on September 24, 2026, during the Fund’s 14th Annual Members’ Meeting, where members were updated on NSSF’s financial performance, investments and growth during the year.
The declaration comes after a strong financial year for the Fund, which reported that its total income increased by 85 percent to Shs6.51 trillion, while assets under management rose to Shs32.8 trillion.
Member contributions also increased to Shs2.42 trillion, representing a 13 percent rise, while benefits paid to members rose by 17 percent to Shs1.549 trillion.
NSSF Managing Director Patrick Ayota attributed the performance to the Fund’s investment strategy and continued growth in member savings.
The Fund also reported that it generated more than Shs29 in value for members for every shilling spent during the financial year, while contributing Shs301.5 billion in taxes to government revenue.
Last year, the Fund declared an interest rate of 13.5 percent for the financial year 2024/25. The rate translated into Shs2.79 trillion credited to members’ accounts.
The Fund is also seeking to expand voluntary savings through products such as Smartlife Flexi. NSSF says the product has attracted more than Shs180 billion in contributions within its first 20 months, allowing Ugandans to save towards goals including investment, education, housing and financial independence.
What determines the NSSF interest rate?
September 24 is the day 2.4 million National Social Security Fund savers wait for each year.
Every month, 5 percent of a worker’s salary goes to NSSF, while the employer contributes another 10 percent. This means that for every Shs100,000 deducted from a worker’s salary, Shs300,000 is credited to the member’s account.
According to NSSF, this balance is intentional. Share prices fluctuate daily, while a heavy weighting towards bonds helps to cushion those movements. When bond coupons are paid, the cash is reinvested.
In 2025/26, total income rose by 85 percent to Shs6.51 trillion, from about Shs3.5 trillion the previous year.
The Fund’s accounts are audited by the Auditor General under Section 33. Its annual report is submitted to the Minister and published under Section 34.
NSSF’s strategy targets Shs80 trillion in assets and 15 million members by 2035.