The newly appointed Managing Director of National Social Security Fund (NSSF), Mr Patrick Ayota, has unveiled the Fund’s new strategy in which he seeks to raise assets from the current Shs18.4 trillion to Shs50 trillion by the year 2035.
Addressing a press conference on Wednesday, 23 August 2023, Ayota said to achieve the strategy, they aim to elevate the country’s workforce enrolment from its current 10% to 50%.
“Both I and our deputy Managing Director are not new to the Fund as you have been apprised. This is a confidence vote by the Board and the Minister of Gender, Labour, and Social Development Hon Betty Amongi, and a sign that the Fund has a robust succession plan in place,” he said.
Ayota said that in 2015, the Fund developed a 10-year Strategic Plan, which was anchored on growing the Fund to Ushs 20 trillion by 2025, improve Customer Satisfaction to 95%, improving Staff Satisfaction to 95% and Paying the Age Benefit within one day.
“The Fund is now over Ushs 18.4 trillion, Customer Satisfaction is at 85%, Staff Satisfaction stands at 86% and our Benefits payment timeline stands at 9 days. I am glad to note that we are on course to meet, and in some instances surpass these targets by 2025,” he explained.
He explained that cognizant of the new legal mandate the Fund has, as envisioned by the NSSF Act, they have developed Vision 2035 which is anchored around 3 strategic pillars.
The pillars are expansion of social security coverage – from 10% to 50% of Uganda’s working population by 2035, growing the Fund – from the current Ushs 18.4 trillion to Ushs 50 trillion by 2035 and Efficiently serving their customers – targeting customer satisfaction rate from the current 86% to 95% by 2035.
“To achieve the above objectives, we will deliberately seek to; create a willingness to save and create capacity to save. We will do so through Innovation and Agility. 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, partnerships, increasing compliance, and innovating value-adding products,” he said.
Ayota said despite the turbulence, members trusted the NSSF Management.
“Working with the experienced and vibrant team at the Fund, I can commit that every decision will be in the interest of the member; we will create value; and we will be responsive to their needs,” he said.