NSSF’s net value hits two trillion shillings
By Sharon Tibenda
23rd May 2011: The National Social Security Fund’s (NSSF)’s net worth has hit UGX 2 trillion as at 30th April 2011, the Fund’s Managing Director Richard Byarugaba has announced.
The Fund’s monthly collections also rose to UGX 37 billion for the month of April 2011, from average collections of UGX 28 billion last year. This is against a monthly target of UGX 33 billion.
Mr. Byarugaba attributed the milestone to the new relationship management business model and operational cost control which has led to a 23% annualised growth since the beginning of January 2011. “…The Fund has now reached the UGX 2 trillion mile-stone in balance sheet size. We increased collections, earned more from our investments while our costs remained under control and within the target”, Mr. Byarugaba said.
He added that the growth means the Fund has a sizeable resource base to diversify its investments and undertake large real estate projects, infrastructural developments and other non fixed income investments. “…The interest income from our investments has progressively increased and exceeded the UGX 12.2 billion mark in April 2011, thereby realising the highest monthly total income”, Byarugaba said.
He further said that the Fund is ready to operate in a liberalised pension sector. He said that NSSF will exploit its first mover advantage in the market, its network of 24 branches in major towns and social security management expertise to efficiently serve its customers. “…I am excited that we are now heading in the right direction as we aspire to be the social security provider of choice”, the NSSF MD said.
NSSF recently announced plans to introduce more products once the sector is liberalised. The planned products include a housing mortgage product, unemployment benefit, maternity and medical benefit and school fees benefit.
The Fund has also been testing and will soon launch an SMS service, e-statements and a toll free call centre telephone line. END. Please login to www.ugandacorrespondent.com every Monday to read our top stories and anytime mid-week for our news updates.
