Finance Minister Sets 10% Interest Rate for NSSF Members

Tuesday, September 26, 2023

Kampala, Uganda | THE BLACK EXAMINER | In the fiscal year 2022/2023, Finance Minister Kasaija announced a 10% interest rate for NSSF members. Kasaija commended the fund for reaching 20 trillion Uganda shillings ahead of schedule, addressing skeptics of NSSF savings.

He also praised NSSF’s dedication to its goals, citing their commitment to providing savers with a real annual return at least two percentage points above the 10-year inflation rate. He expressed satisfaction with the fund’s consistent fulfillment of this commitment.

Compared to the previous year’s 9.5% interest rate, this announcement marks a slight improvement.

Patric Ayota, Managing Director of NSSF, offered advice to the public on maximizing their savings. He encouraged members to invest even before retirement, ensuring that the fund’s savings boost their pre-retirement income.

NSSF currently boasts a total membership of 2.20 million Ugandans, with 704,000 actively contributing.


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