The National Social Security Fund (NSSF) has collected more than Ugx 100 billion in contributions from its members in the month of June 2017, ending a challenging financial year on a high,the Managing Director Richard Byarugaba has confirmed.
It is the first time that the Fund has hit the Ugx 100 billion mark in contributions in a single month. The previous highest mark was Ugx 85 billion that was collected in June 2016.
“This UGX100billion plus contributions collection performance in a single month is the best ever in the history of the Fund. 2016/17 has been a challenging financial year, but we have come through with yet another collections milestone that is above our monthly collections target of Ugx 77 billion. I applaud all staff at the Fund for their tireless efforts,” he said.
Byarugaba added that he is optimistic the Fund will better last year’s overall financial performance, in spite of the challenges the economy faced in the just concluded financial year, which have had an effect on the business environment.
“We have started appraising our overall performance for the just concluded financial year and we will communicate to our members after completion of this process. But going by our reviews over the last 12 months, I am positive that we have created value for our members”, he said.
Last year, Byarugaba told journalists that despite posting a good return for the year 2015/16, the Fund’s performance was affected by stock markets decline across East Africa that distressed the Fund’s equity portfolio. Other factors included volatility of the Uganda shilling against foreign currencies and pre and post-election uncertainly, which had a knock on effect on the business environment.