NSSF beats target with Shs11.5 trillion
Winner. Mr Simon Aliira, the overall winner of the NSSF Friends with Benefits Season Three poses with his Shs30M cheque after receiving it from NSSF deputy managing director Patrick Ayota last week. The contest encourages NSSF savers to prudently and manage their retirement benefits. PHOTO BY ERONIE KAMUKAMA
What you need to know:
Benefits. This year, NSSF has got 43,000 Ugandans over the age of 55 who have not taken their money up from 14,000 three years ago.
National Social Security Fund (NSSF) has collected more money from members than was anticipated by the end of this December.
“We are above our targets. As of end of November, when I look at our balance sheet size, we are bigger than what we thought we would be. We are at about Shs11.5 trillion. We thought we would be about Shs11.3 trillion. So the balance sheet size is ahead because people trust us with their money and we invest it wisely,” Mr Patrick Ayota, deputy managing director NSSF, said on Thursday in Kampala.
He was speaking at the finale of the NSSF Friends with Benefits competition, which he says is beginning to demonstrate a new found confidence in the Fund.
Contributions
“Last year, the contributions were Shs900b. This year in June, the contribution was Shs1.3 trillion. Three years ago, we had about 14,000 Ugandans over the age of 55 who had not taken their money at a balance of about Shs17b. This year, we have got 43,000 Ugandans over the age of 55 who have not taken their money. In terms of impact, more Ugandans are actually connecting with their savings and believe the money we hold is theirs,” Mr Ayota said.
NSSF announced the return of the contest in a third season this June in a move to showcase success stories of the Fund’s beneficiaries. This is besides promoting financial literacy and ensuring savers make wise investment decisions once they receive their benefits.
NSSF invested Shs60m in the prize money and this saw the Judges’ choice, Ms Sarah Mubiru win Shs5m, the second runner up, Mr Edson Mwiine win Shs10m and Mr Martin Owako, first runner up bag Shs15m. Mr Simon Alira, a sugarcane farmer from Masindi district emerged winner and walked away with Sh30m, beating 15 contestants across Uganda. Nine years ago, the 62-year -old received his benefits worth Shs85m and invested in sugarcane growing in Kinyara.
“I have a piece of land amounting to 44 hectares whose development has been delayed by lack of money. This is a good start and I am going to expand my sugarcane plantation,” Mr Alira said on the sidelines of the grand finale.
Against research that shows Ugandans yearn for financial information on budgeting, saving and investment, the Fund is set to roll out a financial literacy programme. It also plans on creating avenues for enabling budding business ideas come to life.
