NSSF be transparent

On Tuesday, I wrote on my Facebook page about how NSSF pays savers interest on their savings a year late. I illustrated how the interest to be declared on September 27 will be applied on savings closing balance as at June 30, 2018 (same as opening balance on July 1, 2018) and not on the savings as at end of financial year ended June 30, 2019. My July 2018 to June 2019 savings are not earning me interest until after June 2020.
NSSF labelled this as a falsehood on their twitter and Facebook handles. They only provided screenshots of the NSSF ACT (which I had read and used to derive my illustration). I challenge them to give an illustration contrary to mine. Screenshots of the Act are not sufficient to drive the point home. Sensitising savers should be NSSF’s core duty.

This, I feel is pertinent information for an ordinary Ugandan that is not well versed with what a financial year is (as opposed to calendar year). NSSF hold up to their fiduciary duty. The sad bit is that they privately replied to me on my wall and we came to the same conclusion but this they have not done on their pages.

Herman Karugaba,
[email protected]