NSSF’s rent-to-own model to curb housing deficit

NSSF managing director Richard Byarugaba (2L) with other officials tour the Temangalo housing project in Wakiso District. Photo | Rachel Nabisubi 

What you need to know:

When completed, the Temanaglo housing project will comprise of 3,500 houses of various types

Following the National Social Security Fund (NSSF)  Amendment Act 2021, that allows members who are 45 years and have contributed for 10 years access to 20 percent of their accrued benefits, they can also access ‘affordable’ housing using their NSSF savings. 

NSSF has unveiled its mixed –use affordable housing project located in Temangalo, Wakiso District, 17Km from Kampala City centre. 


While unveiling its mixed –use affordable housing project located in Temangalo, 17Km from Kampala City Centre yesterday, NSSF managing director Richard Byarugaba, said when completed, it will comprise of 3,500 houses of various types.  

So far construction of Phase 1 comprises of 550 units and 350 units is already on ground. This means that 25 percent of the project is already done. 

“To accommodate different income classes, to cope with the increased demand for affordable housing within the country with a starting price of about Shs90 million. You can also use your NSSF money and the rest will be from the rent,” Byarugaba noted. 

This means that for the start, it can be 20 percent off your savings which is about Shs18 million. The remaining Shs72 million (about 80 percent) will be paid over 10 years to clear the mortgage. 

He added: “This is an advantage for us because you have your savings with us. We can look at your age, how much money you get and be able to calculate. Banks can see your bank accounts but can not see your savings. For us we know your savings and your salary. The information we have about you can help us track the housing units you want to get. This too involves the private sector.”

The infrastructure started in October 2021 and is scheduled for completion in June 2024. 

Housing units

It comprises 550 units; 200 bungalows, 100 townhouses, 50 villas, 200 apartments and infrastructure and amenities like a water treatment plant, green spaces, public playgrounds, and a soccer pitch, among others.

“We have impeccable titles to all the land that the Fund purchased in 2008. The Fund is also the registered proprietor and is in possession of all the land titles. The houses will be on the market for sale in 2024,” he added.

Mr Byarugaba further clarified that the Fund builds projects for the open market with the aim of earning a return that is paid to its members in form of interest at the end of every financial year.

He explained: “Whereas we encourage members to invest in owning a home, the NSSF Board’s fiduciary obligation  is to ensure there is secure, profitable and effective financial management which is the basis of the Fund’s investment strategy. We must ensure a proper long term asset mix, diversification and prudent risk management to achieve our overall investment objective which is to earn a return.”


Currently, the Fund manages assets worth over Shs17.2 trillion, invested in fixed income, equities and real estate assets within the East Africa region. 

The largest fund in East Africa by value, hopes to grow its assets under management to Shs20 trillion by 2025. 


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