Business 9 April 2026 Daily Monitor (Uganda)
NSSF Voluntary Savings Hit Shs114 Billion Milestone
Voluntary savings at Uganda's National Social Security Fund (NSSF) have skyrocketed to Shs114 billion, exceeding initial expectations. Officials were surprised by the strong public response despite concerns over mandatory contributions. Source: https://www.monitor.co.ug/uganda/news/national/nssf-voluntary-savings-surge-to-shs114-billion-5418480
Uganda’s National Social Security Fund (NSSF) has recorded a remarkable surge in voluntary savings, reaching Shs114 billion. This development marks a significant achievement for the fund’s efforts to encourage additional retirement contributions.
NSSF management initially anticipated challenges in promoting voluntary savings. They believed uptake would be low, given public reluctance to the existing 15% mandatory deductions from salaries. However, the response has been overwhelmingly positive.
“We thought it would be very, very hard. Because already, people perhaps don’t want to save 15%…” an official remarked, highlighting the unexpected success.
This growth underscores growing awareness of the importance of personal retirement planning among Ugandans. It also demonstrates the effectiveness of NSSF’s outreach initiatives.