NSSF declares 11.5% interest payment to savers

The Minister of Finance, Planning, and Economic Development, Mr. Matia Kasaija, has announced an 11.5% interest rate for savers for the 2023/24 financial year.

The minister made the announcement during the 12th Annual Members’ Meeting on Thursday at the Serena Hotel in Kampala.

He stated that two trillion shillings would be credited to savers’ accounts.

Last year, the fund paid a 10% interest to its members. He also noted that the fund experienced a 19.2% growth in the financial year ending 2023/24.

The total fund balance now stands at 22.13 trillion shillings, up from 18 trillion registered in the previous year.

The Managing Director of the National Social Security Fund (NSSF), Patrick Ayota, expressed optimism that the fund will continue to see steady growth, even as the country’s economy progresses gradually.

“Last year, we collected Shs1.9 trillion on your behalf and generated interest that was credited to your account. For every shilling spent on expenses, we created a value of 18 shillings. In comparison, Kenya’s figure stands at 8 shillings, while Tanzania’s is 5 shillings,” Mr Ayota said.

Written by Moses Ndhaye