OPINION– THE STORY BEHIND NSSF MONEY GROWTH.

By Jacquiline Ndikimwiza Kaggwa

I checked my NSSF account and smiled, money had increased and that was good news, but then I found myself asking a bigger question: What is the story behind that growth? For the financial year ended June 30, 2026, NSSF declared 22.53 percent interest on member’s savings up from 13.5 percent the previous year.

For an ordinary saver like me, that means something very simple the money I have been putting away for my future is actually working I like that. But my happiness quickly turned into a bigger question one I suspect many NSSF members are asking:

What is the story behind that 22.53 percent?

What were the interest rates in previous years? Where is members’ money invested? What determines the annual rate? Which investments are performing well? What risks are being managed? And how can an ordinary worker understand all this without need of a degree in finance? These are not questions of suspicion. They are questions of public interest.

NSSF is not dealing with somebody else’s money. It is managing the savings and future security of millions of Ugandan workers. Every month, money is deducted from salaries and entrusted to the Fund with one expectation, that it will be protected, invested responsibly and ultimately help members live with dignity after their working years. That makes NSSF’s performance more than a financial story but a national story.

Behind the billions and trillions are teachers, nurses, journalists, civil servants, factory workers, entrepreneurs, security guards, drivers and young Ugandans making their first contributions. Some may never attend an NSSF meeting, may never read an annual report, may not understand investment portfolios or financial markets but they all understand one thing: That deduction on their payslip is their money and they have every reason to want to know what happens to it.

That is why the latest interest declaration caught my attention, at 22.53 percent, it is a figure worth celebrating. It tells members that their savings have not simply been sitting idle. So, to the NSSF management team, and particularly Managing Director Patrick Ayota, let me start with something simple: Thank you

You have given members something worth smiling about, but perhaps this is also the perfect moment to open the books a little wider not necessarily by overwhelming members with technical financial language, but by telling the story in a way ordinary people can understand.

Imagine an annual NSSF statement that does more than show your balance. Imagine it saying: you contributed this much. Your employer contributed this much, your savings earned this much. The annual interest rate was this here is how that rate compares with the previous five years. And here, in simple language, is how your money was invested to generate that return.

That would be more than financial reporting but be financial education that would help build something even more valuable than a bigger balance that is public confidence. Because transparency should not only be about telling people the final number. It should also be about helping them understand the journey to that number. This matters particularly in a country where many people approach retirement without adequate financial security.

For them, NSSF savings are not simply an investment on paper. They may determine the quality of life they experience after years of working. Those savings can mean the difference between dependence and independence; between having to ask your children for support and being able to support yourself; between retiring with dignity and facing retirement with uncertainty. That is why every percentage point matters.

Behind every return is a worker, a family and a future that deserves to be protected. When the return moves from 13.5 percent to 22.53 percent, members notice. And when members notice, they deserve to understand what made that growth possible. I am not suggesting that NSSF should turn every saver into an investment expert. I am simply suggesting that the people whose money is being invested should be able to follow the story of that money. Perhaps that is the conversation we should now be having. Not only:

“How much did NSSF declare? “But also: “How did NSSF make it happen?” Mr Ayota, I hope you are smiling by now because this is not a complaint. It is a compliment wrapped in curiosity. I am happy that my savings have grown. I am happy that NSSF has given members a reason to pay attention. And I am even happier if this performance means that more Ugandans will begin taking retirement saving seriously. But I also believe that good performance deserves good storytelling. Tell us what our money is doing, what has worked, what has not, what risks you are managing and what you are doing to protect and grow members’ savings for the years ahead.

When members understand the numbers, they do not simply see percentages, they see their future. And when millions of Ugandans can look at their retirement savings with confidence, knowing that their money is being protected, invested and grown responsibly, that is more than good news for NSSF. It is a sign of stronger financial security for families, greater confidence in the future and, ultimately, good news for Uganda.

Mr Ayota, over to you.

By Jacquiline Ndikimwiza Kaggwa

The writer is a journalist and Voice Over Artist.

0783267987 / 0709312744