NSSF declares 9.65% interest rate for savers at 10th Annual Members Meeting
Uganda’s retirement savings organization, the National Social Security Fund (NSSF) has declared an interest rate of 9.65% for its members for the year ended 30th June 2022. This year’s interest rate is slightly lower than what NSSF declared for the previous financial year in FY 2020/2021 which stood at 12.15%. The new interest rate was declared today on Tuesday, 27 th September 2022 by Hon Henry Musasizi, the Minister of State for Finance (General Duties) during NSSF’s 10 th Annual members Meeting that was held in Kampala. Richard Byarugaba the Fund’s Managing Director explained the reasons for this year’s low interest rate. “The effects of the global geo-politics affected regional markets, our economy and the Fund. Our growth was slower on contributions, compliance rates dropped, real estate products became more expensive, and our equity portfolio was affected, however, we remained resilient,” he said. Mr. Byarugaba however insisted that the Fund remains susta...