OUR REPORT OVERVIEW:
Chairman's Statement
Building on the momentum of "A New Day - creating shared value for sustainable growth'," our 2024 Integrated Report theme emphasises our commitment to creating shared value not just for financial security, but for a sustainable future. We acknowledge the stark realities of climate change and environmental degradation.
As responsible stewards, NSSF goes beyond financial security, aiming to create a thriving social and environmental ecosystem for all Ugandans.
Dr. Peter Kimbowa, Chairman, Board of Directors
The Fund’s steadfast performance
The Fund’s FY2024 performance has been truly exceptional. Assets under management reached an impressive UGX 22.13Tn, while the number of Fund members increased by 9% and contributions grew by 13%. This achievement comes despite facing six investigations over eight months. The team’s resilience and recovery are a source of immense pride for the Board. We have not only achieved but surpassed most of our set milestones. While we celebrate these successes, we must remain vigilant against potential disruptors to our business model.
The Board and our entire team are committed to staying ahead of any challenges. The Fund is proactively preparing for the future. A dedicated team is actively engaged in scenario building and horizon scanning. This proactive approach will enable us to identify and pre-empt potential threats, ensuring the Fund's continued success. Vision 2035 will also foster a culture of excellence and execution, continuously challenging us to improve.
Vision 2035: A roadmap for the future
At NSSF, we prioritise purpose over profits or dividends. Uganda is transitioning from a primitive economy to a modern and prosperous one. The key question will be what value is the Fund bringing to the country? This provides NSSF an opportunity to play a central role in this transformation, contributing meaningfully to the UN Sustainable Development Goals (SDGs).
We are rallying all our stakeholders including partners, regulators, and the public into a common line of sight. NSSF aims to:
We strive to process benefits within hours, even though our current target is one day as outlined in Vision 2035. We aspire to lead in ESG and sustainability; benchmarking ourselves against international frameworks such as Global Reporting Initiative (GRI) and Sustainability Accounting Standards Board (SASB), and target to win several global accolades related to this. Our strategies are integrated with robust frameworks to achieve these goals.
The New Dawn: Purpose beyond profit
The Fund’s purpose remains to make lives better by passionately dedicating ourselves to making saving a way of life to enable more and more people improve their wellbeing.
In today's world, it is imperative to develop the ability to use the resources available on our planet for our needs while being conscious that future generations should also be able to thrive. Our generation has been a poor steward of the planet, as we now face not just global warming but global melting. In Africa, particularly East Africa, the Congo basin with its 300 million hectares of forest provides significant carbon sequestration, yet deforestation rates of one million hectares per year are alarming. In Kampala, the volume of air pollutants is ten times the global average, and only a small percentage of the 600 tonnes of plastic waste generated daily is disposed of properly.
The Fund remains ambitious and is committed to leveraging its great pool of talent to continue maximising contributions and earnings to create broad based value over a long-term period. Our commitment is to place people at the centre of corporate purpose, fostering a green environment, green technology, and green skills. This dedication aligns with our Vision 2035, signaling our commitment to a new dawn. NSSF is dedicated to empowering future generations to thrive in a greener, more prosperous future .
Focus areas for the next 12 months
Over the next 12 months, I see opportunity for the Board, the regulator, principal supervisors; Minister of Gender Labour & Social Development as well as the Minister of Finance, Planning and Economic Development and management to achieve five major pillars:
Grow the asset portfolio:
Diversify our assets under management to drive growth.
Utilise data analytics, digital channels and AI:
Use technology to enhance member satisfaction, understanding their concerns and needs, and building a broad basket of benefits.
Accelerate efficiency:
Leverage technology and data analytics to improve turnaround time on benefit payouts and dispute resolution.
Maintain employee satisfaction:
Foster a culture of continuous learning and introduce a new concept of “uncommon valor – the courage to experiment, inquire and discover new possibilities.”
Champion sustainability and ESG in Uganda:
Lead national efforts in sustainability and ESG, integrating these principles into our core strategy.
Appreciation
I express infinite gratitude to the Fund supervisors, and my fellow Board members for their guidance, continued support and collaboration.
In addition, and on behalf of the Board of Directors, I extend my gratitude to the Fund's employees and the Management Team for their unwavering dedication and hard work. The Team’s resilience and commitment have been instrumental in driving the Fund's success and progress towards our strategic goals.
Finally, to our valued members, you remain at the heart of our endeavours. We are committed to being your social security provider of choice, and we will continue to strive for excellence in serving your needs and ensuring your future security.
Dr. Peter Kimbowa, Chairman, Board of Directors
A NEW DAY - CREATING SHARED VALUE FOR SUSTAINABLE GROWTH