OUR STRATEGY:
Progress on aspirations
The 2025 strategy is anchored on four pillars which denotes our long-term aspirations. Progress against each of our aspirations for the reporting period and outlook ahead is illustrated below:
Providing world-class service to our members
Delighting our members - Customer satisfation
2021/2022
2022/2023
2023/2024
2025
Key developments for 2023/2024
New business model:
We continued to review, organise, and implement our new business model to ensure the Fund is ready for a voluntary product offering. The success of our voluntary model hinged significantly on regulatory compliance and technological integration.
Smart Life savings plan:
On the product development front, we successfully completed the development and pilot testing of the Smart Life Voluntary Savings Plan. Currently, we are in the process of awaiting regulatory approval for the draft regulations.
Partnerships:
Throughout the year, we strategically leveraged our existing partnerships while forging new ones to explore diverse business opportunities. This included successful collaborations with Ministries and Government departments, expanding our network and enhancing our ability to serve a broader range of clients and stakeholders.
Financial literacy campaigns:
Through our financial literacy campaigns, we educated claimants about the advantages of unit trusts, empowering them to make informed investment decisions.
Outlook for the year ahead
As we strive to maintain a competitive edge in the market, our focus will be on accelerating the delivery of value-adding products and services to our clients. Three key areas that present significant growth opportunities are insurance partnerships, trusts, and wealth management.
We will continue implementing our new business model, characterised by streamlined processes, innovative technologies, and a client-centric approach. Our objective is to launch the Smart Life Savings Plan, designed to empower individuals with a powerful value proposition for voluntary savings.
Achieving competitive returns and sustainable growth
Sustainable growth – value creation for long-term sustainability
2021/2022
2022/2023
2023/2024
2025
Key developments for 2023/2024
This year, we exceeded our projected target, driven primarily by a 12.5% increase in annual contributions compared to last year. Additionally, our total revenue exceeded the budget by 34.7%, due to unrealised gains from both currency and capital gains. Several key initiatives contributed to our financial success, including:
Reviewing the strategic asset allocation:
We continued to review our Strategic Asset Allocation (SAA) with the objective of further diversifying our portfolio. This helped us ensure that our investments remain well-balanced and resilient, allowing us to capitalise on emerging opportunities and mitigate potential risks in the market.
Value-based-budgeting:
This year, we implemented "value-based budgeting" as a practice across the Fund, concentrating on the "cost-to-realised-income" metric to enhance financial efficiency and maximise returns.
Partnerships to drive up compliance and coverage:
This was aimed at helping the Fund accelerate compliance and expand coverage. We collaborated with external entities to increase awareness and ensure regulatory adherence.
Outlook for the year ahead
Our focus will be on implementing strategic actions that align with our growth and development objectives. These priority initiatives will aim to maximise value from partnerships, enhance our voluntary product offerings, refine asset allocation strategies, and address challenges in real estate development. Together, these efforts will pave the way for a more successful and resilient future.
National Marketing Company (NAMCO):
Here, we aim to improve farmers' livelihoods by granting them access to markets with advantageous pricing, thereby empowering them and facilitating savings for 8 million households with the Fund.
Livelihoods programme:
We plan to launch the first official cohort aimed at expanding our membership base by reaching grassroots communities within the informal sector. This initiative will focus on providing tailored financial education and support, enabling these communities to benefit from the Fund's services and contribute to their financial stability and growth.
Enhancing asset allocation:
We will continue to review our strategic asset allocation. Our focus will be on incorporating more "alternative assets" into our portfolio to mitigate risks and enhance returns for our members.
Addressing real estate development challenges:
In collaboration with government bodies and other partners, we will tackle obstacles hindering real estate development, thereby unlocking the sector's growth potential.
Hi-Innovator programme:
We will continue to seek new partnerships to establish a more sustainable model for the Hi-Innovator programme. To this end, we plan to set up a venture fund as part of the alternative asset class offering focusing on social impact. In addition, we will continue our partnership with Master Card Foundation to drive our agenda on job creation via catalytic interventions in the SMME ecosystem.
Increasing efficiencies to improve service delivery
Operational excellence – turnaround time for payout of members’ benefits
2021/2022
2022/2023
2023/2024
2025
Key developments for 2023/2024
Our primary focus for the year has been on re-engineering and enhancing the benefits process to support our strategic objective of paying out benefits within one day. While we have made significant progress, we have not yet achieved the target we set. However, we believe that the developments we have implemented have substantially improved the overall experience for our members.
Key developments include:
Optimising OctoPAS:
We were able to optimise our OctoPAS system to enable straight-through processing across core pension services such as registration, contribution, and claims. This optimisation is crucial for enhancing efficiency, reducing manual interventions, and improving the overall member experience.
Digital transformation:
We successfully transitioned 44.8% of claims applications to online and walk-in digital formats. This shift has significantly reduced manual interventions, streamlined processes, and provided our members with more convenient and efficient ways to manage their claims.
AI-driven financial literacy conversational agent:
Internally developed and tailored specifically for the Ugandan audience, this agent is designed to enhance financial education. It provides support in English, Luganda, and Swahili, making financial literacy more accessible and inclusive for all users.
Outlook for the year ahead
In the coming year, our focus will be on building new capabilities by leveraging our in-house talent to enhance the Fund's core system, OctoPAS. Our priority actions will include:
Developing a compliance module in-house:
Creating a robust compliance module internally to ensure adherence to regulatory requirements and enhance overall system integrity.
Implementing value enhancements in-house:
Introducing new value-driven features and improvements within OctoPAS, using our internal expertise.
Creating a medium-term digitisation transformation roadmap:
Developing a strategic roadmap for digitisation that aims to enhance our core system with advanced digital solutions, utilising our in-house talent.
Achieving significant cost savings and faster time-to-market:
The initiatives are expected to result in substantial cost savings and enable quicker deployment of new products to the market.
Deploying ERP to centralise data and decision-making:
Rolling out an Enterprise Resource Planning (ERP) system to centralise data management and decision-making processes. This will include the implementation of virtual customer service agents and language-based support to enhance customer interactions.
Becoming the employer of choice
Employer of choice – staff satisfaction
2021/2022
2022/2023
2023/2024
2025
Key developments for 2023/2024
Compared to the previous financial year, we have observed a significant improvement in our employee satisfaction scores. This positive change can be attributed to several key initiatives implemented last year aimed at enhancing staff engagement and performance.
Boost innovation and productivity:
We adopted agile methodologies and initiated the creation of national subject matter experts within the Fund. Additionally, we actively sought placement and secondment opportunities for talented staff to further their professional development.
Significant organisational and structural improvements:
This included reconstituting the staff committee to foster better representation and involvement, as well as reviewing and finalising a new organogram to address risks identified from the voluntary early retirement initiative.
Fostering employee well-being and inclusivity:
We embedded staff well-being, including mental health support, into our business-as-usual operations and strengthened our inclusivity initiatives, with a particular emphasis on achieving gender parity.
Optimise performance and communication:
We revisited job descriptions and job grades to ensure alignment with our organisational goals. Furthermore, we strengthened communication channels with employees to enhance transparency and engagement.
Outlook for the year ahead
In the coming year, we aim to further develop our team through several key initiatives designed to enhance talent management, performance, and innovation.
Establishing a clear talent management journey:
We will implement a comprehensive talent management journey for all employees that digitises the entire experience from application to alumni. This initiative aims to unlock more opportunities for employee growth within the Fund, ensuring that every stage of their career is supported by seamless and integrated processes.
Introducing a new performance management approach:
To accelerate employee productivity, we will implement a new approach to performance management. This approach will focus on clear goals, continuous feedback, and tailored development plans, driving higher levels of performance and engagement across the Fund.
Enhancing employee innovation and productivity:
Enhancing innovation and productivity among our employees is one of our top priorities. To achieve this, we will introduce agile methodologies, fostering a dynamic and adaptive work environment. By promoting a culture of continuous improvement and responsiveness, we aim to empower our employees to contribute more effectively and drive the Fund's success.
A NEW DAY - CREATING SHARED VALUE FOR SUSTAINABLE GROWTH