Sep 27, 2022


During the 10th Annual Member's Meeting that was held today morning at the Kampala Serena Hotel, the state minister in charge of Panning, Honourable Henry Musasizi declared the new interest rate at 9.65%.

This is a reduction from the 12.5% interest rate that was declared by the Finance Minister, Matia Kasaija last year. 

The new interest rate was formed by both internal and external factors that have affected the yield for the members. One was because of the new mid-term amendment which allows for members to withdraw their funds before the maturity period. This meant that the Fund needed to invest in short-term investments with lower yields such as fixed deposits as opposed to long-term investments with higher yields.

The performance of the fund's investments was also slightly affected by the Russia-Ukrainian war amongst other external factors.

The event was also attended by Honorable Minister Betty Among, the Minister of Gender, Labor and Social Development, Peter Kimbowa, the chairman board of Directors, and John F. S. Muwanga the auditor general who approved the financial statements that were read to the public.

''In my opinion, the financial statements present a true and fair view of the financial position of the Fund on 30th June 2022 and of its financial performance and its cash flows for the year then ended. In accordance with international financial reporting standards and in the manner required by UBRA Act and NSSF Act I believe that the audit evidence I have achieved is sufficient and appropriate to provide a basis for my opinion'' Mr. Muwanga had earlier stated.

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