Patrick Ayota, the newly appointed Managing Director of the National Social Security Fund (NSSF), has outlined his vision for the fund's future, expressing his goal to propel the fund's assets to the UGX 50 trillion mark in the coming years.
As he took office on Wednesday, Ayota emphasized his commitment to steering the NSSF towards achieving this significant financial milestone.
"Going forward, we are cognizant of the new legal mandate the fund has as envisioned by the NSSF Act. We have developed our vision 2035. We believe we will be at UGX 50 trillion by 2025." Ayota stated while ddressing reporters
Ayota, 62, assumed the role of substantive NSSF Managing Director following the appointment by the Minister for Gender, Betty Amongi. He has dedicated 12 years of service to the fund, holding positions including Chief Financial Officer, Deputy Managing Director since 2017, and acting Managing Director for the past eight months.
His vision encompasses a strategy that seeks to expand social security coverage to a broader spectrum of Ugandans, focusing on making savings a way of life for the majority. Currently, the fund provides this benefit to only 10% of the country's working population, a number Ayota aims to increase to 50%.
Ayota emphasized that the new strategy would include a comprehensive approach to encourage willingness to save among Ugandans. This will involve empowerment and financial literacy programs, increased compliance, and the utilization of technology to provide convenient and accessible services to members.
One of the key components of the strategy is a sustainability initiative, aimed at bolstering the income of potential NSSF members through job creation. Ayota cited an example of supporting farmers in earning higher incomes, which would result in increased savings contributions to the fund.
NSSF's assets currently stand at over UGX 18.4 trillion, solidifying its status as the largest social security fund in East Africa by value. Customer and staff satisfaction rates stand at 85% and 86% respectively, with benefits payment timelines averaging 11 days.
Under Ayota's leadership, the NSSF is poised to embark on an ambitious journey towards UGX 50 trillion, furthering its commitment to fostering financial security for a larger segment of Uganda's population while ensuring enhanced customer satisfaction and operational excellence.
