NSSF declares lower interest rate of 11%

By Moses Ndhaye.

The minister of finance, planning and economic development, Matia Kasaija has declared an interest rate of 11% to NSSF members for the financial year 2018/19.

This is lower than the 15 per cent the fund declared last year.

Speaking during the NSSF’s 7th annual members’ meeting in Kampala, the interest rate is low because the Fund made some loses in its investments.

Kasaija added that despite Uganda’s economic growth by 6 percent in financial year 2016/2017, some sectors, such as the equity and foreign exchange markets were not as competitive as per projections.

The NSSF size meanwhile grew by over 13% and contributions from workers increased by 17 % from Shs 1.049 trillion to Shs 1.208 trillion.