Our Regulators and Government

During the Financial Year (FY), the Fund positioned itself as an invaluable partner to anyone’s path to achieve their life-saving dreams in the short and long term. Our regulators have been part of our business and play a vital role in our success at every stage in our value chain.

Our Regulators and Government

During the Financial Year (FY), the Fund positioned itself as an invaluable partner to anyone’s path to achieve their life-saving dreams in the short and long term. Our regulators have been part of our business and play a vital role in our success at every stage in our value chain.

The roles of regulators and governments are inextricably intertwined with the creation of sustained value for an organisation’s stakeholders.

 

Our engagement with the regulators is underpinned by transparency and aims to achieve different purposes. For instance, our legislators played a critical role in the passing of the NSSF Amendment Bill.

 

We also work closely with the Ministry of Gender, Labour, and Social Development and with the Ministry of Finance to help deliver services to our members.

Betty Among, Minister of Gender, Labour and Social Development

The roles of regulators and governments are inextricably intertwined with the creation of sustained value for an organisation’s stakeholders.

 

Our engagement with the regulators is underpinned by transparency and aims to achieve different purposes. For instance, our legislators played a critical role in the passing of the NSSF Amendment Bill.

 

We also work closely with the Ministry of Gender, Labour, and Social Development and with the Ministry of Finance to help deliver services to our members.

Betty Among, Minister of Gender, Labour and Social Development

The Fund’s approach to achieving government, policy and community objectives focuses on engaging ecosystems at national, regional, and local levels across each of the Fund’s key markets – including, but not limited to Kenya and Tanzania where we hold investments.

Minister of Finance, Matia Kasaija announcing the interest rate at the NSSF Annual Members Meeting

The Fund’s approach to achieving government, policy and community objectives focuses on engaging ecosystems at national, regional, and local levels across each of the Fund’s key markets – including, but not limited to Kenya and Tanzania where we hold investments.

Minister of Finance, Matia Kasaija announcing the interest rate at the NSSF Annual Members Meeting

Developing mutually beneficial partnerships

NSSF focuses on developing and maintaining partnerships with relevant government officials, business organisations, technology industry associations, educational institutions, and community organisations for the purpose of developing mutually beneficial partnerships.

These partnerships allow NSSF, often along with our ecosystem partners, to:
  • Mitigate legislative and regulatory risk
  • Maximise the impact of local NSSF investments within certain geographies
  • Deepen NSSF’s thought leadership on the development of key public policies
  • Enhance the recognition of NSSF as a technology and employer ‘partner of choice’

Developing mutually beneficial partnerships

NSSF focuses on developing and maintaining partnerships with relevant government officials, business organisations, technology industry associations, educational institutions, and community organisations for the purpose of developing mutually beneficial partnerships.

These partnerships allow NSSF, often along with our ecosystem partners, to:
  • Mitigate legislative and regulatory risk
  • Maximise the impact of local NSSF investments within certain geographies
  • Deepen NSSF’s thought leadership on the development of key public policies
  • Enhance the recognition of NSSF as a technology and employer ‘partner of choice’

KEY HIGHLIGHTS

Our Fund Supervisors

In living up to our purpose of making lives better, making savings a way of life and enabling more people to take charge of their financial well-being, several Fund activities required regulatory authorisation, guidance, licensing and/or registration with various key regulators.

During the reporting period, the Fund continued to commit to complying with and conducting business in accordance with relevant regulatory requirements. We also continued to align with emerging regulators’ key business plans in making our members’ lives better. Several of our activities were and are therefore authorised, controlled, supervised, and regulated.

The Fund is either supervised by and/or reports to the following government bodies:
  • Ministry of Gender, Labour, and Social Development
  • Ministry of Finance, Planning, and Economic Development
  • Parliament of the Republic of Uganda
  • Uganda Retirement Benefits and Regulatory Authority (URBRA)
  • Public Procurement and Disposal of Public Assets Authority (PPDA)
  • Capital Markets Authority (CMA)
  • Bank of Uganda (BOU)
  • Uganda Revenue Authority (URA)
  • National Environmental Management Authority (NEMA)
  • Financial Intelligence Authority (FIA)

KEY HIGHLIGHTS

Our Fund Supervisors

In living up to our purpose of making lives better, making savings a way of life and enabling more people to take charge of their financial well-being, several Fund activities required regulatory authorisation, guidance, licensing and/or registration with various key regulators.

During the reporting period, the Fund continued to commit to complying with and conducting business in accordance with relevant regulatory requirements. We also continued to align with emerging regulators’ key business plans in making our members’ lives better. Several of our activities were and are therefore authorised, controlled, supervised, and regulated.

The Fund is either supervised by and/or reports to the following government bodies:
  • Ministry of Gender, Labour, and Social Development
  • Ministry of Finance, Planning, and Economic Development
  • Parliament of the Republic of Uganda
  • Uganda Retirement Benefits and Regulatory Authority (URBRA)
  • Public Procurement and Disposal of Public Assets Authority (PPDA)
  • Capital Markets Authority (CMA)
  • Bank of Uganda (BOU)
  • Uganda Revenue Authority (URA)
  • National Environmental Management Authority (NEMA)
  • Financial Intelligence Authority (FIA)

Commitment to continuous improvement

We therefore constantly strive to maintain an open, ongoing dialogue with our supervisory regulators and a broad array of other policymakers. Our senior leaders and the Board commit a significant amount of their time to meeting with our regulators and policymakers, providing opportunities for us to understand their needs, expectations, and priorities and to keep them informed about developments in our business.

In addition, our businesses and control functions engage with regulators in a variety of ways, such as reporting on compliance with laws and regulations, policy recommendations and participation in industry collaborative initiatives, and ad-hoc requests. As a Fund, this has strengthened our ability to manage the safety of the pension system and our commitment to continuous improvement in making our members’ lives better.

Commitment to continuous improvement

We therefore constantly strive to maintain an open, ongoing dialogue with our supervisory regulators and a broad array of other policymakers. Our senior leaders and the Board commit a significant amount of their time to meeting with our regulators and policymakers, providing opportunities for us to understand their needs, expectations, and priorities and to keep them informed about developments in our business.

In addition, our businesses and control functions engage with regulators in a variety of ways, such as reporting on compliance with laws and regulations, policy recommendations and participation in industry collaborative initiatives, and ad-hoc requests. As a Fund, this has strengthened our ability to manage the safety of the pension system and our commitment to continuous improvement in making our members’ lives better.

Our Fund Supervisors

Officials from Ministry of Gender, Labour and Social Development having a stakeholder meeting with NSSF top management

The legislators continue to play a key role in shaping the pension sector and creating limitless opportunities in the ‘Now You Can’ universe. As a result, the Parliament of Uganda successfully and proactively passed the amendment of the National Social Security Fund (NSSF Amendment) Act. The Act was assented to by the President of the Republic of Uganda in January 2022. The Act seeks to expand social security coverage, enhance the spectrum of benefits available to savers and improve governance of the Fund, thereby enabling us to offer every Ugandan limitless opportunities to making savings a way of life, enabling more people in both the public and private sector to improve their financial well-being.

Our partners; the National Organisation of Trade Unions (NOTU), Central Organisation of Free Trade Unions (COFTU) and Federation of Uganda Employers (FUE) also participated in this process to make these new possibilities a reality.

We worked with the Ministry of Gender, Labour and Social Development who also issued the regulations to guide on the implementation of the NSSF Amendment Act 2022. As a result, we commenced its operationalisation in March 2022, and implemented the Midterm Benefits Access (MTA) provisions, reaffirming our renewed promise to make lives better.

We committed UGX1 trillion for payment of qualifying midterm benefit customers. The Fund paid out a total of UGX 440.6 billion worth of midterm benefits to over 22,099 eligible members in less than 3 months, following the commencement of the payments in March 2022. Standout The above pay-out surpassed the UGX 400 billion mark, confirming the Fund’s commitment to pay midterm benefits to qualifying members.

Overall, the Ministry of Gender, Labour and Social Development provides supervision on matters relating to social security, while the Ministry of Finance, Planning, and Economic Development supervises on matters of finance and investments relating to the Fund.

Our Fund Supervisors

Officials from Ministry of Gender, Labour and Social Development having a stakeholder meeting with NSSF top management

The legislators continue to play a key role in shaping the pension sector and creating limitless opportunities in the ‘Now You Can’ universe. As a result, the Parliament of Uganda successfully and proactively passed the amendment of the National Social Security Fund (NSSF Amendment) Act. The Act was assented to by the President of the Republic of Uganda in January 2022. The Act seeks to expand social security coverage, enhance the spectrum of benefits available to savers and improve governance of the Fund, thereby enabling us to offer every Ugandan limitless opportunities to making savings a way of life, enabling more people in both the public and private sector to improve their financial well-being.

Our partners; the National Organisation of Trade Unions (NOTU), Central Organisation of Free Trade Unions (COFTU) and Federation of Uganda Employers (FUE) also participated in this process to make these new possibilities a reality.

We worked with the Ministry of Gender, Labour and Social Development who also issued the regulations to guide on the implementation of the NSSF Amendment Act 2022. As a result, we commenced its operationalisation in March 2022, and implemented the Midterm Benefits Access (MTA) provisions, reaffirming our renewed promise to make lives better.

We committed UGX1 trillion for payment of qualifying midterm benefit customers. The Fund paid out a total of UGX 440.6 billion worth of midterm benefits to over 22,099 eligible members in less than 3 months, following the commencement of the payments in March 2022. Standout The above pay-out surpassed the UGX 400 billion mark, confirming the Fund’s commitment to pay midterm benefits to qualifying members.

Overall, the Ministry of Gender, Labour and Social Development provides supervision on matters relating to social security, while the Ministry of Finance, Planning, and Economic Development supervises on matters of finance and investments relating to the Fund.

Protecting our Customers’ Financial Data

Protecting our customers’ personal and financial information and handling confidential information responsibly is a top priority for NSSF. We have put in place robust internal controls, policies and security measures designed to keep this information safe, utilising a wide range of technological, administrative, organisational, and physical security measures.

As a result, we have actively and proactively engaged with the Financial Intelligence Authority (FIA) to gain greater understanding of the typologies and trends emerging with respect to money laundering, and factor these into our transaction monitoring rules and calibrations as a way of improving our compliance to the provisions of the Anti-Money Laundering Act of 2013.

Our customers expect us to be transparent and communicate how we are handling their financial information. We strive to provide them with clear, user-friendly explanations of our privacy practices, including how and why we collect information relating to any suspicious transaction. We do this through a wide range of technological, administrative, organisational, and physical security measures especially for our voluntary members remitting large cash amounts as part of engagements relating to Know Your Customer (KYC).

Our Approach to Tax Growth

We recognise that tax sustains and safeguards the long-term growth value and enhances the reputation of communities in which the Fund operates and contributes to making lives better.

In the financial year, we continued to act lawfully and with prudence in our responsibility to comply with tax statutory obligations and disclosure requirements. The Fund maintained open and constructive relationships with the Uganda Revenue Authority. Despite a decrease in business activity due to restrictive lockdowns, our tax contributions for the reporting year, were as follows:

Protecting our Customers’ Financial Data

Protecting our customers’ personal and financial information and handling confidential information responsibly is a top priority for NSSF. We have put in place robust internal controls, policies and security measures designed to keep this information safe, utilising a wide range of technological, administrative, organisational, and physical security measures.

As a result, we have actively and proactively engaged with the Financial Intelligence Authority (FIA) to gain greater understanding of the typologies and trends emerging with respect to money laundering, and factor these into our transaction monitoring rules and calibrations as a way of improving our compliance to the provisions of the Anti-Money Laundering Act of 2013.

Our customers expect us to be transparent and communicate how we are handling their financial information. We strive to provide them with clear, user-friendly explanations of our privacy practices, including how and why we collect information relating to any suspicious transaction. We do this through a wide range of technological, administrative, organisational, and physical security measures especially for our voluntary members remitting large cash amounts as part of engagements relating to Know Your Customer (KYC).

Our Approach to Tax Growth

We recognise that tax sustains and safeguards the long-term growth value and enhances the reputation of communities in which the Fund operates and contributes to making lives better.

In the financial year, we continued to act lawfully and with prudence in our responsibility to comply with tax statutory obligations and disclosure requirements. The Fund maintained open and constructive relationships with the Uganda Revenue Authority. Despite a decrease in business activity due to restrictive lockdowns, our tax contributions for the reporting year, were as follows:

> UGX 165Bn

Taxes collected on behalf of government

> UGX 25Bn

Taxes paid to government

> UGX 165Bn

Taxes collected on behalf of government

> UGX 25Bn

Taxes paid to government

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