Progress on Aspirations

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:

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

1. DELIGHTING OUR MEMBERS – CUSTOMER SATISFACTION

2020/2021

Target: 85%

Achieved: 86%

2021/2022

Target: 85%

Achieved: 82%

2023/2024

Target: 90%

 

2025 

Target: 95%

 

  • New and relevant products to the members
  • Deployment of a digital claims process. This was piloted through the online claims platform that was used to pay midterm benefit claims – we plan to expand this to include all benefits claims
  • Personalised messaging and a unique customer experience
  • The Fund was able to partially automate the benefits application and verification tools. This enabled members to benefit from a seamless experience when they applied for their midterm benefits and receive their funds in a short turnaround time
  • The Fund has continued on an accelerated digitalisation journey by creating and adopting direct integration with Banks and Telcos to aid the benefits payment process
  • The Fund successfully lobbied for the NSSF Amendment Act 2022 to be signed into law to allow midterm access and the creation of more benefits that are relevant to members
  • The Fund transitioned from ordinary laminated cards to a functional Chip and PIN plastic card, that supports various transactions, gives members access to bespoke loyalty offers and supports the faster payment of NSSF benefits to qualifying members. This card also bears the technology to enable future product innovations
  • The Fund’s internal innovation programme developed a Proof of Concept to produce 4 new potential products that are currently in the final phase of testing before proceeding with building business cases
  • Two of the products – Black Swan (building good saving habits for low-income earners for emergencies) and Trailblazers (building good saving habits for financially vulnerable members through education), were successfully piloted to test whether their respective solutions worked, solved customers’ pain points and demonstrated commercial potential if scaled – both products are now being developed for the next step (scaling and adoption)
  • Develop and implement a new business model for the Fund. It will be underpinned by:
    • Market segmentation
    • Utilising data analytics
    • Leveraging on strategic partnerships
    • Product innovation
    • Customer growth
    • Customer centricity

 

  • Sustainable growth
    • Focus on a robust content-driven Financial Literacy programme to enable impactful reach across Fund segments through Digital means​
    • Implement Business Development Services (non-financial services and products offered to entrepreneurs at various stages of their business needs) through the Hi-Innovator Academy
    • Continue to support job creation through our Hi-Innovator programme

Providing world-class service to our members

1. DELIGHTING OUR MEMBERS – CUSTOMER SATISFACTION

2020/2021

Target: 85%

Achieved: 86%

2021/2022

Target: 85%

Achieved: 82%

2023/2024

Target: 90%

 

2025 

Target: 95%

 

  • New and relevant products to the members
  • Deployment of a digital claims process. This was piloted through the online claims platform that was used to pay midterm benefit claims – we plan to expand this to include all benefits claims
  • Personalised messaging and a unique customer experience
  • The Fund was able to partially automate the benefits application and verification tools. This enabled members to benefit from a seamless experience when they applied for their midterm benefits and receive their funds in a short turnaround time
  • The Fund has continued on an accelerated digitalisation journey by creating and adopting direct integration with Banks and Telcos to aid the benefits payment process
  • The Fund successfully lobbied for the NSSF Amendment Act 2022 to be signed into law to allow midterm access and the creation of more benefits that are relevant to members
  • The Fund transitioned from ordinary laminated cards to a functional Chip and PIN plastic card, that supports various transactions, gives members access to bespoke loyalty offers and supports the faster payment of NSSF benefits to qualifying members. This card also bears the technology to enable future product innovations
  • The Fund’s internal innovation programme developed a Proof of Concept to produce 4 new potential products that are currently in the final phase of testing before proceeding with building business cases
  • Two of the products – Black Swan (building good saving habits for low-income earners for emergencies) and Trailblazers (building good saving habits for financially vulnerable members through education), were successfully piloted to test whether their respective solutions worked, solved customers’ pain points and demonstrated commercial potential if scaled – both products are now being developed for the next step (scaling and adoption)
  • Develop and implement a new business model for the Fund. It will be underpinned by:
    • Market segmentation
    • Utilising data analytics
    • Leveraging on strategic partnerships
    • Product innovation
    • Customer growth
    • Customer centricity

 

  • Sustainable growth
    • Focus on a robust content-driven Financial Literacy programme to enable impactful reach across Fund segments through Digital means​
    • Implement Business Development Services (non-financial services and products offered to entrepreneurs at various stages of their business needs) through the Hi-Innovator Academy
    • Continue to support job creation through our Hi-Innovator programme

Achieving competitive returns and sustainable growth

2. SUSTAINABLE GROWTH – VALUE CREATION FOR LONG-TERM SUSTAINABILITY

2020/2021

Target: 15.01 Tn

Achieved: UGX 15.56Tn

2021/2022

Target 17.19Tn

Achieved: 17.25Tn

2023/2024

Target: 20.78Tn

2025

Target: UGX 20Tn

  • Aggressive strategic asset allocation
  • Improved compliance and relationship management
  • Straight-through process for contributions collection
Hi-Innovator Programme
  • In order to stimulate long-term sustainable growth of the Ugandan economy, the Hi-Innovator programme aims to seed fund up to 500 start-ups and create 132,000 jobs by 2025
  • The programme also provides foundational business knowledge to the public

Highlights include:
  • 32 businesses have been given seed capital of up to USD 30,000
  • 12,952 jobs have been created
  • 97% of the jobs have been taken up by the youth
  • Over 7,000 entrepreneurs were provided with foundation business knowledge through the Hi-Innovator Academy

Financial Literacy
  • The Financial Literacy initiative is tailored to provide a platform where professional finance, investment and business solutions can be accessed by NSSF members
    • The initiative is also aimed at empowering our members to make better financial decisions upon receipt of their NSSF savings

Protecting the environment
  • Protecting the environment, including mitigating the effects of climate change (own and in companies in which we invest)

Investing responsibly
  • The Fund invests in ESG-compliant companies
  • Continuous review and adjustment of our strategic asset allocation given the changes in our operating environment
  • Create a Debt Recovery Unit to help enforce compliance and support the Legal Department during recoveries
  • Create new revenue sources, including:
    • Setting up a Unit Trust to cater for short-term products
    • Data as a service – trading machine-readable data with partner agencies for the benefit of our members
    • Software as a service (for instance offering payroll management services and Fund Management services using OctoPAS)

Achieving competitive returns and sustainable growth

2. SUSTAINABLE GROWTH – VALUE CREATION FOR LONG-TERM SUSTAINABILITY

2020/2021

Target: 15.01 Tn

Achieved: UGX 15.56Tn

2021/2022

Target 17.19Tn

Achieved: 17.25Tn

2023/2024

Target: 20.78Tn

2025

Target: UGX 20Tn

  • Aggressive strategic asset allocation
  • Improved compliance and relationship management
  • Straight-through process for contributions collection
Hi-Innovator Programme
  • In order to stimulate long-term sustainable growth of the Ugandan economy, the Hi-Innovator programme aims to seed fund up to 500 start-ups and create 132,000 jobs by 2025
  • The programme also provides foundational business knowledge to the public

Highlights include:
  • 32 businesses have been given seed capital of up to USD 30,000
  • 12,952 jobs have been created
  • 97% of the jobs have been taken up by the youth
  • Over 7,000 entrepreneurs were provided with foundation business knowledge through the Hi-Innovator Academy

Financial Literacy
  • The Financial Literacy initiative is tailored to provide a platform where professional finance, investment and business solutions can be accessed by NSSF members
    • The initiative is also aimed at empowering our members to make better financial decisions upon receipt of their NSSF savings

Protecting the environment
  • Protecting the environment, including mitigating the effects of climate change (own and in companies in which we invest)

Investing responsibly
  • The Fund invests in ESG-compliant companies
  • Continuous review and adjustment of our strategic asset allocation given the changes in our operating environment
  • Create a Debt Recovery Unit to help enforce compliance and support the Legal Department during recoveries
  • Create new revenue sources, including:
    • Setting up a Unit Trust to cater for short-term products
    • Data as a service – trading machine-readable data with partner agencies for the benefit of our members
    • Software as a service (for instance offering payroll management services and Fund Management services using OctoPAS)

Increasing efficiencies to improve service delivery

3. OPERATIONAL EXCELLENCE – TURNAROUND TIME FOR PAYOUT OF MEMBERS’ BENEFITS

2020/2021

Target: 7 days

Achieved: 8 days

2021/2022

Target: 7 days

Achieved: 12.3 days

2023/2024

Target: 4 days

2025

Target: 24 hours

  • Member verification process automation
  • Artificial intelligence models for data cleaning
  • Improved biometric association using a cross-reference to NIRA (National Identification and Registration Authority) database
  • Cashflow management
  • Deployment of the Pension Administration System and supporting digital infrastructure to enable claim processing conveniently using the App
  • The increase in turnaround time to pay member benefits was a result of an exponential increase in claims for midterm access
  • Robotic Process Automation (Invoice processing) went live in May 2022
    • The BOTs are still being trained with an accuracy rate of 80% as of June 2022
  • Onboarded OctoPAS, a next-generation core Pension Administrative System which is agile and cost-effective
  • Hyper-automation – complete the automation of all core business processes
  • Improved biometric association using a cross-reference to the NIRA database
  • Full deployment of the OctoPAS and supporting digital infrastructure to enable straight-through processing of claims
  • Product development – establish a single process and pipeline for onboarding new product(s) to the market

Increasing efficiencies to improve service delivery

3. OPERATIONAL EXCELLENCE – TURNAROUND TIME FOR PAYOUT OF MEMBERS’ BENEFITS

2020/2021

Target: 7 days

Achieved: 8 days

2021/2022

Target: 7 days

Achieved: 12.3 days

2023/2024

Target: 4 days

2025

Target: 24 hours

  • Member verification process automation
  • Artificial intelligence models for data cleaning
  • Improved biometric association using a cross-reference to NIRA (National Identification and Registration Authority) database
  • Cashflow management
  • Deployment of the Pension Administration System and supporting digital infrastructure to enable claim processing conveniently using the App
  • The increase in turnaround time to pay member benefits was a result of an exponential increase in claims for midterm access
  • Robotic Process Automation (Invoice processing) went live in May 2022
    • The BOTs are still being trained with an accuracy rate of 80% as of June 2022
  • Onboarded OctoPAS, a next-generation core Pension Administrative System which is agile and cost-effective
  • Hyper-automation – complete the automation of all core business processes
  • Improved biometric association using a cross-reference to the NIRA database
  • Full deployment of the OctoPAS and supporting digital infrastructure to enable straight-through processing of claims
  • Product development – establish a single process and pipeline for onboarding new product(s) to the market

Becoming the employer of choice

4. EMPLOYER OF CHOICE – STAFF SATISFACTION

2020/2021

Target: 90%

Achieved: 93%

2021/2022

Target: 90%

Achieved: 92%

2023/2024

Target: 95%

2025

Target: 95%

  • Wellness drives
  • Enabling a highly mobile workforce – allowing gig workers
  • Enabling cross-functional project teams
  • Reskilling staff for digital capabilities
  • Organisational re-design
  • Self-paced learning and development
  • During the year, our process improvement team identified and engaged 2 departments (People and Culture and Legal and Board Affairs) for potential improvements in their respective business processes
    • In the People and Culture Department, the recruitment process was identified, mapped out and baselined and it reduced the turnaround time by 5 days
    • Other processes that were improved were hire purchase and vehicle maintenance
  • Straight through processes – turn-around time for our core people processes (for instance hiring)
  • Organisational re-design – operationalise the new Fund structure without adversely affecting our business
  • Diversity, equity, and inclusion – establish a Mentorship Programme at the Fund led by senior female leaders

Becoming the employer of choice

4. EMPLOYER OF CHOICE – STAFF SATISFACTION

2020/2021

Target: 90%

Achieved: 93%

2021/2022

Target: 90%

Achieved: 92%

2023/2024

Target: 95%

2025

Target: 95%

  • Wellness drives
  • Enabling a highly mobile workforce – allowing gig workers
  • Enabling cross-functional project teams
  • Reskilling staff for digital capabilities
  • Organisational re-design
  • Self-paced learning and development
  • During the year, our process improvement team identified and engaged 2 departments (People and Culture and Legal and Board Affairs) for potential improvements in their respective business processes
    • In the People and Culture Department, the recruitment process was identified, mapped out and baselined and it reduced the turnaround time by 5 days
    • Other processes that were improved were hire purchase and vehicle maintenance
  • Straight through processes – turn-around time for our core people processes (for instance hiring)
  • Organisational re-design – operationalise the new Fund structure without adversely affecting our business
  • Diversity, equity, and inclusion – establish a Mentorship Programme at the Fund led by senior female leaders
PERFORMANCE AGAINST STRATEGY
PERFORMANCE AGAINST STRATEGY

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