We are currently in our 6th year of execution of our 10 year strategy.
Since our strategy was formalised in 2015, the Fund has delivered excellent results in all metrics we measure ourselves against to ensure achievement of milestones and execution of strategy. We are therefore confident that business is well positioned to deliver another solid set of results in the year ahead as well as the medium and long term.
The innovation strategy of the Fund extends to creating an eco-system and community of innovators. In this respect, the Fund is working with strategic partners to incubate and accelerate new businesses that will be the future pipeline of contributions and new investment opportunities. The key partners of the Fund are Mastercard Foundation, Outbox Innovation Hub, Makerere University Business School Innovation Hub, and the Transformation Business Network (TBN). To-date, the Fund has committed USD 100,000 to 5 start-ups, with a goal of supporting 500 start-ups in the next 5 years to create 132,000 additional employment opportunities in Uganda.
The current 10-year strategy focusses on delivering the four goals below:
- 1. Achieve a Fund Asset size of UGX 20 Tn
- 2. Pay members who claim within 24 hours
- 3. Achieve a staff satisfaction rate of 95%
- 4. Achieve a customer satisfaction rate of 95%
The Fund will continue to create a better life for the members even beyond 2025. The focus will always be to deliver an excellent service through the various touch points and tangible value to the member through benefits. Our promise will remain to deliver a return that beats long term inflation and protection against key social risks that we all face as human beings.
2025 Strategy is anchored on four pillars:
FINANCIAL GROWTH – GROWING THE FUNDS ASSETS BASE
2020/2021
Our total assets stood at UGX 15.4Tn
2021/2022
18.05Tn
2023/2024
21.82Tn
2025
Growing the Fund’s asset base to UGX 20 Tn
Key initiatives/activities to achieve targets
OPERATIONAL EXCELLENCE – TURNAROUND TIME FOR PAYOUT OF MEMBERS BENEFITS
2020/2021
8 days
2021/2022
7 days
2023/2024
4 days
2025
24 hours
Key initiatives/activities to achieve targets
EMPLOYER OF CHOICE – STAFF SATISFACTION
2020/2021
94%
2021/2022
90%
2023/2024
95%
2025
95%
Key initiatives/activities to achieve targets
DELIGHTING OUR MEMBERS – CUSTOMER SATISFACTION
2020/2021
86%
2021/2022
85%
2023/2024
90%
2025
95%
Key initiatives/activities to achieve targets
What we did to deliver value during 2020/2021 to achieve our long term aspirations
Providing world class service to our members
Our focus during the reporting period was on transforming customer experiences through electronic channels. By using feedback our Customers provided us to identify the issues that are most important to them, we were able to improve service delivery and ensure speedy uninterrupted service, especially during lockdown as a result of the Covid-19 pandemic.
At the Fund, everything starts with our members
Achieving competitive returns
The overall objective of the Fund`s investment strategy is to generate returns at an appropriate level of risk to provide members and beneficiaries with benefits as required by law. This is accomplished through a carefully planned and executed long-term investment strategy that efficiently and effectively allocates and manages the assets of the Fund.
This strategy is evidenced by the Funds Asset Allocation and investment in high quality Government bonds. This has has led to the good set of results achieved.
Our Executive Committee holds monthly strategy meetings to fast track how the Fund is perfoming
Increasing efficiencies to improve service delivery
To reduce the number of days from the time a member submits a claim to payout, making a benefit claim today can now be done from the convenience of a smart phone via the NSSFGO App. The long turn-around time in completing benefit payments is now being addressed by Machine Learning capabilities.
This capability adds to key capabilities in the customer journey where registration and contributions can already be completed via the App on both mobile and web. The impact is seen in the decline in walk-ins to branches for most services where majority of NSSF customers today (95%) are now accessing services via electronic channels. We have successfully transformed the Fund from having only 19 branches where members could access Fund services to over 650 agent outlets and online platforms that are available 24/7 such as the app and web.
Becoming the employer of choice
To reward our top performers, and further promote a high performance culture, the performance bonus scheme was reviewed, enabling us to link reward to performance.
We were fully supportive of our staff during the outbreak of the Covid-19 pandemic and ensured they were provided with the necessary tools to work remotely.
Positive feedback was received from staff in adapting to the changing ways of work. The Fund has also embraced digital training tools and wellness initiatives to improve the health and well being of staff.
Staff have adopted office 365 as the main platform for productivity across the Fund which has worked well to support remote working.