Finance Minister , Hon . Matia Kasaija has appointed veteran business executive ,Dr. Peter Kimbowa the new Chairman of the NSSF 12th Board of Directors. The appointment comes after President Yoweri Museveni approved several amendments to the NSSF law that now allows for mid-term access to members savings to spur economic growth and national development .
Dr. Kimbowa is a known Ugandan business executive who is the head of CEO Summit Uganda– a private sector Think Tank. He is also the Managing Partner at IFE Consultants Limited and Chairman of Tondeka Metro Bus services.
Other appointed members of the Board include ,Mr Aggrey David Kibenge Mr Patrick Ocailap, Mr Sam Lyomoki. Mr Aggrey David Kibenge who is the Permanent Secretary Ministry of Gender, Labour & Social Development and will represent the sector on the board while Mr Patrick Ocailap, will represent the Ministry of Finance, Planning & Economic Development.
Dr Eng Silver Mugisha and Mr Fred K Bamwesigye come from the employers representatives under the Federation of Uganda Employers (FUE) while Mr Sam Lyomoki and Ms Penninah Tukamwesiga will represent workers under the Confederation of Free Trade Unions (COFTU). Others are Bahemuka Julius and Hassan Lwabayi Mudiba, from the National Organisation of Trade Unions (NOTU).
The NSSF Managing Director Mr. Richard Byarugaba will serve as an executive member of Board.
Kimbowa said thus ; “It is a big challenge at a personal and professional level, because the Fund has been very successful beyond expectations over the last 8 years or so. So, we will have to find what is missing, or the next opportunity that can regenerate the Fund, re-imagine what else is possible to create the Fund of the future.”
The new Chairman further stated that his vision for the fund will include – reshaping and repurposing the investment portfolio to make it more responsive to the market, take advantage of the 5th industrial revolution by prioritising digitisation and analytics, and ensure the right culture to make NSSF fit for purpose.
“We will ask the right questions, be open minded with a deep sense of curiosity but we must also be willing to remain agile and very adaptive, move with the times but also ahead of the times. In summary, we will ask, analyse and follow through,” he added.
The NSSF Managing Director Richard Byarugaba thanked – the outgoing Board for providing oversight and leadership at a time when the Fund and the entire retirement benefits sector was preparing for reforms that will be ushered in by the NSSF Amendment Bill (2019) that is expected to be enacted this year.
“The appointment of Mr Kimbowa, a corporate governance expert is a message from the Minister that he wants to maintain stability the Fund has enjoyed over the last decade, but also prepare us for a new era,” he said.
“I believe the new Board will ably provide the strategic leadership as we exploit the opportunities provided by the milestone occasioned by the legislation once it is assented to by the President, especially around expansion of coverage to the informal sector, cementing the alternative savings through voluntary top ups, mid-term benefits,” Byarugaba said.
Do you know NSSF
The National Social Security Fund Uganda is a multi-trillion Fund mandated by Government through the NSSF Act, Cap 222 (Laws of Uganda) to provide social security services to employees in the private sector.
NSSF is the most profitable, trustworthy, efficient, secure, innovative and dynamic social security provider that guarantees safety, security and a competitive return on members’ savings, delivering an annual return of investment of over 2% above the 10-year inflation average.
The Fund manages assets worth over UGX 15.6 trillion invested in Fixed Income, Equities and Real Estate assets within the East Africa region. As the largest Fund in East Africa by value, we have the ambitious goal of growing our Assets Under Management to 20 trillion by 2025.
Since 2012, the Fund is regulated by the Uganda Retirement Benefits Regulatory Authority while Minister of Finance, Planning and Economic Development is responsible for policy oversight.
