FAMReports News Desk – Kampala, Uganda
In a remarkable show of investor confidence and institutional growth, Airtel Uganda on Thursday handed over a cheque worth UGX 50.31 billion in dividends to the National Social Security Fund (NSSF) — a transaction that reflects both the profitability of Airtel and the success of NSSF’s long-term investment strategy.
The cheque handover ceremony, held in Kampala, was attended by top executives from both institutions, symbolizing a strong and growing partnership aimed at securing Ugandans’ financial future.
Speaking during the event, Soumendra Sahu, Managing Director of Airtel Uganda, praised the long-term collaboration with the Fund and the benefits it yields for ordinary citizens.
“On behalf of Airtel Uganda, I am honoured to hand over a dividend cheque amounting to UGX 50.31 billion for the financial year ended 31 December 2024. This moment represents progress for Airtel Uganda, for NSSF, and most importantly, for the many Ugandans whose futures are being built through consistent savings and productive investment,” said Sahu.
He further noted that NSSF’s participation in the Airtel Uganda Initial Public Offering (IPO) was a vote of confidence in the strength of Uganda’s financial sector and a pivotal moment for the telecom’s growth trajectory.
NSSF Surpasses UGX 25 Trillion in Assets
Receiving the cheque on behalf of the Fund, Patrick Ayota, the Managing Director of NSSF, hailed Airtel Uganda’s consistent business performance and commitment to shareholder value.
“Airtel Uganda presents a long-term growth opportunity for us, given its consistently impressive business and financial performance over the years. We commend the management of Airtel Uganda for its unwavering focus on delivering returns while ensuring sustainable corporate growth,” Ayota remarked.
Ayota used the opportunity to announce a major milestone in the Fund’s strategic journey. NSSF’s total assets under management (AUM) have now surpassed UGX 25 trillion, exceeding its Vision 2025 target of UGX 20 trillion a full 18 months ahead of schedule — a feat achieved in January 2024.
“This achievement is a testament to the dedication and commitment of the entire NSSF family, and I thank them for their hard work. It also affirms our prudent investment strategy anchored in diversification and strategic asset allocation,” Ayota said.
Portfolio Composition: Diversification in Action
Ayota highlighted the structure of the Fund’s investment portfolio, which reflects a balanced and growth-focused approach:
Fixed Income: 79.5% of total assets
Equities: 14.1%
Real Estate: 6.4%
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SmartLife Flexi: A Culture of Saving Takes Root
Ayota also provided updates on NSSF’s SmartLife Flexi voluntary savings product, which has shown remarkable uptake since its launch in November 2023.
“We’re proud to report that contributions to SmartLife Flexi have grown to over UGX 16.1 billion. This clearly shows that Ugandans are embracing the culture of saving,” he said.
The product now serves 29,110 voluntary savers out of the Fund’s total membership of over 2.2 million people, reinforcing its relevance to workers in both the formal and informal sectors.
SmartLife Flexi was developed as part of NSSF’s strategic objective to promote financial inclusion, allowing individuals outside the traditional social security bracket — such as the self-employed — to build a reliable retirement savings base.
Investor Confidence and National Impact
The UGX 50.3 billion dividend payout from Airtel Uganda not only marks one of the largest corporate dividend transactions in Uganda in recent years, but it also highlights the importance of domestic investment partnerships in building national wealth.
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It is a model of collaboration where private sector efficiency meets public institutional purpose — ultimately working for the long-term benefit of Ugandan workers.
This payout also confirms that Uganda’s telecom sector remains a resilient and profitable investment avenue, with the added benefit of expanding digital infrastructure and services across the country.
With Vision 2025 already achieved ahead of time, NSSF is now looking at even more ambitious targets. Ayota noted that the Fund will continue to focus on strategic investments, technological transformation, and member engagement, ensuring that every Ugandan saver receives real value for their contributions.
In the short term, NSSF plans to further boost voluntary membership enrollment and deepen its participation in key sectors such as technology, energy, and real estate, using robust governance mechanisms to ensure long-term sustainability.
The Fund’s growing relationship with major corporate entities like Airtel Uganda sets a strong precedent for other private investors seeking to make a meaningful impact on the future of the country.
