OUR STRATEGY

STAKEHOLDER ENGAGEMENT
AND VALUE CREATION

Meeting Expectations
Falling Short of Expectations

Regulators and Government

Needs and Expectations
  • Good performance against our long-term strategy and outlook
  • Ensure quality of management
  • Profitability, growth potential and a good annual interest
  • Ensure code of conduct and regulatory compliance
  • ESG considerations
  • Implement policy, advocacy, technical input and information sharing
  • Creation of sustained value for the Fund’s stakeholders and members
Strategic Response to deliver value
  • Engagement with regulators on key themes relating to regulatory compliance such as the NSSF Amendment Act 2022, PPDA and URBRA, as applicable
  • Promotion and implementation of Good corporate governance
  • Good business sustainability and stakeholder management
Performance measures/value delivered
  • Liaised openly and constructively with various regulators, including conducting ongoing discussions in support of our corporate governance and operations strategy
  • Continued to design solutions contributing to expanding social security coverage and enriching the range of benefits available to savers
  • Realigned the Fund’s organisational structure to take advantage of the opportunities presented by NSSF (Amendment) Act 2022
  • Support realisation of ESG good practice and prioritised SDGs
  • Continued discussions and engagements with PPDA, URA and URBRA, as applicable, on issues of investment, procurement, taxes, and policy
Opportunities and outlook
  • Work with Ministry of Gender and Labour to expand awareness and coverage of social security as per NSSF Amendment Act 2022
  • Constantly monitor, evaluate and audit our corporate governance practices, legal and regulatory requirements
Risks
  • Lack of awareness of the legal and regulatory changes leading to an inability to meet regulatory requirements, compliance, and potential damage to reputation
Quality of Relationship

Suppliers

Needs and Expectations
  • Ensure responsible purchasing
  • Support local suppliers
  • Ensure prompt payment schedules
  • Act ethically and transparently
  • Fair terms of trade
  • Sustainable sourcing
Strategic Response to deliver value
  • Ongoing procurement efficiency evaluation to measure performance and identify areas of improvement
  • Improve and increase supplier engagements
  • Promoted supplier competitiveness
  • Prompt and uninterrupted delivery of materials/services
Performance measures/value delivered
  • Directly served 430 suppliers and awarded UGX 191.3Bn in contracts
  • Procurement efficiency rating 93% (2022: 92%)
  • Supplier Forum in June 2023 with 313 suppliers physically attending
  • Digitised our contract management process
  • Our supplier approach is shaped by our Sustainable Procurement Charter
Opportunities and outlook
  • Further digitise the procurement process
  • Sustainable procurement efficiency, supplier satisfaction and experience
  • Improve contract management practices
Risks
  • Engaging and enlisting unscrupulous suppliers could lead to conflicts of interest, bribery and poor service delivery impacting negatively on our reputation
Quality of Relationship

Industry Associations

Needs and Expectations
  • Collaborations to Keep abreast with key developments and standards and respond to new requirements
  • Regulatory advocacy
  • Increase product, service and social security development
Strategic Response to deliver value
  • Participate in industry-led initiatives pertaining to policy and law
  • Business and sector forum engagement and participation
  • Capacity building initiatives
Performance measures/value delivered
  • Collaborated with our partners such as NIRA, URA, URSB on specific solutions such as registration that required a multi-partner approach
  • Liaised with the Uganda National Roads Authority via the Road works contractors’ workshop regarding compliance
  • In partnership with Mastercard Foundation, we are on course to seed fund 5,000 small and growing businesses with each receiving USD20,000
  • Work with Banks in supporting our collections, benefits payments and financial market operations
  • Support realisation of ESG practices and prioritised SDGs
  • Mutually beneficial collaborations with local and regional industry associations such as, International Social Security Association, East and Central Africa Social Security Association
Opportunities and outlook
  • Provide platforms for broader actions on social security coverage and development
  • Identify and increase partnerships to support increase in coverage and best practices
  • Address social security-related developments, concerns, and initiatives and sharing lessons and best practice
Risks
  • Lack of engagements leading to inability to meet regulatory requirements, compliance, and damage to reputation
Quality of Relationship

Communities

Needs and Expectations
  • The value we bring to the communities in which we operate through purposeful CSI activities
  • Local community factors including environmental, economic and social considerations (ESG)
Strategic Response to deliver value
  • Implemented CSI initiatives like Seven Hills Run, KAVC, Blood donation drive, school renovations and Career Expo
  • Conducted Financial Literacy wellness training for customers
  • Continued to seed fund small and growing business through the Hi-Innovator programme in partnership with Mastercard Foundation
Performance measures/value delivered
  • Completed renovations of four public primary schools with over UGX 298M spend, improving the learning environment for more than 15,000 learners.
  • We raised more than UGX 940M from partners, individuals and communities to refurbish public schools because of NSSF Kampala Seven Hills Run
  • Registered an attendance and reach of 16,000 students from the University Career Expo. The Expo has cumulatively contributed over UGX 36.4Bn in the last 12 years, to prepare students for the workplace and equip them with skills and knowledge to increase their employability
  • Engaged and impacted 2,376,471 people on financial wellness via our Financial Literacy Initiative
  • Seed funded 155 small and growing business each with USD20,000 under our Hi-Innovator initiative in partnership with Mastercard Foundation. So far, the programme has created and/or sustained 1,700 direct jobs, and 37,000 indirect jobs
  • Launched the Solana Lifestyle and Residences that will comprise of 2,750 residences to include apartments, townhouses, bungalows, and villas, creating infrastructure development and healthy living
  • Collected 2,700 units of blood in partnership with the Uganda Blood Bank promoting healthy and better lives
  • Our scalable activities continue to provide great content for our media channels and improve public perception of our Fund
Opportunities and outlook
  • Continue to refine our CSI activity for impact
  • Identify and continue working with partners to positively impact communities and expand social security coverage
Risks
  • The inability to create a positive and sustainable impact on the communities within which we operate has a negative impact on the sustainability of our operations and the economy at large
Quality of Relationship