OUR BUSINESS

BUSINESS MODEL AND VALUE
CREATION ALIGNED TO
THE SIX CAPITALS

Value Creation
Value Erosion
Value Preservation
INPUTS

What we need to run our business

Financial Capital
  • Members’ Fund of UGX 19.07Tn (June 2022: UGX 16.96Tn)
  • Cash balance UGX 190.7Bn (June 2022: UGX 72.8Bn)
  • Contributions received UGX 1.72Tn (June 2022: UGX 1.49Tn)
Intellectual Capital
  • A deliberately shaped, customer-centric culture
  • A strong Brand that resonates with consumers
  • Brand costs of UGX 9.9Bn (June 2022: UGX 6.6Bn)
Human Capital
  • 579 staff (June 2022: 637) skilled, customer-centric staff
  • Experienced and ethical leadership team
  • Staff satisfaction and engagement survey
  • Significant investment in learning and development of UGX 3.66Bn (June 2022: UGX 2.58Bn)
  • Employment Equity initiatives
  • UGX 87.2Bn (June 2022: UGX 117.5Bn) paid in salaries and benefits
  • Staff wellness programmes. Spending on staff wellness of UGX 2.82bn (June 2022: UGX 2.78bn) 
Manufactured Capital
  • Digital channel and innovation spend UGX 1.799Bn (June 2022: UGX 1.70Bn)
  • Infrastructure spend (branches and contact centres) UGX 10.5Bn (June 2022: UGX 8.4Bn)
  • Substantial investment in our Enterprise Architecture UGX 12.9Bn (June 2022: UGX 7.1Bn)
Social and Relationship Capital
  • A focus on responsible procurement and supplier development
  • Stakeholder engagement
  • Focused and committed to corporate social investment
  • Prioritising commitment to identified SDGs and responsible ESG practices
Natural Capital
  • Energy efficiency and management
  • A meaningful contribution to our environmental sustainability, aligned to the national, regional and global development goals
  • Water conservation and waste management
HOW WE RUN OUR BUSINESS

We create, preserve and defend value by using our resources responsibly to generate value maximising outputs and outcomes for our Members and all stakeholders

KEY OUTCOMES & TRADE-OFFS

What we achieve for our stakeholders

Financial Capital
  • Cost-to-income ratio of 10.2% (June 2022: 11.44%)
  • Cost-of-Administration ratio of 1.03% (June 2022: 1.18%)
  • Interest to members (RoE) of 10% (June 2022: 9.65%)
  • Benefits paid UGX 1.199Tn (June 2022: UGX 1.189Tn)
  • Benefits TAT 11.9 days (June 2022: 12.3 days)
  • 57% of Employer compliance (June 2022: 55%)
TRADE-OFFS
  • Increase investment in fixed deposits at the expense of treasury bonds
Intellectual Capital
  • Tonality score of 79% (June 2022: 95%)
  • Customer satisfaction rate of 88% (June 2022: 82%)
  • Retention of specialist skills (Data Science Specialists, Software Developers, and CFAs)
TRADE-OFFS
  • None
Human Capital

Maintained employee motivation, skills and diversity through:

  • Percentage salary increase for lower staff is equal to Management for the same performance ratings
  • Equity 54% Male and 46% Female (June 2022: 52% Male and 48% Female)
  • Staff attrition of 6.5% (June 2022: 2.1%)

Declined people satisfaction levels:

  • 86% (June 2022: 92%) staff satisfaction score declined due to the investigations the Fund was under this financial year
TRADE-OFFS
  • Re-aligning the organisational structure to the Fund Strategy
Manufactured Capital
  • 92% of our member transactions and interactions were hosted digitally (June 2022: 93%)
  • Uptime of application systems at 99.3% (June 2022: 99%)
  • Staff efficiently working from home: 100%
  • 2.3 million customers (June 2022: 2.2 million)
  • e-channels penetration growth rate of 42.2%  (FY 2022: 70.5%)
  • Payout of benefits 11.9 days (2022: 12.3 days)
TRADE-OFFS
  • Building more resilient and agile IT systems
Social and Relationship Capital
  • Total CSR spend of UGX 898M (June 2022: UGX 249.8M)  
  • Responsible corporate citizen and commitment to SDGs
  • UGX 186.94Bn (June 2022: UGX 179.96Bn) direct tax contributions
  • Buy Uganda Build Uganda (BUBU) (97.9% of procurements are with local suppliers (June 2022: 90%)
  • Financial literacy campaigns UGX 0.371Bn (June 2022: UGX 0.439Bn)
  • Compliance with regulatory requirements of the URBRA Act, 2011, as applicable
  • New membership 8%: (June 2022: 6%)
  • 90% of customers who logged complaints were resolved at the first attempt (June 2022: 95%)  
TRADE-OFFS
  • Building more affordable houses for our stakeholders
Natural Capital
  • 6% increase in water consumption (June 2022: -27%)
  • 28% reduction on energy consumption (June 2022: 4%)
  • 8% increase in paper consumption (June 2022: +336%)
  • 100% of the waste from buildings diverted to KCCA pipelines in line with City Council Solid Waste Management Ordinance of 2000
  • Green certificates for Pension Towers and the Lubowa housing project
TRADE-OFFS
  • None

... and ensures our ability to create value in the future.

Value delivered to stakeholders