The National Social Security Fund (NSSF) of Uganda is projected to grow to over Shs6 trillion ($2.2bn) by 2017, making it by far the largest fund in East Africa, according to Ivan Kyayonka, NSSF Board Chairman.

The NSSF is a semi-government agency responsible for the collection, safekeeping, responsible investment and distribution of retirement funds from employees of the private sector in Uganda.

Speaking at the 2nd NSSF annual members meeting, Kyayonka said the fund’s current assets of Shs4.4 trillion ($1.7bn) as at June 30, 2014, outstrip NSSF Kenya at $1.6bn and NSSF Tanzania at $1.3bn.

“NSSF Uganda has become the benchmark for the industry both within and outside the East African region. Our performance over the last 4 years has laid the foundation for our future. Overall, our objective is to become the social security provider of choice, with or without liberalization of the industry,” Kyayonka said.

He added that the fund plans to roll out new products for both the formal and informal sector, including housing, health/medical and education among others.

Kyayonka said that NSSF has adopted an investment model that is both aggressive yet prudent.

“We are planning to diversify the investment mix by increasing our equity portfolio and changing the real estate investment strategy. We want to optimise our real estate portfolio to 6% from 10% and unlock Stalled Real Estate Investments,” he said.

The fund also plans to help coordinate the government to issue long-term infrastructure bonds, and participate in the oil and gas sector.

NSSF Acting Managing Director Geraldine Ssali Busuulwa said that the fund grew by over 150% over the last five years.

“As per our renewed promise, we shall continue to deliver competitive returns on investments to all our members,” she said.