NSSF: Apples & Oranges

Kenya’s National Social Security Fund finally released their year-end results in the newspapers today after many years of pressure from governance experts and regulators. The scheme hopes to convert into a pension fund and states that it plans to hold an AGM soon

While the statements show improved performance over the last four years (NSSF-K was abused in the 1990’s and forced into bad property investments and lost billions in collapsed banks), how does it compare with NSSF Uganda who released their results last week?

an approximate conversion to US$

NSSFK $434 million (35%)
NSSFU $76 million (13%)

Government Securities
NSSFK $115 million (9%)
NSSFU $289 million (51%)

NSSF Uganda lists their holdings – as Uganda Clays, Baroda, Nsimbe, DFCU, Stanbic, Serena, HFCU, Victoria properties. The Kenyan one does not list but the portfolio would include Unilever Tea, Nation media group, HFCK (11%) KCB (8%) British American Tobacco (20%) East African Breweries (8%), EAP cement (27%), and National Bank (48%)
NSSFK $618 million
NSSFU $54 million

Current assets
NSSFK $50 million
NSSFU $350 million

Current Liabilities
NSSFK $20 million
NSSFU $11 million

Members Funds
NSSFK $1,240 million
NSSFU $548 million

Totals assets
NSSFK $1,240 million
NSSFU $564 million

NSSFK $61 million
NSSFU $38 million
However, the Kenyan one include changes in the market value of shares in last year, adding another $80m to bring total income to $141m

NSSFK $41 million
NSSFU $7 million

Net Gain/Profit
NSSFK $147 million
NSSFU $31 million


  • Under its current format, the ultimate payout will be low from NSSF(K) and the benefits at retirement will not be enough to sustain a majority of retirees.
  • Comparison between Stanbic Kenya and Stanbic Uganda.

5 thoughts on “NSSF: Apples & Oranges

  1. Anonymous

    …who cares about crappy nssf?

    Safaricom. Thats where its at!


  2. Anonymous

    Oh the NSSF is very important, that is what many retirees and their families are depending on for sustenance.

    For some they are being hit by college fees, others, they have just been able to pay off the major debts, just in time for a reduction in income.

  3. Anonymous

    Noted. Sorry about that.

    You’re right – NSSF is important.

    Still, someone should have leaked the Safaricom Prospectus already!

  4. MainaT

    State funding of pensions on its own is a defunct model and will come under pressure even with a young population like we have in Kenya. GoK needs to encourage personal pension plans or investment plans so that everybody has something to fall back on later in life.
    The portfolio looks very similar to that of Kenya Re.

  5. PKW

    Did you once tweet that you have saved $500 after 5 years of hard work? I doubt anyone is totally relying on NSSF for their retirement.

    Over in UG, the employer contributes 10% of your gross salary to NSSF, then your 5% goes towards the same. Pretty decent instant return on the side of the employee, if NSSF behaves (read: is not politicised, or doesn’t collapse) in the medium to long term.

    PS: My word verification was ‘thessit’, and I thought about MJ and This Is It that never was.

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