NSSF asset value grows to Ksh172 billion

By Christine Muchira

National Social Security Fund (NSSF) has announced that its Fund’s asset value has grown to Kshs 172 billion as at 30th June 2016.

NSSF is the largest single Fund in Kenya in terms of asset and  membership which stands at 2.3 million active members .

Speaking during the Annual General Meeting, NSSF Chairperson, Hon. Gideon Ndambuki said the Fund expects further growth going forward supported by sustained economy growth and expectations of various legislation and policy initiatives being implemented, among them the National Social Security Fund Act No. 45 of 2013.

“Higher spending on infrastructure and continuation of reforms are expected to provide further growth and should translate into a healthy growth potential for  Fund in terms of membership and assets,” said Ndambuki.

He added: “As Trustees we will continue to be a force for good, through wise investing and portfolio management. We will seek to focus on driving up standards of governance, transparency, accountability, integrity and administration at the Fund, so that we invest members’ contributions not only for growth but for good.”

The chairman said the Fund is considering the application of Alternative Dispute Resolution (ADR) to address the stalemate that has led to delays in the implementation of the NSSF Act No. 45 of 2013 that commenced on 10th January 2014.

“This is work in progress and strategies to reach out to the parties in court for a possible friendly resolution has been put in place.  This may take some time and requires careful husbandry,” said Ndambuki.

He said acquisition of part of NSSF’s land through illegal means has been a challenge that the Board of Trustees has been grappling with.  Individuals have in the past gone to the extent of forcefully acquiring land belonging to the Fund without following the due procedures of ownership.

“As a Board we have resolved to reclaim, secure and develop for the benefit of members all the properties owned by NSSF countrywide which fraudulently fell into private ownership,” said Ndambuki.

Ndambuki who was appointed chairman two months ago said the board is committed to delivery of effective and efficient service.

“We have committed to delivering services better, faster and smarter.  Guided by these important imperatives, the Board has put in place a range of initiatives to ensure that we have a service delivery that is effective and efficient; and able to respond to the overwhelming mandate we have been given,” said Ndambuki.

NSSF which is celebrating its 50th anniversary is the Tier I and Tier II contributory public social security fund for our workers in the formal and informal sectors.

Its main objective is to provide basic social security for members and their dependants for various contingencies as provided for under the NSSF Act No. 45 of 2013.

  

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