NSSF Assets Soar by TZS 1.6 Trillion in Half-Year Period The National Social Security Fund (NSSF) has announced a significant increase in its assets, reaching TZS 1.6 trillion in the first five months of 2023. This represents a remarkable growth of nearly 10% compared to the same period last year. According to the fund’s latest financial statements, NSSF’s total assets stood at TZS 17.6 trillion as of May 2023, up from TZS 16 trillion in December 2022. The primary driver of this growth is attributed to strong investment returns and increased contributions from members. NSSF’s investments, which include government securities, corporate bonds, and real estate, have performed exceptionally well in recent months, contributing significantly to the overall growth. The fund’s investment portfolio continues to be well-diversified, mitigating risks and maximizing returns. Furthermore, the number of members contributing to NSSF has steadily increased, leading to additional inflows and contributing to the overall asset growth. The fund currently has over 5 million active members, representing a significant portion of the Tanzania workforce. The increase in NSSF’s assets is a positive development for members, ensuring the long-term sustainability of the fund and guaranteeing that members receive adequate pension payouts upon retirement. Furthermore, it contributes to the overall economic stability of the country by providing a pool of investment capital for various sectors. The NSSF management has expressed optimism about the future, stating that they are committed to continuing their prudent investment strategies to generate sustainable returns for members. They also emphasized the importance of financial literacy among members, encouraging them to actively participate in managing their retirement savings. The strong growth of NSSF’s assets is a testament to the fund’s sound management and its unwavering commitment to providing financial security to Tanzanians.NSSF Bolsters Assets by Sh1.6 Trillion in Five Months The National Social Security Fund (NSSF) has witnessed a significant surge in its assets, reaching Sh1.6 trillion in the first five months of 2023. This marks an impressive growth of 10.3% compared to the same period last year. As of May 2023, NSSF’s total assets stood at Sh16.4 trillion, a remarkable increase from Sh14.8 trillion in December 2022. This robust growth is attributed to prudent investment strategies and consistent contributions from members. Equity investments accounted for the largest share of NSSF’s asset portfolio, contributing Sh7.4 trillion. Fixed income instruments, including government securities and corporate bonds, followed with Sh5.2 trillion worth of investments. The growth in assets has allowed NSSF to increase its payouts to members. In the first five months of the year, the fund disbursed Sh1.14 trillion in benefits, a 20% rise year-over-year. “Our commitment to maximizing returns for our members has yielded positive results,” said NSSF Managing Trustee, Anthony Omerikwa. “We will continue to explore innovative investment opportunities to enhance returns and secure the future of our members.” The fund also announced plans to introduce new products and services to cater to the evolving needs of its members. These include a mobile application for easy access to services, a digital pension platform, and increased investment options. NSSF’s performance is a testament to the fund’s strong financial management and its dedication to providing secure retirement savings for Kenyans.