Kampala, Uganda | THE INDEPENDENT | Up to sh400 billion has been paid out to over 18,000 claimants under the National Social Security Funds-NSSF midterm access.
According to information obtained by URN, the fund made the first disbursement on March 17, 2022, after receiving 41,174 applications.
Of these, only 14,690 applicants were eligible in line with the amended NSSF act.
Richard Byarugaba, the NSSF Managing Director, says that there has been a very significant reduction in the number of applications the fund receives every day and the situation is seemingly normalizing and becoming manageable.
The fund budgeted for payment of Shillings 50 billion per week but surpassed their budget by Shillings 28.8 billion in the first week leading to the payment of Shillings 400 billion in the first one and half months.
Statistics from the NSSF shows that as of April 26th, 2022, the fund had recieved11,958 claims manually and 7,678 online.
According to Byarugaba, the midterm payments are going to reduce the fund’s interest rate paid to members this year because of the short-term investments they took to prepare for the midterm access payments.