NSSF projects growth of Sh11 trillion by 2026

NSSF Director General Masha Mshomba briefs journalists (not pictured) at the 48th Dar es Salaam International Trade Fair. PHOTO | COURTESY

What you need to know:

  • The projection is more than double as compared to the value recorded in 2021

Dar es Salaam. The National Social Security Funds (NSSF) has said it is projecting Sh11 trillion growth by 2026, attributing it to a conducive investment environment in the country.

The projection is more than double as compared to the value recorded in 2021, when the sixth phase government assumed office following the sudden death of the fifth phase leader, John Magufuli.

NSSF Director General Masha Mshomba said the Fund’s unaudited account books show that in the 2023/24 fiscal year, the Fund’s value stood at Sh8.5 trillion, equivalent to an increase of 77 percent compared to the previous three years.

He attributed the achievement to efforts made by President Samia Suluhu Hassan’s administration to attract local and foreign investmentS due to the created conducive environment.

Mr Mshomba made the remarks at the 48th Dar es Salaam International Trade Fair (DITF) taking place at the SabaSaba Grounds along the Kilwa Road in the City.

This year's exhibition was opened by the President of the Republic of Mozambique, Mr Filipe Nyusi, who was accompanied by his Tanzanian counterpart, Samia SuluhuHassan.

"The recorded increase is very huge when compared to the Fund’s value three years ago. The Fund’s growth has been increasing annually," he said at the NSSF pavilion.

He said a conducive investment climate has been encouraging members of the private sector both locally and internationally to significantly contribute to the country, therefore benefiting NSSF through statutory contributions.

Further, he said NSSF continues to implement its development plan slated to expire on June 30, 2026, when the Fund is expected to reach Sh11 trillion, which will be more than double compared to the period when President Hassan came to power.

“Currently, NSSF is focused on reaching out to new members in the informal sector, who will increase the Fund’s earnings through monthly contributions. We have already set good registration and contribution systems and provision of attractive benefits through the National Programme for the Informal Sector,” he said.

Further, he said NSSF's participation in the exhibition is to provide social security education to its members and stakeholders, including various services provided by the Fund.

The services, he said, include members’ registration from the private sector and the informal sector, contributions, paying benefits, investments, and retirement verification.

According to him, visiting citizens are given a wide range of information about the function of NSSF and its transformative digital services enabling online registration through the personal service portal for members (Member Portal) and the personal portal for employers (Employer Portal).

Through the great cooperation NSSF is getting from the government, Mr Mshomba said, the Fund’s commitment is to continue improving services for its members.