NSSF Boss, David Koross. Photo | courtesy.
The Commission on Administrative Justice (CAJ) has issued a 21-day ultimatum to the National Social Security Fund (NSSF) to publish its long-overdue financial statements, breaking a nearly three-year blackout that has left contributors in the dark about how billions in retirement funds are being managed.
In a letter dated April 22, 2025, the CAJ responded to a formal petition seeking clarity on the fund’s financial status, particularly after a sharp increase in monthly contributions. The commission directed NSSF to make public its annual audited financial reports, which have not been available on its official website since June 2021.
This lapse coincides with a critical period of contribution reform and expansion. Following the enforcement of new contribution rates in February 2023 under the NSSF Act No. 45 of 2013, the fund saw monthly revenues jump from Sh1.4 billion to Sh6.5 billion.
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These changes raised minimum monthly contributions from Sh200 to Sh600, and from Sh1,080 to Sh2,160 for lower-income and higher-income earners respectively.
For the financial year ending June 2023, NSSF collected Sh26.87 billion an increase of over Sh10.95 billion compared to the previous year.
Despite this exponential growth in collections, the fund has not provided audited reports or investment breakdowns, as required by public finance disclosure laws.
State entities are obligated to publish such reports proactively, ensuring transparency and public accountability in the use of taxpayer and contributor funds.
The CAJ warned that the lack of published financial records undermines the constitutional right to access information and contravenes the Access to Information Act, 2016.
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The commission emphasized that public trust in mandatory social protection schemes depends on openness, particularly when worker contributions are rising.
The fund now faces growing scrutiny over how it invests and manages contributions, given its increasing role in the government’s infrastructure and housing finance plans.
