NAIROBI, Kenya — The National Social Security Fund (NSSF) has unveiled an ambitious investment strategy that will channel workers’ pension savings into large-scale infrastructure and real estate projects, as the fund targets higher returns and faster benefit payments to contributors.
Under the plan, NSSF is aiming for an annual return of 17pc on members’ contributions as it works towards growing the fund’s value to Sh1 trillion.
Speaking during an interview on Citizen TV on Sunday, February 8, NSSF Chief Executive Officer David Koross said the fund had already begun delivering on its reform agenda, which prioritises stronger returns and improved efficiency in benefits processing.
“What we have done at NSSF is we are looking at agility in decision-making. We are looking at new investment opportunities that have come up. These investment opportunities yield a better yield,” Koross said.
A key pillar of the strategy is infrastructure investment. NSSF is considering committing up to Sh30 billion to the Rironi–Mau Summit road project, a major highway upgrade intended to ease congestion on the busy Nairobi–Nakuru corridor.
Mike Macharia, a trustee representing the Federation of Kenya Employers (FKE), said the project offered a mix of financial returns and social impact.
“We are looking at putting about Sh30 billion into the Rironi–Mau Summit project. It is an investment that will give us returns that we will be proud of,” Macharia said. “It has a social impact; people will no longer be sleeping on the Nakuru Highway. It will also open up trade.”
Macharia said the road would operate as a toll facility for a limited period to allow the fund to recover its investment, while maintaining a non-toll alternative route for motorists unwilling to pay.
“The toll is for some time until the return is realised,” he said, adding that the Nairobi Expressway was built using Chinese pension funds and arguing that Kenya should increasingly rely on domestic capital.
The Rironi–Mau Summit road is a 175-kilometre section of the A8 highway being upgraded from a single carriageway into a modern dual carriageway. President William Ruto launched the project in November 2025. It is expected to be completed by June 1, 2027, at an estimated cost of about Sh200 billion under a Public-Private Partnership (PPP) model.
Beyond roads, NSSF is also eyeing high-profile real estate developments. The fund plans to invest another Sh30 billion in a proposed skyscraper on its land along Kenyatta Avenue, which would become the tallest building in Nairobi’s central business district.
Trustee representing the Central Organisation of Trade Unions (COTU), Rose Omamo, said the project was designed to strengthen the fund’s long-term sustainability.
“When the fund grows, it means the pensioners, the contributors, will have a better payout when they retire,” Omamo said.
The National Environment Management Authority (NEMA) has already invited public views on the proposed development, which NSSF says will include hotels, apartments, shops and other commercial facilities.
Addressing public concerns about the safety of pension funds, NSSF trustees said all investments undergo strict due diligence and comply with regulations set by the Retirement Benefits Authority (RBA). They said the fund works with professional managers and operates under robust internal controls and board oversight.
The trustees noted that NSSF’s governance structure includes presidential appointees, representatives from the National Treasury and the Ministry of Labour, independent directors, and social partners such as COTU and FKE.
Omamo said that despite scepticism, NSSF remains the most secure savings platform for many Kenyans.
“The only fund where you can save and be sure that your money is safe and when you retire, you can go home with dignity, is NSSF,” she said.
