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Who is Richard Byarugaba, the current Managing Director and Chief Executive Officer of the National Social Security Fund (NSSF)? PHOTO/CEO East Africa Magazine

Who is Richard Patrick Byarugaba? Flash Uganda Media looks at his biography, age, early life, wife, education, family, Work and Experience, net worth, Standard Chartered Bank, NSSF and career of the chief executive officer of Uganda’s National Social Security Fund (NSSF).

Richard Patrick Byarugaba, is a Ugandan business executive, banker and entrepreneur. 

Currently, Richard Byarugaba serves as the managing director and chief executive officer of Uganda’s National Social Security Fund (NSSF), a semi-autonomous retirement pension organization for non-government employees in Uganda.

He’s the best performing Managing Director of NSSF that emerged as the best performing public sector in Uganda.

Byarugaba is very much committed to building a formidable institution dedicated to providing social security services to employees in Uganda. 

In addition, Byarugaba seeks to invest in profitable ventures that generate huge returns for NSSF, as well as boost Uganda’s economy.

In 2012, Byarugaba appeared on the list of the richest individuals in the country.

Early Life and Education

Richard Patrick Byarugaba was born in 1961 in the Western Region of Uganda. He attended Makerere University Kampala from where he attained a degree in statistics and economics.

He’s a qualified accountant with the Association of Chartered Certified Accountants of the United Kingdom (UK). 

In addition, Byarugaba attended Henley Management College UK, from where he attained a diploma in management.

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In Uganda, Richard Byarugaba is the Managing Director and Chief Executive Officer of the National Social Security Fund (NSSF), an organization that manages retirement pensions for non-government employees. FILE PHOTO

Work and Experience

Richard Byarugaba has served Uganda in various capacities over the years, particularly in the banking sector. 

In 1983, Richard Patrick Byarugaba began working at Standard Chartered Bank (Stanchart) Uganda, as a banking officer. Then by 1992, he was already elevated to serve as the executive director for finance at Stanchart.

In 1994, Byarugaba got transferred to Stanchart’s International headquarters in London, to serve as the regional manager for finance, in charge of Africa. 

In 1997, Byarugaba returned to Uganda and joined Nile Bank Limited, a private retail bank wherein in 2003, he became the managing director.

In 2007, Barclays, the British financial conglomerate bought all shares at Nile Bank Limited for US$27million (UGX: 52BN). The interests were merged to form Barclays Bank Uganda, and Byarugaba moved to Barclays Bank where he served as the chief executive officer.

In 2008, Byarugaba moved to Global Trust Bank Uganda following its establishment in the same year and served as the managing director till 2010. 

He left the position to serve as the managing director and chief executive officer of the National Social Security Fund (NSSF) Uganda.

Byarugaba has well served at Hospice Africa, the Palliative Care Association of Uganda, and the Uganda Institute of Banking and Financial Services. 

Also, following his resignation from Global Trust Bank, he worked at Uganda Bankers Association as the treasurer. Byarugaba is the chairman board of directors at Vodafone Uganda Limited, Kulika Uganda, and a charitable trust. 

He as well serves on the board of Uganda Clays and Uganda Stock Exchange Council, former president of the East and Central Social Security Association and Chairman of Nakasero Hospital Limited.

Richard Byarugaba was announced NSSF’s champion as the sector emerged as the best performing public institution in 2021, appreciating his contribution towards the attainment of the Uganda vision 2040 and the UN Sustainable Development goals.

As a result, a book titled “The preacher of Uganda Vision 2040 and United Nations Sustainable Development Goals” was published and dedicated to Richard Byarugaba, NSSF, President Museveni and the UN Secretary-General, H.E. Antonio Guterres.

Net Worth

Although Forbes has not yet published an official wealth report on Richard Patrick Byarugaba, his net worth is expected to be $100k-$500k by 2022.