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The National Social Security Fund (NSSF) has introduced the NSSF Smartlife Savings Plan, a voluntary savings product aimed at expanding social security to informal sector workers, Ugandans in the diaspora, and other underserved groups.

L-R: Patrick Ayota, the MD NSSF Uganda, David Ogong, the board chairman and Thadeus Musoke, the KACITA Chairman look on as a customer opens an account on Smartlife Flexi. (Photo by New vision)

The National Social Security Fund (NSSF) has launched a voluntary savings product, dubbed NSSF Smartlife Savings Plan, to support social security coverage.

The product targets existing NSSF members, non-members in the informal sector, informal sector workers and Ugandans in the diaspora.

“The Fund currently serves only about 2.3 million Ugandans, the majority of whom are in the formal sector. Up to now, the informal sector workers have been left out of the social security and protection net yet contribute significantly to the country’s GDP,” Patrick Ayota, NSSF managing director said during the launch on Wednesday, November 20 at the Kampala Serena Hotel.

“This segment is very critical if the Fund is to realise its Vision 2035, which focuses on expanding our reach to 50% of the working population, growing the Fund’s assets to at least sh50 trillion, and achieving a 95%-member satisfaction rate.”

The National Social Security Fund (NSSF) has launched a voluntary savings product, dubbed NSSF Smartlife Savings Plan, to support social security coverage. (Photo by New vision)

Research done by the fund showed that 60% of members sought more voluntary savings options to address retirement, education, health, and business capital needs.

Ayota said the plan’s flexibility will allow savers to choose mid-to-long-term goals and make affordable contributions starting from sh5,000.

He said mandatory members can make voluntary top-ups, while non-members can join. The return on investment is computed daily and credited monthly on members’ accounts.

Thadeus Musoke, the chairman of the Kampala City Traders Association, commended NSSF for its innovation. He noted that the Smartlife Flexi savings plan will empower ordinary workers with more control over their finances.

“I am confident that through our partnership with NSSF, we will champion this innovation to bring value to the trading community. Smartlife Flexi will help traders build capital through consistent saving while avoiding harmful credit,” he said.

The NSSF Smartlife Voluntary Savings Plan is open to all Ugandans aged 16 and above, both within Uganda and abroad, provided they have a National Identification Number. Non-Ugandans living and working in Uganda with a valid passport, as well as refugees in Uganda with valid identification, are also eligible.