Voluntary Savers Boost National Social Security Fund Collections
The National Social Security Fund (NSSF) has reported a significant rise in the number of people joining its voluntary savings scheme, boosting the growth of the Fund’s financial reserves. Until December 2024, the NSSF savings scheme mainly served workers in the formal sector, who contributed through mandatory deductions from their monthly salaries or wages remitted by employers.
However, amendments to the NSSF Act introduced a voluntary savings scheme targeting micro-savers in the informal sector, allowing them to contribute as little as 5,000 Shillings. While presenting a progress report during the Southern Region Employers and Members’ Summit held in Masaka, Patrick Ayota, the Managing Director of the National Social Security Fund, said the voluntary savings initiative has recorded impressive enrollment.
Ayota revealed that within the last 13 months, the scheme has collected over 80 billion Shillings from voluntary contributors. He noted that the initiative has attracted at least 50,000 savers who have opened accounts under the Smartlife Flexi Savings Programme. Ayota said the scheme is helping the Fund move closer to its target of reaching 15 million active contributors nationwide.
Ayota added that the Fund is also exploring ways of expanding its operations by venturing into export marketing of agricultural products to increase its relevance to communities and attract more members. He explained that the Fund has already established partnerships with international agricultural export companies to help link local farmers to reliable markets for their produce.
Pauline Nagaddya, the Benefits and Data Manager at the National Social Security Fund, said the increasing number of micro-scale savers joining the scheme reflects growing public awareness about the importance of long-term financial security. She added that the Fund has also expanded its presence by opening more agent outlets within communities to make it easier for members to deposit their savings conveniently.
Meanwhile, Geoffrey Sajjabi, the Chief Commercial Officer at NSSF, advised members against rushing to withdraw all their savings immediately after qualifying for benefits. He urged members to have clear plans for their funds, especially those intending to start businesses, warning that withdrawing all savings at once may lead to misuse.
However, Joseph Sselunga, a teacher at St Mugagga Secondary School in Masaka District, called for stronger enforcement to improve compliance, noting that some employers in the formal sector still fail to remit workers’ contributions to the Fund.
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