Hannington Nkayivu, a commercial farmer from Mukono has emerged the winner of the NSSF Friends with Benefits Season 2 competition, walking away with the grand prize of Shs 30million.
This was announced during the competition’s grand finale held at Kampala Serena Hotel on Thursday 22nd March 2018.
The NSSF Friends with Benefits competition is a financial literacy campaign aimed at promoting a savings culture in Uganda.
It profiles NSSF beneficiaries who received their savings and used them to transform their lives, their family or their community.
Nkayivu who won 35.40% of the total votes wants to complete construction of his rental houses and hopes to make at least Shs 1.5 million monthly in rent collections.
He says this now will be his alternative retirement package to replace his NSSF savings now that he has already withdrawn all of his pension.
The first runner up was Judith Sheenah Komuhangi, a cancer survivor, turned cancer early testing and treatment activist, who won shs15m and hopes to use the prize money to boost her medi-tourism start up.
Her company helps other people with life threatening illnesses to seek affordable medical care abroad especially in India where she received cancer treatment after cashing out her NSSF benefits.
Mr. James Ajal emerged the second runner up. He walked away with a Shs 10 million cash prize that he says will help him expand his fruit processing business, expand his livestock business to separate the diary business from
the meat/beef business.
The other finalists included; Nabendeh Wamoto, Naikumi Mary, Akula Ssubi, Byabashaija John, Arinaitwe Alice and Boniventure Rwakira.
The Friends with Benefits initiative was started in 2016 to promote a savings and investments culture among Ugandans who statistics have indicated have a bad savings culture or lack good financial discipline.
For example, it was established that about 80% of people who take out their NSSF savings have nothing to show for it after just one year because of poor investment decisions or no investment at all.
“The Friends with Benefits show has been a success for the Fund and for the public. Since the show started, we have realized a spike in the number of voluntary savers with NSSF registering over 5,800 individual savers
contributing about 5.8 billion shillings in collections” said Richard Byaruhanga, the managing director of NSSF.
The show format saw hundreds of contestants submit stories of how they used their NSSF savings, after which they were vetted and reduced to 16 finalists whose stories were aired on NBS TV, standing a chance to win the Shs 30
million grand prize.