The National Social Security Fund (NSSF) has launched a campaign to promote financial literacy and foster a savings culture among vendors in Kampala’s government markets.
Through this effort, NSSF aims to enrol informal sector workers into its recently launched Smartlife Flexi Voluntary Savings Plan, ensuring financial security among market vendors.
Speaking at the launch event held at St. Balikuddembe (Owino) Market in Kampala which hosts about
40,000 vendors, Rebekah Kabugo-Mugisha, NSSF’s Senior Manager for Partnerships and Business
Development said that the initiative aims to integrate market vendors into the social security system,
ensuring they have savings to address their short and medium-term needs.
“Currently, NSSF has about 2.3million members majority representing the formal sector. With the
amendment of the NSSF Act and the gazzetting of the Voluntary Contributions and Benefits Regulations
in November last year, NSSF has now been empowered to extend social security and make it
accessible to all Ugandans. To achieve this, it is critical that we go to the grassroots, where the people
work and stay. NSSF is going everywhere, because we believe every Ugandan deserves to enjoy the
peace of a financially stable future,” Kabugo said.
She noted that the market outreaches further demonstrate NSSF’s commitment to achieving its vision
of securing the financial future of 15 million Ugandans, with emphasis on the informal sector.
Over the next three months, the initiative will be rolled out to seven major government markets in
Kampala, including St. Balikuddembe (Owino), Nakasero, Wandegeya, Bugolobi, Nakawa, Sseeta, and
Kasubi.
Deputy Presidential Advisor on Markets, Winnie Twine, commended NSSF for aligning
with the government’s goal of fostering a savings culture for financial freedom in Uganda.
“Government has introduced numerous initiatives such as the Parish Development Model, Youth
support programs, but minimal impact is registered because people lack financial discipline and fail to
save. Therefore, an initiative such as Smartlife Flexi supports government’s interventions because it
encourages savings,” she said, encouraging the vendors to enrol for Smartlife Flexi.
Ronald Mutebi, the Market Master responsible for overseeing administration of the markets at Kampala
Capital City Authority (KCCA) welcomed the initiative noting that the market vendors have consistently
been cheated out of their savings through unregulated merry-go-rounds and informal savings groups.
He urged the market vendors to enrol for Smartlife Flexi, a safe and profitable investment.
The campaign launch follows the recent unveil of Smartlife Flexi, NSSF’s voluntary savings plan
developed to expand social security coverage throughout the country by providing a flexible, convenient
and competitive product for all Ugandans.
Smartlife Flexi is available to anyone aged 16 and above, including non-nationals with valid
identification. Any person can make voluntary contributions, and mandatory members can also make
voluntary contributions as top-ups.
The minimum voluntary contribution is shs 5,000, and members select the frequency of their contributions based on their preferred purpose and duration.
Returns are calculated on the daily balance and credited monthly. Contributions are subject to a minimum lock-in period of one year.