KAMPALA – Uganda’s informal pension scheme Mazima retirement plan partners with MTN Mobile Money to help their customers save with easy.
Mr Livingstone Mukasa, the Chief Executive Officer (CEO) revealed that Mazima retirement plan “Mazima has finally made it to MTN Mobile Money Main Menu.”
“This is a giant leap to help Ugandans have access to long term savings, now is a good time to join,” he said giving subscription details “dial *165*6*5# to access the service.”
For years, Uganda’s pension coverage has been skewed towards the formal sector, specifically through the National Social Security Fund (NSSF), excluding the informal sector, persons who are self-employed and those working in Small and Medium Enterprises (SMEs).
Mukasa said the saving pension scheme is targeting people working in the informal sector among others upon payment of Shs 10,000 membership fee.
Mazima Retirement Plan, the trading name of Mazima Voluntary Individual Retirement Benefits Scheme (MVIRBS), is one of the schemes licensed by Uganda Retirements Benefits Bureau Regulatory Authority (URBRA) in 2016 to tap into the informal sector.
He said that, “the revolution goes for those that don’t expect their children to be their retirement insurance policy.”
“The pension funds are also protected by law from bankruptcy,” Mukasa said
Mazima launched in March 2016 with more than 300 members registered but with a target of 50,000 members.
Mr Mukasa said Mazima is a unique saving scheme because it is a community initiative organized as a trustee where everyone can join and save voluntarily for retirement.