KAMPALA, Uganda — The National Social Security Fund Uganda on Tuesday launched the Smartlife Savings Plan, a voluntary savings product aimed at boosting social security coverage.
“The Smartlife Savings Plan is borne out of the amendments to the NSSF Act that empower the Board to develop and introduce new products and benefits,” said Patrick Ayota, NSSF managing director. “In 2021, we conducted the NSSF Members Needs Research as we prepared to develop new products. 60% of our members told us that they were not saving enough and wanted more voluntary options.”
Ayota explained that the research affirmed members’ needs for retirement, education, health, and capital accumulation. “This plan is designed to provide our members with more control over their finances and help them achieve their long-term goals.”
The Smartlife Savings Plan offers flexibility in contribution amounts and frequency, with a minimum voluntary contribution of 5,000 Ugandan shillings. Members can access their accounts at any branch or through alternative channels.
“The minimum amount per voluntary contribution is UGX 5,000, and the member selects the frequency of contributions for a particular purpose over the preferred period. The return is computed on a daily balance but credited every month. Although the minimum lock-in period is one year, early exit is permitted with minimal withdrawal costs,” Ayota added.
David Ogong, NSSF board chairman, praised the government’s support. “We are grateful to the government for granting NSSF the opportunity to develop innovative products that provide Ugandans with greater convenience and flexibility in saving.”
Thadeus Musoke, chairman of the Kampala City Traders Association, commended NSSF. “I am confident that through our partnership with NSSF, we will champion this innovation to bring value to the trading community. Smartlife Savings Plan will help traders build capital through consistent saving while avoiding harmful credit,” Musoke said.
The plan is open to Ugandans aged 16 and above with a national ID, as well as non-Ugandans with valid passports and refugees with identification.
