The National Social Security Fund (NSSF) has introduced a smart card that will enable the Fund serve its customers through different channels such as the self-service Kiosks, banking infrastructure (ATM’s) and Mobile platforms.
Speaking at a dinner to mark NSSF’s 30th Anniversary, Mr Richard Byarugaba, the NSSF Managing Director, said: “As we celebrate our 30 year milestone, we have launched the NSSF Smart Card which we believe will go a long way in enabling us serve our customers better. With the new smart card, customers can utilize different service channels and support our vision of being the Social Security Provider of Choice in an open and competitive environment.”
Members will be able to directly monitor their contributions, log benefit claims, hold member health records and access personal loans from financial institutions, among other benefits.
“The card gives us a platform for launching exciting new products. The card will be used for secure identity, access and payment applications and will provide a unique way for NSSF members to access services from the Fund at their convenience. Information and applications on a card can be updated without having to re-register the member,” Mr Byarugaba added.
The Fund currently has approximately 500,000 active members who make periodic contributions with an asset base of over UGX 6 trillion ($1.8 billion), making it the largest pension Fund in East Africa to-date.
“We have been able to achieve tremendous growth because of our sound and prudent investment strategy which has enabled us to continue increase the interest rate we pay to our members. The Fund has laid out its strategic path for the next 10 years, with a stronger emphasis on; growth in customer satisfaction to over 90%, providing members with an interest of at least 2% above 10 year inflation, growing the Fund size to Shs 20 trillion and to become one of best pension Fund worldwide.”
“Currently, we pay benefits to 1,200 beneficiaries per month; that is an average of 60 beneficiaries per day. This varies with peak times where we sometimes go up to 100 payments per day. This is evidence of a growing appreciation of the Fund’s efforts in ensuring social security by the working community,” Mr. Byarugaba said.
He said the anniversary also provides an opportunity to appreciate and engage all the Fund’s stakeholders, especially its members for having contributed to the growth of the Fund over the years in an exciting and memorable manner.