The National Social Security Fund (NSSF), in partnership with Visa, and Centenary Bank unveil a loyalty program where its members can access discounts on selected goods and services through the NSSF smart card.
The initiative is one of the major features of the NSSF Smart card, a three-in-one social security card that embeds NSSF functionality and bank functionality in addition to the loyalty program.
Speaking at the launch of the program, the NSSF Ag. Managing Director Patrick Ayota said that the initiative was informed by the fund’s desire to be more relevant to the members.
“We have about 8,000 people that have shown interest in the NSSF smart card with active usage standing at 60.7% to date. The main driver of these enrolments has been the availability of discounted offers on selected products and services,” said Ayota.
Ayota explained that a 2019 Post-Retirement survey shows that 60% of the benefits paid out to members had been allocated to house improvement/construction and land.
“We, therefore, wanted to create more value for members by giving them an opportunity to acquire desirable assets at a subsidized rate before they retired so that they can invest their retirement savings in more profitable ventures,” he said.
Ayota noted that the initiative is an opportunity for NSSF members to save money on desired purchases by getting cheaper but quality options from our partners. Adding that the Loyalty program is also an opportunity for it to grow its membership.
Since the launch of the NSSF smart card six months ago, over 10,000 people have acquired the smart card with active usage standing at 60.7%. According to Ayota, the loyalty program has been the major driver of these enrolments which is a clear indication that the program has the potential to attract new members to the Fund through the various discounted offers from our partners.
The program currently has nine merchants enlisted in the loyalty program from the real estate, construction, technology, and hospitality industries. The merchants include Uganda Clays, Uganda Baati, Appliance World, Elite Digital Solutions, Fakhruddin Properties Limited, Universal multipurpose Enterprise limited, Buildnet Construction Materials, Hardware Limited, Emerald Consult, Estates Developer, Trinity Trusted Estates Developers, and Bakhaima Investments Limited.
To join the NSSF Loyalty Programme, one has to first enroll for the NSSF Smart Card at the Workers House and Centenary Bank branches countrywide. A member can thereafter present their valid NSSF smart card to the participating merchants under this program at any of their selling locations to purchase discounted products or services.
“We have started working on a system where the product discounts will automatically be activated when the smart card is swiped at any merchants’ point of sell machine for easier transactions,” said Ayota.