Cash economy prompts NSSF, Interswitch partnership
Ayota said the partnership is central to the Fund’s 10 year strategy, which aims to cover more than 15 million people by 2035.
Patrick Ayota, managing director at NSSF. (Courtesy)
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The National Social Security Fund (NSSF) has teamed up with digital payments firm Interswitch to bring social security services closer to Ugandans outside the formal sector.
The partnership, unveiled in NSSF headquarters in Kampala on Wednesday, will allow people to save through NSSF’s SmartLife Flexi product using Quickteller, Interswitch’s agent network. The two institutions are targeting to enroll at least 100,000 new voluntary savers every year.
SmartLife Flexi is a goal driven savings plan that gives users freedom to choose how much and how often to save, while earning a monthly return accrued daily. The product is part of NSSF’s drive to expand coverage to workers who are not formally employed.
Patrick Ayota, managing director at NSSF said the partnership is central to the Fund’s 10 year strategy, which aims to cover more than 15 million people by 2035.
“In the past we partnered with telecoms and banks to make our services available on USSD, mobile and online platforms. But many people still prefer human interaction and our 21 branches may not be within reach. Quickteller agents are that bridge to the informal economy,” he said.
Ayota (fourth from right) and Moris (fifth from right), and other NSSF and Interswitch representatives during the partnership announcement in Kampala. (Courtesy)
Ayota said the partnership also responds to the country’s growing cash economy, where people continue to rely heavily on physical money even as digital transactions increase. Bank of Uganda data shows that cash in circulation rose from sh8.21 trillion in the 2023/24 financial year to sh8.98 trillion by June 2025, a 9% rise.
“This partnership will ease how our members and new savers onboard onto SmartLife Flexi and make contributions to their accounts using digital payment channels they already trust, such as Quickteller. It’s about meeting Ugandans where they are, digitally and physically,” Ayota said.
Moris Seguya, country general manager at Interswitch said the deal supports the company’s mission to expand financial inclusion.
“With over 20,000 agents across Uganda, Quickteller is well positioned to serve everyone in the informal sector. About 80% of our population is employed informally, where savings benefits are limited. Partnering with NSSF means SmartLife customers can now save at nearby Quickteller points conveniently,” he said.