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NSSF banking on mobile payment to drive voluntary contributions

By Billy Rwothungeyo

Added 8th February 2018 02:45 PM

“Today, we have been able to raise sh250m on our mobile platform and we have increased the voluntary contributions,” NSSF MD said.

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“Today, we have been able to raise sh250m on our mobile platform and we have increased the voluntary contributions,” NSSF MD said.

PIC: NSSF managing director (MD) Richard Byarugaba (standing-left),Centenary Bank MD Fabian Kasi (centre) and Vision Group MD Robert Kabushenga (right) at the launch of the NSSF corporate centre (Credit: courtesy photo)

BUSINESS | NSSF CONTRIBUTIONS


KAMPALA - The National Social Security Fund (NSSF) wants to grow its asset base to 20 trillion by 2025. Today, the fund is at sh8.4 trillion.
 
How does the fund hope to achieve this growth? NSSF is banking on voluntary contributions as one of the key drivers of this growth. NSSF managing director Richard Byarugaba says mobile payment solutions will be integral in driving up voluntary contributions.

“Today, we have been able to raise sh250m on our mobile platform and we have increased the voluntary contributions,” he said.

Byarugaba made the remarks on Wednesday at the launch of a Corporate Centre at Workers’ House in Kampala. The centre will enable contributing employers access customised services on contributions-related issues.

“If you have a company that employs less than five individuals, you can still make a contribution and in this case, it might be better to use mobile banking.”

As a company, if you have less than five employees, you are not mandated by law to contribute to NSSF, but you may choose to do so, voluntarily.

Last year, the fund launched the NSSF electronic collections portal that enables employers make NSSF contributions straight to the fund’s bank account along with payment schedules, which in turn enabled the fund to automatically post individual contributions to members’ statements.

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