In a bold step toward promoting financial inclusion and security, the National Social Security Fund (NSSF) has introduced an exciting savings campaign aimed at Kampala market vendors. The initiative, called the “NSSF Smart Life Flex Voluntary Savings Plan,” is designed to empower vendors with a flexible and affordable savings solution, ensuring a secure financial future.
The campaign officially launched this week at St. Balikuddembe (Owino) Market, a bustling hub that accommodates over 40,000 vendors. The NSSF’s Senior Manager of Partnership and Business Development, Rebecca Kabugo Mugisha, led the launch and highlighted the importance of integrating market vendors into the social security system.
“We recognize the hard work and dedication of our market vendors, who are the backbone of our economy,” Kabugo Mugisha stated. “This campaign is designed to provide them with a safety net, allowing them to save for their future, no matter how uncertain it may seem.”
The NSSF Smart Life Flexi Voluntary Savings Plan offers unmatched flexibility. Members can contribute as little as UGX 5,000, choose their preferred contribution frequency, and select the purpose of their savings. Returns are calculated on the daily balance and credited monthly, providing tangible incentives to save.
Over the next three months, the campaign will expand to seven major government markets in Kampala, including St. Balikuddembe (Owino), Nakasero, and Kalerwe Markets, among others. NSSF’s ambitious goal is to extend its coverage to 50% of Uganda’s working population by 2035, with a focus on reaching underserved workers.
As the campaign gains momentum, market vendors are increasingly embracing the opportunity to secure their financial future. “I’ve always wanted to save but didn’t know where to start,” shared one vendor at St. Balikuddembe Market.
With its innovative approach and commitment to financial inclusion, NSSF is poised to make a lasting impact on the lives of Kampala’s market vendors. As the campaign rolls out, it’s clear that NSSF is dedicated to empowering Ugandans to save for their future, regardless of their background or circumstances.
