Within just three months of its introduction, the National Social Security Fund’s (NSSF) voluntary savings initiative, Smartlife Flexi, has accumulated over Shs5 billion, with a significant contribution from informal sector micro-savers. The product, celebrated for its adaptability, is designed for informal sector workers and the self-employed, though it also allows formal sector employees and non-members to participate in voluntary savings, following the guidelines established by the Minister of Gender, Labour, and Social Development, Betty Amongi.
Patrick Ayota, the NSSF Managing Director, attributed the product’s rapid adoption to the increasing need for inclusive financial solutions that cater to diverse savings needs. “The informal sector requires specific solutions, and plans like Smartlife Flexi, which are goal-oriented and self-directed, provide the necessary flexibility, affordability, and variety,” he explained. An analysis of the enrolment data reveals that 70% of participants are micro-savers, with nearly half of them identifying business as their main source of savings.
