Kampala, Uganda – The National Social Security Fund (NSSF) has launched a campaign to promote financial literacy and savings among market vendors in Kampala.
The initiative, which was launched at St. Balikuddembe (Owino) Market, aims to enrol informal sector workers into the NSSF’s recently launched Smartlife Flexi Voluntary Savings Plan.
Speaking at the launch, Rebekah Kabugo-Mugisha, NSSF’s Senior Manager for Partnerships and Business Development, said the initiative aims to integrate market vendors into the social security system.
“Currently, NSSF has about 2.3 million members, majority representing the formal sector. With the amendment of the NSSF Act and the gazetting of the Voluntary Contributions and Benefits Regulations in November last year, NSSF has now been empowered to extend social security and make it accessible to all Ugandans,” she said.
Ms Kabugo-Mugisha added that the initiative demonstrates NSSF’s commitment to achieving its vision of securing the financial future of 15 million Ugandans, with emphasis on the informal sector.
Deputy Presidential Advisor on Markets, Winnie Twine, commended NSSF for aligning with the government’s goal of fostering a savings culture for financial freedom in Uganda.
“Government has introduced numerous initiatives such as the Parish Development Model, Youth support programs, but minimal impact is registered because people lack financial discipline and fail to save. Therefore, an initiative such as Smartlife Flexi supports government’s interventions because it encourages savings,” she said.
Ronald Mutebi, the Market Master responsible for overseeing administration of the markets at Kampala Capital City Authority (KCCA), welcomed the initiative, noting that market vendors have consistently been cheated out of their savings through unregulated merry-go-rounds and informal savings groups.
He urged the market vendors to enrol for Smartlife Flexi, a safe and profitable investment.
The campaign launch follows the recent unveiling of Smartlife Flexi, NSSF’s voluntary savings plan developed to expand social security coverage throughout the country.
Over the next three months, the initiative will be rolled out to seven major government markets in Kampala, including St. Balikuddembe (Owino), Nakasero, Wandegeya, Bugolobi, Nakawa, Sseeta, and Kasubi.
