Business
Speaking at the launch in Kampala, NSSF Managing Director Patrick Ayota highlighted that the plan is designed to cater to the diverse savings needs of Ugandans.
The National Social Security Fund (NSSF) has launched the *Smartlife Flexi* Plan, a new savings initiative aimed at fostering a strong savings culture among Ugandans.
This voluntary membership plan allows individuals to select their own savings amounts, timelines, and withdrawal periods, offering greater flexibility without restrictive conditions.
Speaking at the launch in Kampala, NSSF Managing Director Patrick Ayota highlighted that the plan is designed to cater to the diverse savings needs of Ugandans.
He expressed confidence that Smartlife Flexi would play a key role in expanding NSSF’s membership from its current 2.2 million to 15 million by 2035.
“This initiative is not just about increasing membership. It’s also about growing our funds from Shs23 trillion to Shs50 trillion within the next 10 years,” Ayota stated.
The launch is part of NSSF’s broader strategy to promote inclusivity and adaptability, aiming to provide savings solutions to a wide array of Ugandans, including those in small businesses and informal sectors.
The Executive Director of the Federation of Small and Medium-Sized Enterprises (FSMEs), John Walugembe Kakungulu, expressed support for the initiative but stressed the importance of public education to ensure the program’s success.
“Adequate sensitization is crucial to ensure Ugandans understand and trust the program. This will help achieve its intended objectives,” Walugembe emphasized.
Thaddeus Musoke, Chairperson of the Kampala City Traders Association (KACITA), also welcomed the plan, noting that such flexible savings options are essential for traders who often face challenges in saving within traditional structures.
The Smartlife Flexi Plan represents a significant step forward for NSSF in building a more robust savings culture and addressing the long-term financial security needs of Ugandans.
