NSSF To Introduce Smart Cards By December 2015

The National Social Security Fund (NSSF) is to introduce the use of smart cards by the end of 2015.
This has been revealed by the Fund’s Managing Director Mr. Richard Byarugaba during the annual members meeting held at Kampala Serena Hotel.
Byarugaba says the card will not only improve customer experience and loyalty, but is also expected to ease work for the fund’s staff.
This will come with the new technology that the fund hopes to adopt to reduce errors.
Meanwhile Mr. Byarugaba says they are banking on parliament to have the laws on social security reviewed to allow the creation of different packages to benefit members.
He also revealed that the Funds is now focusing on raising compliance levels from the current 70% as part of its 5 year growth strategy.
Mr. Byarugaba said the strategic plan will be hinged on four pillars which are deep financial strength, innovation, ensuring efficiency and cost reduction. “The Fund intends to explore opportunities for diversification beyond Uganda’s borders in order to continue growing its portfolio. We also plan to set up a private equity fund targeting SMEs that have the potential to get listed on the Stock Exchange.
This, he says will ultimately result into improved service and a happy clientele.

Representing the Finance Minister, the Secretary to the Treasury Mr. Keith Muhakanizi said Parliament should always support projects intended to improve on the livelihoods of the local community.
Mr. Muhakanizi criticized parliament for its earlier objection to the NSSF’s move to buy shares in electricity distribution company UMEME, saying this was not necessary because the decision was taken in good faith to transform the live of members.
He has attributed the Sh.5.6 trillion growth posted by NSSF so far to the shares the fund purchased from UMEME and the bold decisions made by the NSSF management.

Story By Moses Ndhaye