National Social Security Fund (NSSF) has partnered with MTN Uganda to enable of social security contributions using Mobile Money.
The partnership enables NSSF members on the NSSF Voluntary Membership Plan as well as small and medium sized entities to conveniently make payments using MTN Mobile Money. NSSF on the other hand will be able to receive contributions promptly, thus enhancing its contributions process efficiency.
At a joint press conference today held at Workers House, Wim Vanhelleputte, the MTN Uganda CEO noted that this was part of fostering financial inclusion through easing the payments process of pensions that are critical to avoiding poverty in old age.
“In the last eight years, MTN Mobile Money has had significant impact in the transformation of people’s lives. Now we are further enabling people to pay for their NSSF Contributions using MTN Mobile Money. This will enable a significant part of our customers pay their pension and ensure they don’t retire into poverty,” Wim said.
NSSF Uganda Managing Director Richard Byarugaba also emphasized that the MTN Mobile Money payments will ease the payments process since it is convenient.
“MTN Mobile Money benefits both our members and the Fund. In a survey we conducted last year on voluntary contributions, 67% of respondents cited mobile money as a preferred transaction method when remitting their social security contributions.”
Byarugaba has clarified that MTN Mobile Money can be used by both voluntary contributors under the NSSF Voluntary Contributions Plan as well as established entities, especially those that remit less than 4 million shillings in social security contributions per month.
NSSF launched the Voluntary Contributions Plan to provide an opportunity to workers not covered by the mandatory provisions of the NSSF Act, as well as those in gainful self-employment that were previously contributing to the Fund to voluntarily save.
By Joshua Mutale