Imagine a future where every market vendor in Uganda has the tools to secure their financial stability.
That’s the vision behind the National Social Security Fund (NSSF)’s latest initiative—a financial literacy and savings campaign targeting Kampala’s bustling government markets.
Launched at St. Balikuddembe (Owino) Market, home to approximately 40,000 vendors, this campaign aims to integrate informal sector workers into NSSF’s Smartlife Flexi Voluntary Savings Plan. The goal? To ensure financial security and foster a culture of savings among Uganda’s hardworking market vendors.
Why This Campaign Matters
Uganda’s informal sector is the backbone of the economy, yet many workers lack access to formal financial systems.
According to Rebekah Kabugo-Mugisha, NSSF’s Senior Manager for Partnerships and Business Development, this initiative is a game-changer.
“Currently, NSSF has about 2.3 million members, most of whom are from the formal sector,” she explained. “With the amendment of the NSSF Act and the gazetting of the Voluntary Contributions and Benefits Regulations in November last year, we are now empowered to extend social security to all Ugandans. To achieve this, we must go to the grassroots—where the people work and live.”
The campaign is part of NSSF’s broader vision to secure the financial future of 15 million Ugandans, with a special focus on the informal sector.
Over the next three months, the initiative will roll out to seven major markets in Kampala, including Nakasero, Wandegeya, Bugolobi, Nakawa, Sseeta, and Kasubi.
A Government-Backed Effort
The campaign has already garnered support from key government figures.
Winnie Twine, Deputy Presidential Advisor on Markets, praised NSSF for aligning with the government’s goal of promoting financial freedom through savings.
“The government has introduced numerous initiatives, such as the Parish Development Model and youth support programs, but their impact has been limited due to a lack of financial discipline,” she said. “Initiatives like Smartlife Flexi complement these efforts by encouraging savings and financial responsibility.”
Addressing the Savings Gap
For many market vendors, saving money has been a challenge. Ronald Mutebi, Market Master at Kampala Capital City Authority (KCCA), highlighted the risks associated with informal savings groups.
“Market vendors have consistently lost their savings through unregulated merry-go-rounds and informal groups,” he said. “Smartlife Flexi offers a safe and profitable alternative. I urge all vendors to enrol and take control of their financial futures.”
What is Smartlife Flexi?
Smartlife Flexi is NSSF’s voluntary savings plan, designed to expand social security coverage across Uganda. It’s a flexible, convenient, and competitive product tailored to meet the needs of all Ugandans.
Here’s how it works:
- Eligibility: Open to anyone aged 16 and above, including non-nationals with valid identification.
- Contributions: Members can make voluntary contributions starting from as little as Shs 5,000. Mandatory NSSF members can also top up their savings.
- Flexibility: Members choose the frequency of contributions based on their financial goals and timelines.
- Returns: Calculated on the daily balance and credited monthly. Contributions are subject to a minimum lock-in period of one year.
A Step Toward Financial Inclusion
This campaign is more than just a savings drive—it’s a movement toward financial inclusion.
By bringing financial literacy and formal savings opportunities to market vendors, NSSF is empowering individuals to take charge of their futures.
For vendors like those at Owino Market, this initiative represents hope. It’s a chance to break free from the cycle of financial insecurity and build a stable, prosperous future.
The NSSF’s financial literacy and savings campaign is a bold step toward transforming Uganda’s informal sector.
By equipping market vendors with the tools to save and invest, NSSF is not only securing individual futures but also strengthening the nation’s economic foundation.
So, to all Kampala market vendors: this is your opportunity to embrace financial freedom. Will you take it?
