Ugandans Earn Free Financial Advice

The National Social Security Fund (NSSF) has on Monday kicked off its second annual Customer Connect Week during which the members are being offered free investment and financial advisory services, in partnership with leading financial institutions in Uganda.

Addressing the media at Workers House in Kampala, NSSF Ag Managing Director Geraldine Ssali Busuulwa said that the Fund introduced the Customer Connect Week in order to offer extra useful services to its members.
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“We are a provident find and quite often after paying benefits to our members, need professional advice to enable them get the best out of their savings over the long term. We have therefore partnered with the leading investment and financial advisers through this week to attend to provide financial advice that can benefit them. We invite our members and the general public to come and learn from the experts,” she said.

The NSSF Customer Connect Week runs from the 19th up to 23rd May 2014.

Companies participating include Jubilee Insurance, Uganda Insurers Association, Stanlib, African Alliance and Insurance Regulatory Authority.
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Others are the Uganda Securities Exchange (USE), Centenary Bank and Housing Finance Bank.

Ssali said that the initiative is in fulfillment of the promise the Fund made to its members to be responsive to their needs and offer world class services.

“This week is dedicated to our members. We invite them and the general public to come ask any information about their savings and hold us accountable. We are open to scrutiny. We will be open as to where and how we invest your money. We want to reaffirm our commitment to transparency, accountability and customer engagement.

“We are also running a member details update exercise and encourage as many people to come and update their member information such as personal information, relations and children. Keeping your member information uptodate makes the benefit claims process easier.” Ssali added.
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The Fund will also hold demonstrations to contributors on how to access their statements online and contribution balances via SMS.

NSSF will also carry out Corporate Social Responsibility (CSR) activities across the country, specifically targeting schools that cater for children with disabilities.

“Our CSR activities this week will focus on the area of Education, specifically for the less privileged/ special needs children in Government Aided Schools. This is an area that requires more intervention to supplement the efforts of Government,” Ssali added.

The Fund will provide an assortment of equipment that enables a better learning environment for children with special needs.

NSSF recently announced that it had recorded a 26.5% increase in operating profit for half year ending December 31, 2013 as a result of better returns on its investments and improved cost management.
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Profit for the half year increased to Ugx 156 billion from Ugx123.3 billion during the same period in the Financial Year 2012/13.
As at March 31, 2014, the Fund’s assets stood at Ugx 4 trillion.

Over 80% of the Fund’s total investments are in fixed income securities, while the rest is held in real estate and equities – both private and public listed companies such as Umeme, Stanbic Bank, Housing Finance Bank, and Safaricom, among others

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