Digital Ganda

NSSF, MTN Partner to Enable Social Security Payments Using Mobile Money

MTN Uganda and the National Social Security Fund (NSSF) have today Tuesday 12th September 2017, announced a partnership that enables payment 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 a 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 to pay their pension and ensure they don’t retire  into poverty,” Wim said.

Adding, “MTN Mobile Money is an enabler  and we believe that on top of  facilitating transactions, we can also  have a real impact on the lives of  people.” 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.”

Adding; “in addition to  guaranteeing convenience for our voluntary contributors, it will ease  reconciliation with an option of automating the upload of contributions  onto members’ accounts. It will greatly improve data accuracy, as well  as instant confirmation of received contributions through SMS to the  contributors”.

Byarugaba 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 emit less than 4  million shillings in social security  contributions per month.

Since its launch in 2009, MTN Mobile  Money has been a major facilitator of financial inclusion in the  country. Over 8.8 million  Ugandans depend on MTN Mobile Money, of which  the majority had little or no access to any formal banking structure.

MTN  Mobile Money has also evolved from just being sending and receiving a  tool to one that enables people to borrow and save using  MoKash. Now it  is ensuring people save with NSSF, Uganda’s largest pension fund, and  earn a return once they retire or are unable to work,  said the  officials.

The giant telecom Company recently concluded the MTN  Mobile Money month that celebrated its over 8.8 million customers for  having transformed their lives. Estimates indicate that millions of  Ugandans do not have any form of social security in old age.

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.

To make the payment, VMS members only need to dial *165*3*4# and follow the prompts to make their payments.

Tags: Mobile money, Mtn uganda, Nssf

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