NSSF Smartlife Flexi, the flagship voluntary savings product by the National Social Security Fund (NSSF), has surpassed Shs 5 billion in savings just three months after its launch. This milestone has been largely driven by informal sector micro savers.
Praised for its flexibility, Smartlife Flexi primarily targets workers in the informal sector and the self-employed. However, existing NSSF members in the formal sector, as well as non-members, are also eligible to save voluntarily under regulations issued by the Minister of Gender, Labour, and Social Development, Betty Amongi.
NSSF Managing Director Patrick Ayota noted that the strong uptake of the savings plan among informal sector workers reflects a growing demand for financial inclusion and tailored savings solutions.
“The characteristics and needs of the informal sector differ significantly from those of formal savers. Goal-based, self-directed financial and savings plans like Smartlife Flexi provide the flexibility, affordability, and choice that informal workers require. This explains why the majority of Smartlife Flexi savers come from the informal sector,” Ayota said.
An analysis of the Smartlife Flexi portfolio shows that approximately 70% of enrollees are micro savers, with nearly 50% identifying business as their primary source of savings.
The voluntary savings product is part of the Fund’s broader strategy to expand social security coverage, with a goal of reaching 15 million Ugandans by 2035. Currently, NSSF has over 2.3 million registered members.
Ayota further highlighted that the rapid adoption of the Smartlife Flexi plan underscores public confidence in the Fund.
“The positive response to Smartlife Flexi is a testament to the trust Ugandans have in NSSF, built over years of consistently delivering competitive returns. Smartlife Flexi is no different over the past three months, we have provided returns above the market average,” he stated.
For instance, Smartlife savers earned an interest rate of 12.37% in February and 12.68% in January 2025 well above the average savings scheme interest rate of 10.99%, as reported by the Uganda Retirement Benefits Regulatory Authority. By comparison, unit trust returns ranged between 10% and 12%, according to the Capital Markets Authority.
The NSSF Smartlife Voluntary Savings Plan is open to all Ugandans aged 16 and above, both within the country and abroad, as long as they have a National Identification Number. Non-Ugandans living and working in Uganda with valid passports, as well as refugees with valid identification, are also eligible.
This savings plan allows income earners to save for specific periods and financial goals of their choosing. Based on a voluntary model, it enables savers to determine how much to save, when to save, and for how long. Enrolled members can save for goals with a minimum duration of one year.
