Overview:

The NSSF members using the card will be able to directly withdraw their NSSF savings upon qualification, deposit and withdraw money from their bank accounts, pay bills, make transactions online, at ATM’s and Point of sale terminals.

The National Social Security Fund (NSSF) in partnership with Visa and Centenary Bank has launched a social security smart card which is expected to improve savers’ access to their savings.

Described as the first of its kind in East Africa, the NSSF members using the card will be able to directly withdraw their NSSF savings upon qualification, deposit and withdraw money from their bank accounts, pay bills, make transactions online, at ATM’s and Point of sale terminals.

Speaking at the launch in Kampala on Thursday, 16 June 2022, NSSF Managing Director Richard Byarugaba  said: “For a long time, we have wanted to replace the laminated membership cards with more functional cards that can allow members access more than viewership of their account balance.”

“I am glad that this dream has finally come to fruition with the launch of the NSSF Smart Card. I believe that this will greatly improve our customers’ experience, ” he added.

Centenary Bank Managing Director Joseph Balikuddembe said: “Today, we launch two VISA cards, the NSSF prepaid smart card and the NSSF debit smart card, both with unique attributes. The Prepaid card is a cash loadable card that can be used by all with or without a Bank account,” he said.

“On the other hand, the NSSF debit smart card linked to the SMART LIFE  account will enable our customers easily access their NSSF funds in less than 24 hours upon qualification under the presiding conditions in the NSSF Act.

“A customer will have an array of lifestyle services at their disposal in addition to discounts through our various partners in housing & construction, health lifestyle, supermarkets, to mention but a few,” he added.

Dr Michael Atingi-Ego, the Bank of Uganda Deputy Governor, said: “I’m happy the Fund has continued to embrace digital payments, as indicated by the launch of the NSSF Smart Card today,a three-in-one card designed to boost efficiency, control risk and provide new opportunities for its members.”

“I do not doubt that the NSSF Smart Card has come at the right time because the initiative will leverage technology to improve efficiency and customer experience. This should make saving a way of life for Ugandans,” he explained.

Centenary Bank Managing Director Joseph Balikuddembe speaks at the launch.

Thembeka Ngugi, the Visa Senior Director and Head of Marketing for Sub Saharan Africa applauded NSSF on this new achievement and assured security of their savings while using their smart card.

“We are delighted to welcome NSSF members to the Visa network where they can enjoy secure and convenient financial transactions. Our presence here today is a sign of trust in Visa as the leading payments partner in Uganda as well as the preferred partner for the digitization of public and private sector payments.”

Some of the guests at the launch.

The debit card comes with an NSSF Smart Life bank account that can be opened at Centenary Bank whereas the prepaid smart card can be loaded with funds and this card is available to both customers and non- customers of the Bank.

Both cards can used to make purchases at any VISA enabled points worldwide.

Members have an option of choosing their card of preference.

Under the partnership, Centenary Bank will provide NSSF members with direct banking services while Visa will facilitate the financial transactions at any of their locations worldwide.