NSSF urges Ugandans in Kenya to invest savings back home

KAMPALA. Ugandans living and working in Kenya have been urged to use their earnings abroad to build long-term financial assets in Uganda instead of relying solely on sending money home.

The call was made on September 12 during an engagement between the National Social Security Fund (NSSF) and Ugandans living, working and studying in Kenya.

The engagement, held in partnership with the Uganda High Commission in Nairobi, focused on opportunities for Ugandans in the diaspora to save, invest and build financial security back home.

NSSF Managing Director Patrick Ayota encouraged Ugandans in Kenya to look beyond remittances and deliberately invest part of their earnings in Uganda.

“Move beyond sending money home and intentionally build financial assets in Uganda,” Mr Ayota said.

He pointed to voluntary savings, housing, business, education and retirement planning as some of the areas through which Ugandans working abroad can build wealth and prepare for their future.

Mr Ayota also promoted NSSF’s Smartlife Flexi product, which allows individuals to save towards personal financial goals, with contributions starting from Shs5,000.

The initiative is part of efforts to widen access to social security and encourage Ugandans outside the country to maintain financial links with Uganda.

The engagement also highlighted a reciprocal arrangement between Uganda and Kenya that allows social security members who relocate between the two countries to transfer their accumulated savings between the respective social security institutions.

The arrangement is intended to ensure that workers moving between the two countries do not lose the benefits accumulated during their working lives.

Ugandans attending the engagement also accessed services from the National Identification and Registration Authority (NIRA), including national identification services.

The participation of NIRA was intended to strengthen the links between Ugandans in Kenya and public services at home, while also supporting access to national identification documents.

The engagement also provided an opportunity for participants to learn about career and investment opportunities available in Uganda.

NSSF said Ugandans working in Kenya can use their careers abroad as a foundation for investment and financial independence at home.

Kenya is an important destination for Ugandan workers, students and businesses, creating opportunities for cross-border financial planning and investment.

For workers earning in Kenya, NSSF said regular savings can be channelled into long-term goals such as home ownership, education, business development and retirement.

The Fund’s voluntary savings products are designed to allow people who may not be covered by mandatory social security arrangements to save for their future.

The engagement comes as Uganda seeks to deepen the contribution of its diaspora to national development beyond traditional remittances.

By encouraging Ugandans abroad to save and invest in the country, the initiative seeks to turn earnings from employment outside Uganda into longer-term assets and investments at home.

The message from NSSF was that working abroad need not mean severing financial ties with Uganda.

Instead, earnings from a career in Kenya can provide capital for building businesses, acquiring property, financing education and securing retirement in Uganda.