By Juliet Hildah.
Kampala, Uganda- MTN Uganda and the National Social Security Fund (NSSF) have started a parternaship that enables payment of social security contributions using the Mobile Money App in order to enhance financial inclusion.
“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,” said NSSF Managing Director Richard Byarugaba in Kampala.
Byarugaba emphasized that the MTN Mobile Money payments will ease the payments process since it is convenient.
The partnership enables NSSF members on the NSSF Voluntary Membership Plan as well as medium sized entities to conveniently make payments using MTN Mobile Money anywhere and at any time without necessarily going to the bank.
NSSF on the other hand will be able to receive contributions promptly, thus enhancing its contributions process efficiency.
“In addition to guaranteeing convenience for our voluntary contributions, 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,” he added.
MTN Uganda CEO, Wim Vanhelleputte 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 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 pay their pension and ensure they do not retire into poverty,” Wim said.
Three months ago, 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. This partnership therefore will ease payments.
To make the payment, the VMS members only need to dial *165*3*4# and follow the prompts to make their payments.