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KAMPALA, UGANDA | Julius Businge | Just three months after its launch, the National Social Security Fund’s (NSSF) flagship voluntary savings product, Smartlife Flexi, has surpassed Shs5 billion in savings, with informal sector micro-savers leading the charge. Praised for its flexibility, the product targets informal sector workers and the self-employed, while also welcoming formal sector members and non-members to save voluntarily under regulations issued by the Minister of Gender, Labour, and Social Development, Betty Amongi.
NSSF Managing Director Patrick Ayota attributed the strong uptake to the growing demand for financial inclusion and tailored savings solutions. “The informal sector has unique needs, and goal-based, self-directed plans like Smartlife Flexi offer the flexibility, affordability, and choice they require,” he said. An analysis of the portfolio reveals that 70% of enrollees are micro-savers, with nearly 50% citing business as their primary savings source.
The product is part of NSSF’s strategy to expand social security coverage, aiming to reach 15 million Ugandans by 2035. Currently, the Fund has over 2.3 million registered members. Ayota emphasized that the rapid adoption reflects public confidence in NSSF, built on years of delivering competitive returns. For instance, Smartlife Flexi savers earned interest rates of 12.37% in February and 12.68% in January 2025, outperforming the market average of 10.99%.
Open to Ugandans aged 16 and above, as well as non-Ugandans and refugees with valid identification, Smartlife Flexi allows savers to set their own savings goals, amounts, and timelines, with a minimum duration of one year. This milestone underscores the product’s success in meeting the diverse needs of Uganda’s savers.
