According to Arimi, the fund undertakes three factions in the provision of social security – collection of contributions, investment of the contributions so as to preserve them and benefits payment. Only two per cent of NSSF savers make good use of their savings, says Amiri with the rest of the 98 per cent wasting away their money within a period of two years.
Amiri says people start saving late aged at around 38 which makes them save less before their retirement age at 55. The show will be broadcast on local stations including Urban TV, TV West, Bukedde TV among others.
“It our dream as Housing Finance Bank that every Ugandan who is earning money has a place they call home, and it also our dream that as Ugandans retire, they retire into their homes,” said Housing Finance executive director Peace Kabunga.
Housing Finance Bank, NSSF’s partner in the ‘Friends with Benefits’ initiative said they want to offer an opportunity to savers in the country to own home and also drive a saving and investment culture in Uganda.
Available statistics indicate that Uganda has had the lowest savings to GDP ratio at about 13.48% compared to the rest of the East African countries. Only two per cent of the population has bank accounts and just about 3.5% of the Ugandans save on a monthly basis – the lowest in the region.
The show will be a televised show where 20 contestants will submit in their short and compelling stories composed of how they used their NSSF savings to change their lives. Friends and family can also submit on behalf of the beneficiaries on how the savings have improved their lives.
The 16 top stories will be aired on the compelling televisions and winners will be selected through voting by the public and expert judges. The three selected winners will be awarded Shs 55m for further improvement of their lives.
