NSSF, UAP Old Mutual Partner for Financial Literacy

In Summary
  • The program will commence in april 2024
  • Journalists urged to adopt saving culture
Caroline Owomuhangi, Marketing & Communication Specialist at UAP Old Mutual Insurance
Image: Courtesy photo

National Social security Fund has entered into a strategic partnership with UAP OLD Mutual to up scale  the financial leteracy  among Ugandans.

The collaboration seeks to equip individuals with essential knowledge and tools for sound financial decision-making, fostering a culture of financial security, saving and understanding the role of insurance in promoting social and economic transformation.

Caroline Owomuhangi, Marketing & Communication Specialist at UAP Old Mutual Insurance says financial literacy training sessions are set to commence next month across the all regions starting with Kampala.

‘’Financial literacy is the ability to understand and effectively use of various financial skills, including personal financial management, budgeting, saving, and investing. It has been recognized as a critical factor in improving the quality of life and enhancing financial inclusion. In line with this, UAP Old Mutual Insurance has established an integrated approach that ensures that customers receive holistic financial services throughout their lifetime’’ says

The Financial Literacy training represents a pivotal step in UAP Old Mutual Insurance's ongoing efforts to promote social and economic transformation in the country, says Owomuhangi.

r. Apollo Mbowa Kibirango, the Financial Literacy Manager at NSSF
Image: courtesy photo

Mr. Apollo Mbowa Kibirango, the Financial Literacy Manager at NSSF Uganda has emphasized the importance of financial literacy and its role in achieving financial wellness.

His insightful remarks underscored the significance of collaboration between the financial and insurance sector and the media in promoting financial literacy.

Prior to the actual program, the two parties through this strategic partnership have started with engaging Kampala-based media personalities and journalists on financial literacy.

Geofrey Ssajabi, Chief Commercial Officer at National Social Security Fund called up on the journalists as individuals to develop the culture of saving when they are still in their active years.

Senior Business journalists keenly listening to the facilitator
Image: courtesy photo

‘’People in media, with the kind of the work you do, puts you in the limelight and creates a very big expectations on you as individuals, people look at you as role model. Our with is to ensure that even you as journalists you making right financial decisions and saving for your future. Time will come when you no long be able to hold your camera neither reporting news but during your active years as journalist what are you doing to ensure that your old age is secured. So as NSSF we call up on people in this profession to ensure that when they are still actively working, they are making the right decision and that decision is by saving with NSSF or even other financial that gives an opportunity to be able save for your old age’’.  He said.

NSSF today covers just about two million people that are members of the scheme but we know that our labour force is between 19 to 20 million. So, what is the rest of the population doing. That why we are making this call in partnership with UAP OLD Mutual to get more and more people to embrace the culture of saving because if you do not save today it is  likely to have greater implications for you in the old age.