NSSF Uganda targets diaspora savings in Kenya

Uganda’s National Social Security Fund (NSSF) is seeking to deepen its financial links with Kenya by tapping into the savings and investment potential of Ugandans living and working in the country.

NSSF Uganda Managing Director Patrick Michael Ayota said the Fund’s Nairobi outreach was aimed at enabling Ugandans in Kenya to save in Uganda while working abroad and build financial assets to support their eventual return and investment back home.

The initiative, undertaken in partnership with the Uganda High Commission in Nairobi, brought together Ugandan employees and students to explore savings, investment and career opportunities.

Ayota said stronger financial and technological links between Kenya and Uganda had made it easier for people to move money across borders, creating an opportunity for pension institutions to serve citizens living outside their home countries.

NSSF Uganda introduced voluntary savings after amendments to the law in 2022 were operationalised in November 2024. The facility allows people without employers in Uganda to make contributions to the Fund.

Since its rollout, the Fund has opened about 150,000 new accounts, with contributors saving close to 200 million Ugandan shillings, according to Ayota.

The Fund is also expanding its investment base. Its balance sheet grew by about $1.8 billion, from approximately $7 billion in June 2025 to $9.3 billion by June 2026.

Ayota said NSSF Uganda was also working with other regional pension institutions through the Africa Pension Fund, with eight institutions signed up to the initiative.

The proposed regional investment vehicle seeks to pool pension assets and leverage them to attract additional capital, including for real estate and infrastructure investments across East Africa.

The growing financial cooperation between the two countries is also reflected in a reciprocal arrangement between NSSF Uganda and NSSF Kenya that allows members moving between the two countries to transfer their accumulated savings.

Under the arrangement, members who have saved with NSSF Uganda and relocate to Kenya can request transfer of their balances to NSSF Kenya, while those returning to Uganda can transfer their NSSF Kenya savings to NSSF Uganda.

Acting Uganda High Commissioner to Kenya Eunice Kigenyi said the forum was designed to connect the diaspora with investment and savings opportunities in Uganda, including products targeting capital accumulation and housing investment.

The engagement also included Uganda’s National Identification and Registration Authority (NIRA), which provided identification services to Ugandans in Kenya.

NIRA Registrar Claire Olama said a national identification number or card is critical for Ugandans seeking to access services, invest and conduct business in Uganda.

More than 5,000 Ugandans have already accessed identification services through the Uganda High Commission in Nairobi, with NIRA expecting to reach more people through such outreach programmes.