NSSF unveils reforms to boost financial inclusion, expand coverage

Deputy Chief of Staff in charge of delivery management Eliud Owalo, NSSF Chief Executive Officer David Koros and staff during an evaluation exercise at the NSSF headquarters, Nairobi, on January 16, 2024. [Mike Kihaki, Standard] The National Social Security Fund (NSSF) has announced a series of reforms aimed at transforming its operations and expanding its reach across all sectors of the economy, particularly the informal workforce. By leveraging technology, the Fund aims to bridge the coverage gap that has left millions of informal workers without social security benefits. The NSSF Chief Executive Officer David Koros, expressed optimism about the changes, saying the move is aimed at strengthening financial inclusion and enhance social security. "These changes come as part of a broader effort to modernize the social security system and make it more accessible to informal sector workers," he said. The reforms include the rollout of mobile-based enrolment systems to make registration and contributions easier for individuals in remote and underserved areas. "NSSF has embarked on automation of its processes to increase its contributions and efficiency in managing the members' funds. This government has shown a strong commitment to helping us grow and ensure that every Kenyan is served promptly. Our modernization efforts are part of that promise," noted Koros. Koros reiterated that NSSF is committed to increasing its presence in the informal sector by recruiting more members to the fund to rebrand and mak the fund more accessible to workers across all sectors of the economy. He reiterated that the informal sector, which has long been underserved by traditional social security schemes, is at the heart of these reforms. "Outreach programs are being launched to educate workers on the importance of saving for retirement, with the goal of boosting enrollment and fostering financial literacy," he added. To further streamline operations, NSSF has embarked on an ambitious automation project aimed at improving efficiency and transparency. "By digitizing our processes, we're not just saving time-we're building trust and ensuring members' contributions are managed with utmost accountability," Koros stated. The modernization efforts also extend to investment strategies, with plans to diversify the Fund's portfolio to generate higher returns for contributors. "We want our members to feel the tangible benefits of their contributions. By identifying innovative and competitive opportunities, we aim to maximize returns and secure their futures," added Koros. These initiatives underscore NSSF's commitment to building a robust social safety net, especially for workers in the informal sector, as the need for inclusive and reliable social security continues to grow. "Our mission is clear: to ensure every worker, regardless of their sector, has access to social security. These reforms are just the beginning," he added. With these new initiatives, NSSF aims to strengthen its role in providing social security for all workers, especially as the need for a robust social safety net continues to grow across different sectors of the economy. Speaking during an evaluation exercise at the NSSF headquarters, the Deputy Chief of Staff in charge of delivery management in the Executive Office of the President, Eliud Owalo, highlighted the government's role in driving performance and efficiency. "The government is committed to enhancing performance contracting and recognizing well-performing institutions. NSSF's turnaround efforts for the fiscal year 2023/2024 are crucial, particularly in reducing the time taken to process member benefits and ensuring retirees receive their funds more quickly," he stated.

NSSF unveils reforms to boost financial inclusion, expand coverage

Get Full Access for Ksh299/Week.

Stand With Bold Journalism.
Stand With The Standard.

Related Topics

Popular this week

Latest Stories

The Standard Insider

Digger Classified

GET OUR NEWSLETTER

CONNECT WITH US

FOR THE LATEST JOB ADVERTS

DIGGER JOBS

Digger Motors

Digger Real Estate

NSSF unveils reforms to boost financial inclusion, expand coverage

Get Full Access for Ksh299/Week.

Stand With Bold Journalism. Stand With The Standard.

Related Topics

Trending Now

Popular this week

Latest Stories

The Standard Insider

Digger Classified

GET OUR NEWSLETTER

CONNECT WITH US

FOR THE LATEST JOB ADVERTS

Stand With Bold Journalism.
Stand With The Standard.