NSSF Uganda woos Kenyan diaspora to save and invest back home

The National Social Security Fund (NSSF) Uganda has taken its savings and investment products to Ugandans living and working in Kenya in its bid to deepen financial links between the two East African countries and enable diaspora communities to build savings for their future back home.

NSSF Uganda Managing Director Patrick Michael Ayota said the engagement is aimed at reconnecting with the Ugandan community in Kenya and providing them with opportunities to save in Uganda while working abroad.

“Both our people, Kenyans living in Uganda and Ugandans living in Kenya, have made this home. And they have aspirations that one day, they work here and can go back home,” Ayota said.

He said Ugandans working in Kenya can continue saving locally while also using NSSF Uganda products to build funds and investments that can ease their eventual return back home.

The engagement was held in partnership with the Uganda High Commission in Nairobi and brought together members of the Ugandan diaspora, including employed workers and students.

Ayota said technological advances and growing financial links within the region have made it easier for people to move money between Kenya and Uganda, but institutions need to do more to tap into the savings potential of their citizens living outside their home countries.

NSSF Uganda introduced voluntary savings following amendments to the law in 2022, which were operationalised in November 2024.

The voluntary savings option allows people without employers in Uganda to contribute to the Fund.

Since its rollout, NSSF Uganda has opened about 150,000 new accounts, with contributors saving close to Sh200 million over the period, according to Ayota.

“We expect to see, over time, a growth in people willing to take advantage of that and save more,” he said.

The Fund has also recorded growth in its investment portfolio.

NSSF Uganda's balance sheet increased by about $1.8 billion (Sh233.35 billion) between June 2025 and June 2026, from around $7 billion (Sh907.48 billion) in June 2025 to approximately $9.3 billion as of June 2026.

The Fund is also working with other pension institutions through the Africa Pension Fund, with eight institutions having signed up, according to Ayota.

The initiative is intended to leverage pension assets and attract additional capital, including for investments in real estate.

NSSF Uganda and NSSF Kenya have also established a reciprocal arrangement that allows members who move between the two countries to transfer their savings balances.

Under the arrangement, a person who has been saving with NSSF Uganda and moves to Kenya can request that their balance be transferred to NSSF Kenya and vice versa.

The Uganda High Commission said the forum was also intended to connect the diaspora with investment and savings opportunities in Uganda, including products aimed at building capital and investing in housing.

Acting Uganda High Commissioner to Kenya Eunice Kigenyi said the forum had separate engagements for employed Ugandans and students, with students receiving career guidance and information on savings and future opportunities.

The forum also featured the National Identification and Registration Authority (NIRA), which provided identification services to Ugandans living in Kenya.