Uganda’s National Social Security Fund in partnership with Visa and Centenary Bank unveiled a three-in-one social security smart card that embeds NSSF functionality, bank functionality, and a loyalty program, the first of its kind in East Africa.
Contents
What is the NSSF Smart Card?
The NSSF Smart card is a membership card linked to Centenary Bank’s payment system that supports mobile transfers, agent banking, ATM, POS, Interbank transfers, and Internet banking. The card is chip and pin enabled and issued to new and existing members on demand. It is also linked to the member’s bank account held in Centenary Bank to support timely benefit payments at the point the member is exiting the Fund.
NSSF members can do the following with the Smart Card;
- NSSF Account: Withdraw your NSSF savings upon qualification for any benefit, make contributions to the voluntary savings plan, use it for member identification at an NSSF and so much more.
- Bank Account: Deposit money from other sources and withdraw money from your NSSF Smart Life bank account, pay bills, make transactions online, at a physical point of sale, or withdraw at an ATM machine.
- Loyalty Benefits: The NSSF Smart Card qualifies you for amazing discounts on selected services and products at partner merchant outlets. Our list of merchants is expanding to cover more products and services.
The Smartcard is a more functional upgrade of the earlier membership cards previously issued by the Fund. With the new card, the Fund is transitioning from ordinary laminated cards to a functional Chip and PIN plastic card, that supports various transactions, gives members access to bespoke loyalty offers, and supports the faster payment of NSSF benefits to qualifying members. This card also bears the technology to enable future product innovations.
It is worth mentioning the card is made up of two distinct products; the NSSF Debit Smart Card and the NSSF Prepaid Smart Card. Here are the main differences between the Debit and Prepaid NSSF Smart Card;
| Feature | NSSF Debit Smart Card | NSSF Prepaid Smart Card |
|---|---|---|
| First Deposit Amount | UGX 20,000 | UGX 50,000 |
| Minimum account balance | UGX 10,000 | N/A |
| Additional benefits | – Free ATM card – No monthly ledger fees – No annual VISA charges – Transaction SMS alerts – Issuance of monthly electronic account statements | – Free ATM card – No monthly ledger fees – No annual VISA charges – Transaction SMS alerts – Free local POS transactions – Check balance online |
| How to Withdraw Money? | N/A | Permits cash withdrawal by completing a withdrawal voucher at Centenary Bank |
How Does the NSSF Smart Card Work?
The NSSF Debit Card is treated almost as if it is a bank account and attached to an NSSF Smart Life Account accessible at any branch, agent point, CenteMobile, and ATM. Your payments towards clearing out the debts are considered as deposits and can be carried out using cash at a Centenary Branch or agent point, ATM, wire transfer, mobile banking, cheque, and any acceptable means of deposit. What is unique with this card is that the smart card is issued for free but attracts competitive charges when a member transacts.
Requirements for Acquiring NSSF Smart Card
- Customer’s NSSF number
- National ID
- One Passport photograph
- Card initial balance of UGX 20,000 for a debit card and UGX 50,000 for a Prepaid card.
How to Register for the NSSF Smart Card?
Members can apply for the NSSF Smart card today;
- By filling out the call me back form on the NSSF website.
- Visiting any NSSF or Centenary bank branches countrywide.