In June this year, the National Social Security Fund (NSSF) in partnership with Visa and Centenary Bank unveiled a three-in-one NSSF Smart Card that embeds NSSF functionality, bank functionality, and a loyalty program, the first of its kind in East Africa. It is a VISA card that facilitates electronic funds transfers throughout the world.
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NSSF Smart Card enables members to do the following;
- NSSF Account: Withdraw their 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 their NSSF Smart Life bank account, pay bills, make transactions online like shopping, make payments at a physical point of sale, or withdraw at an ATM machine.
- Loyalty Benefits: The NSSF Smart Card qualifies members for discounts on selected services and products at NSSF partner merchant outlets.
The Fund recently transitioned from ordinary laminated cards to a functional NSSF Smart Card with a 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. The NSSF Smart Card is powered by Centenary Bank and VISA.
The NSSF Smart Card product is made up of two distinct but equally capable card products; the NSSF Debit Smart Card and the NSSF Prepaid Smart Card. The Debit Card comes with an NSSF Smart Life Account maintained in Centenary Bank to help a member access more banking services whereas the Prepaid Card can be loaded with money for one to make purchases or transactions.
NSSF Smart Card: The Debit Card features
- Minimum account opening balance – UGX 20,000
- Minimum account balance – UGX 10,000
- Attached to a Smart Life Account accessible at any branch, agent point, CenteMobile, and ATM.
- Issuance of monthly electronic account statements
- Transaction SMS alerts
- Does NOT attract a monthly account maintenance fee
- Permits cash withdrawal by completing a withdrawal voucher at Centenary Bank or over the ATM
- Deposit by way of cash at a Centenary Branch or agent point, ATM, wire transfer, mobile banking, cheque, and any acceptable means of deposit.
- The account is operated in Uganda shillings.
- Free ATM card
- No monthly ledger fees
- No annual VISA charges
The Prepaid Card feature
- Minimum first-time deposit amount – UGX 50,000
- No minimum account balance
- Check balance online
- Transaction SMS alerts
- Free local POS transactions
- Permits cash withdrawal by completing a withdrawal voucher at Centenary Bank
- Free ATM card
- No monthly ledger fees
- No annual VISA charges
