Minister Anite urges boda boda riders to save for the future

2026-03-16 - 19:58

The state minister for Investment and Privatisation, Evelyn Anite, has urged workers in the informal sector to begin saving for the future, warning that failure to plan ahead could expose them to financial insecurity later in life. Speaking at the launch of the “Zuukuka – Join Union–NSSF SmartLife” campaign in Kampala last week, Anite emphasised that saving is essential not only for personal financial stability but also for the wellbeing of families that depend on informal sector workers. She particularly called on workers in the transport sector to embrace the initiative, noting that the industry plays a critical role in moving goods, people and essential services across the country. The voluntary National Social Security Fund (NSSF) savings campaign aims to attract at least one million new savers by tapping into Uganda’s vast informal workforce, particularly those in the transport sector, small businesses and market trade. Uganda’s informal sector employs more than 80 per cent of the country’s workforce, yet the majority remain outside formal savings systems. As a result, millions face financial vulnerability once they can no longer work. Peninah Kabagambe, NSSF’s chief enterprise and growth officer, said the Fund historically focused on formal sector employees but began expanding access to informal workers following legal reforms in 2022. “For nearly 40 years, NSSF largely served people in the formal sector,” Kabagambe said. “But the informal sector represents nearly 80 percent of Uganda’s working population, and they also need social protection.” She explained that many informal workers such as boda boda riders, traders and salon operators rely on short-term savings groups that may not provide long-term financial security. Emergencies, household expenses or mismanagement of group funds can easily erode savings intended for the future. Under the SmartLife product, Kabagambe said individuals can save voluntarily without the need for a formal employer. Contributions can be made flexibly through mobile channels and in small amounts throughout the day, enabling workers with irregular incomes to participate. Research by the Fund shows that for many members who withdraw their benefits, the payout often represents the only substantial savings accumulated in their lifetime, highlighting the importance of building long-term savings early. Fred Sengonga, a union product advisor, said the union will begin by deploying 1,000 ambassadors to educate members on the importance of saving and guide them on how to enrol on the SmartLife platform. “Our goal is to encourage more than one million of our members to begin saving using this initiative,” Sengonga said. “Many of our members earn money daily but lack access to a safe and reliable savings platform.” The Zuukuka campaign will also include financial literacy programmes jointly delivered by the union and NSSF to help workers better manage their finances and plan for the future.