Uganda: Museveni Warns Owino Traders Against Fraudulent Saccos As NSSF Launches Savings Scheme

25 February 2025
Nile Post (Kampala)
By Josephine Namakumbi

President Museveni has cautioned traders at St Balikuddembe (Owino) Market against falling prey to fraudulent Savings and Credit Cooperative Organizations (SACCOs), urging them to instead embrace secure savings options.

This message was delivered by the President's advisor on markets and the informal sector, Winnie Twine, during the launch of the National Social Security Fund (NSSF) Smartlife Flexi Voluntary Savings Scheme at the bustling market.

The launch, held on February 25, aimed to introduce the flexible savings plan to the over 30,000 vendors who often struggle to save due to daily financial pressures.

"The President has urged you to be wary of fraudsters who establish SACCOs with the intention of defrauding you by the end of the year," Twine said, relaying Museveni's warning to the traders.

The NSSF Smartlife Flexi scheme, designed to be accessible to informal sector workers, allows individuals to begin saving with as little as 5,000 Ugandan Shillings.

Rebecca Kabugo Mugisha, Manager of Partnerships at NSSF, emphasized the benefits of the scheme.

"This is the reason NSSF camped at the market to engage the traders on their new savings scheme dubbed Smartlife Flexi which starts with five thousand shillings only," said Mugisha.

She further highlighted, "Your savings earn you interests."

Concerns about the security of their funds were addressed by Twine, who reassured traders that the scheme had presidential backing.

"President Museveni was the mastermind of this scheme," Twine confirmed, aiming to dispel fears that NSSF might misappropriate their savings.

The five-day NSSF outreach at Owino Market is part of a broader initiative to enroll informal sector workers across the country.

"The NSSF will be stationed at Owino for five days and then visit other markets to enroll people in the Smartlife flexi scheme until June 2025," Mugisha explained.

Twine reiterated the importance of saving for the future, encouraging traders to take advantage of the opportunity.

"We are here to help you secure your future," she said during the launch.

Read the original article on Nile Post.

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