The Finance Committee of Parliament has been receiving views on the proposed plans to liberalise the pension sector in Uganda. And what has been the dominant topic is ending the monopoly of the National Social Security Fund (NSSF).

Indeed, a closer look at the Liberalisation Bill, there is a clause that recommends the repeal of the NSSF Act.

Among the many things faulted in the country’s economy is the low level of domestic savings. The low savings have been blamed for the lack of access to affordable long-term funds, which has created a mismatch in the needs of borrowers and the available money.

One of the key ingredients is for regulation of voluntary saving schemes in the informal sector and also removing the minimum of the five employees provision for the employer to start contributing.

The major focus of the Bill seems to be NSSF and that is why it has failed to receive the full support of President Museveni. In 2015, at one of the NSSF celebrations, the President said: “Some people have been coming to me with this idea that the sector will be more efficient when private players are allowed in, but I just kept quiet. I have never opposed or supported the proposed reforms.” He continued: “Unless these people who are pushing for liberalisation are saying that NSSF is being mismanaged, they will really have to convince me more.” At the same function, he observed: “Having one player has one good advantage that we have money available for any useful capital development projects.”

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