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Housing Finance Bank, NSSF Launch ‘NSSF Yo ku Kyalo’ Service

Housing Finance Bank has Tuesday December 1, 2020, unveiled yet another exciting, convenient service for its customers.

In partnership with the National Social Security Fund (NSSF), HFB launched a service dubbed NSSF ‘yo ku Kyalo’ for its customers to access country wide via agent banking services. The event was held at their head offices in Kololo, Kampala.

The initiative will see HFB customers contribute their social security collections through agent banking.

‘NSSF yo ku Kyalo’ is aimed at providing convenience to the NSSF members and HFB customers, saving them a hustle of lining up in banks to submit their social security collections.

“It’s now easy and convenient as all one needs to do is just visit the nearest HFB agent and deposit the collections, as simple as that,” an official from Housing Finance Bank said.

Opening up the unveiling ceremony, Peace Kabunga, CEO HFB reminded customers that saving is one of the most critical aspects of life which will help in case of emergencies such as the Covid-19 pandemic.

“Saving is very critical and most of you will only know its worth when hit by a crisis such as loss of a job or even emergencies like Covid-19. Most of you have been finding it difficult to submit your social security collections due to the inconveniences involved, but here, we bring you the desired convenience you need and for sure you don’t have any excuses anymore,” Kabunga said.

Kabunga encouraged HFB customers to save both for short and long-term basis.

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ChimpReports understands that customers not only do NSSF collections but can make cash withdrawals, deposits, school fees, inquiries for balances, mini statements, bill payments, funds tranfer and tuition payments among others through HFB Agent Banking.

Speaking at the event, Mr. Michael K. Mugabi, MD HFB assured customers of the service’s key aim, which is convenience among others.

“As we mark yet another key milestone to our continued promises to customers, we bring NSSF members a very convenient service that will enable them submit their social security collections with ease and at anytime whilst giving the bank an opportunity to expand the financial services offered through its agency platform. While we continue to remain loyal and committed to our customer needs, we believe this service will make us achieve more desired relationship with them and it will surely drive engagement,” Mugabi said.

Mr. Mugabi added that HFB will continue working with different partners to provide convenience to customers and Ugandans at large.

“Given the prevailing circumstances, just like any other business, we have had to be fluid and deliberate in the way we innovate our service offerings. We are cognizant of the fact that customers are, now more than ever, keen on convenience, they want to make transactions right at the comfort of their homes or offices.”

Commenting on the initiative, Patrick Ayota, Deputy MD NSSF said, “with the already existing 2 million members, this partnership means that the agent network facilitating NSSF transactions has now expanded to more than 600 bank agents countrywide.”

Patrick Ayota, Deputy MD NSSF speaking at the launch of ‘NSSF Yo ku Kyaalo’ service at the Housing Finance Bank offices in Kololo, Kampala.

“The service is also anticipated to reduce the Fund’s operation and administrative costs especially in establishment of temporary service centres where it doesn’t have footprint at a reduced cost of serving members from Shs30m to about 25percent,” Ayota revealed.

Agent Banking Company Limited (ABC)’s CEO Richard Yego noted thus, “only introduced two and half years back, our agency banking platform now connects over 600 customers to their banks, with many outlets mostly covering urban centers and few rural areas. We are optimistic that with such welcome from clients, we are targeting to get over 30,000 and more all over Uganda.”

“We are going to train our agents as far as compliance is concerned so that Ugandans get quality services,  more so, submitting their social security collections at very low costs. For example, one can now save as low as Shs 1000 at only a cost of just 0.5 percent per transaction,” Yego said.

 

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