NSSF launches Electronic collection system to improve employer contributions payment
The National Social Security Fund (NSSF) has shut down its old E-collection system and adapted a more advanced tech savvy portal that will enable employers and banks remit employee savings through the digital platform.
E-Collections is an electronic way of processing employee contributions onto their NSSF accounts with minimal manual interventions. It involves having a straight forward process of remitting members’ contributions from the employer through the Bank to NSSF.
While addressing guests at Kampala Serena Hotel, NSSF Managing Director Richard Byarugaba said that the new e-collections platform will enable the Fund improve the customer experience in remitting their funds.
“The new E-collection system will enable us to improve our data quality whilst increasing collections by taking away the data management function from the banks in form of receiving and passing on schedules from employers.”
The process will also ease the mode of contributions payment, enable real time reconciliation between the BANK and NSSF, improve data quality and faster update of member accounts and consequently leading to a faster processing of member benefits,” Byarugaba said.
“By introducing the new system, the employer and employee data quality will be refined and improved in accuracy and completeness. I therefore appeal to employers to all switch to this system as it is more efficient and faster,” he added.
Byarugaba also added that the new system is in line with NSSF’s vision of being the Social Security Provider of Choice.
Standard Chartered Bank Managing Director Herman Kasekende applauded NSSF for being innovative and encouraged all employers to switch to the new advanced portal.
“The new system is more convenient and time saving, at Standard Chartered Bank we have already enrolled to the new portal,” Kasekende said, adding that this system will eliminate a lot of errors while posting employee contributions.
The old system has been officially shut down and all employers have been advised to enroll onto the new portal with immediate effect. The system is web based where clients will choose the option of e-Collections payments from NSSF web site.
Each Employer is given login credentials to access the E-collections Portal. At the end of the process a Transaction Reference Number (TRN) is generated for the employer and this is what is taken to the bank for payment purposes together with cash or cheque, depending on the payment mode selected.
NSSF partners with Banks to act as a one-stop center for employers to remit payments and the corresponding schedules. Banks are mandated to receive payments and schedules from employers and pass them on to NSSF within a specified amount of time.