NSSF value reaches Sh7.1 trillion

Dar es Salaam. The chairman of the board of trustees of the National Social Security Fund (NSSF), retired Ambassador Ali Iddi Siwa,  has said the fund’s has reached a Sh7.1 trillion which can pay various benefits for the next 40 years.

He said this when he visited the pavilion where social security funds collaborate including NSSF PSSSF at the International Trade Fair 'Sabasaba' which is ongoing at Mwalimu Julius Nyerere grounds in Dar es Salaam.

"I would like to assure the members that the Fund has reached a value of Sh7.1 trillion, which is a large amount, so I am assuring the members that NSSF can pay various benefits for the next 40 years," said Ambassador Siwa.

He said the Fund carries out four main tasks which are to enroll members from the private sector and the informal sector, collect contributions, invest, and pay benefits.

Further noting that the Fund continues to improve various systems including IT, performance, and investment to ensure that in the next 40 years will continue to provide service.

Ambassador Siwa said that the existing membership of the Fund now stands at more than one million and that they expect to reach more than two million active members due to the rapid growth of the private sector.

"I would like to congratulate the government under President Dr. Samia Suluhu Hassan, for opening up the country and creating a good environment for investment, on our side NSSF we have attained many members through investments made in various areas," said Ambassador Siwa.

He said that the investment work carried out by the Fund continues to be implemented with great efficiency and that they are now determined to invest in Dodoma.

Ambassador Siwa said that the Fund is investing in infrastructure, including the Nyerere Bridge, Kigamboni, which has been a great help to citizens who are currently crossing by using a bundle that includes day payments, weeks, or months at low cost.

He said in Mwanza, the Fund has made a major investment in a five-star tourist hotel that is going to open up various opportunities in the region, including tourism activities.

Ambassador Siwa said that the Fund offers all its services at the fair, including the recruitment of members from the private sector and the informal sector, education about benefits, investment as well as opportunities for houses and plots that are sold in various areas.

He used the opportunity to invite all members and citizens to visit the NSSF pavilion so that they can benefit from various opportunities including joining and contributing to the Fund.