KACITA Uganda Provident Fund scheme is a voluntary contributory scheme where any person with income can save regardless of whether he/she is self-employed or formally employed by either government institutions or the private sector. The scheme membership is also open to those individuals that are already contributing to mandatory and non-mandatory licensed retirement schemes. However, it also caters for pensioners and persons below 18 years and can have supplementary accounts run by their guardians.
The scheme was launched in 2016 targeting 10,000 contributors in the first two years of its operation with the long-term target being one million contributors. The scheme mission is to mobilize members to save for a dignified retirement.
Who Manages the Scheme?
In fulfilment of Uganda Retirement Benefits Regulatory Authority Act 2011, the sponsors appointed qualified trustees in the names of Dr. Gudula Naiga Basaza (chairperson), Dr. Agnes Apea Atim, Hon. Apollo Makubuya, Mr. Simon Ssekankya and Mr. Everest Kayondo to oversee the management of the scheme under close supervision of Uganda Retirements Benefits Regulatory Authority (URBRA). The trustees in turn appointed ICEA Life Assurance Company Limited as administrator, Housing Finance Bank Limited as custodians and Stanlib Uganda Limited as Fund Managers. This has ensured effectiveness and efficient operation of the scheme.
Saving for retirement is one of the biggest challenges in Uganda especially in the informal sector where mandatory contributions are not made. However, KACITA Uganda is pleased to introduce to you KACITA Uganda provident fund scheme locally known as TEGEKA. The scheme deals in saving money for its members to have a dignified retirement.
Basing on the good governance, the scheme has held a variety of financial literacy workshops this year to equip its members with skills and knowledge about saving for future. The scheme has made milestone in its enrollments and this has boasted our monthly contributions. With such massive contributions, our fund manager has been able to invest in productive ventures and by the end of the year, our members will be given a competitive interest from their monies being invested.
The scheme has mega plans for the year 2019 to its members and the entire public. We are planning to have massive publicity next year through radio and TV talk shows, visit various institutions and companies, hold seminars and have door-to-door activities. By doing this, we would be increasing our visibility and effectiveness in the country.
CHALLENGES FACED BY THE SCHEME
Duration taken for a member to access their benefits is one of the challenges faced. Most people believe in short term investment for quick money than long-term investment. This factor has hindered many people from saving for their retirement age. For instance, TEGEKA provides saving for 10 years or on attainment of 50 years for some to access their benefits.
Preference to invest in property and children. People strongly believe in investing in property like land and houses. Others believe in investing in their children whom they think that when they click retirement age, their children will be in position to take care of them. Thus, this mind set has made many people suffer during their old age.
Lastly, people have generally failed to differentiate between provident fund scheme and a savings account. People prefer to save their money for fewer periods yet that is not the essence of the scheme. The scheme savings are meant to be saved for longer periods so that members benefit from it during their retirement age.
WHY SOMEONE SHOULD SAVE WITH KACITA UGANDA PROVIDENT FUND SCHEME
- Your money earns a competitive interest per annum
- You can access your savings after 10 years or when you turn 50 years
- Minimum contribution is 3,000/ UGX Per day
- Free statement per month
REQUIREMENTS TO SIGN UP FOR THE RETIREMENT SCHEME
- Photocopy of national identity card/ any valid identification card
- Membership fee (10,000/)
- Passport photo
HOW TO SAVE WITH KACITA UGANDA PROVIDENT FUND SCHEME using Airtel Money
- DIAL *185#
- SELECT PAY BILL (4)
- SELECT OTHERS (9)
- ENTER BUSINESS NUMBER (230110)
- ENTER AMOUNT
- ENTER REFERENCE / REASON FOR PAYMENT
- CONFIRM PAY
- ENTER PIN
- PAYMENT IS MADE
BANK: HOUSING FINANCE BANK
ACCOUNT NAME: KACITA UGANDA PROVIDENT FUND SCHEME
ACCOUNT NUMBER: 0200094205
NOTE: Include your name and the phone number on the deposit slip