14 September 2012

Kenya: NSSF Rebrands, Promises to Expedite Pension Payments

THE National Social Security Fund has started speeding up pending repayments to retirees as it unveils a new look in readiness for its new structure and function under a proposed law. The fund which is set to undergo structural changes once the NSSF bill 2012 is passed has unveiled a new corporate brand identity to help the institution shed its old infamous public perception.

And to achieve goodwill from the public, NSSF is promising to expedite payments to retirees as part of the transformation to adopt a more customer friendly approach in the course of its operations.

Already, managing trustee Tom Odongo said, Sh7 billion which was being held by NSSF in a suspense account has been reduced to Sh3.1 billion as at end last week after the firm sped up pending payouts.

Under the proposed law, NSSF wants to shift its status from the current provident fund to a pension scheme while strengthening its corporate governance, to give more value to its members. "We are asking Kenyans to please give us a second chance," Odongo said.

The fund has been embroiled in several scandals and questions have also been raised over some of the investment decisions made with the funds raised.

NSSF also plans to heavily invest in ICT to eliminate too much paperwork during processing of payments to realize the goal of faster settlement of claims through use of an effective data system. "The rebrand of NSSF today, showcases our corporate resolve to transform into one of the world's best run and managed social security fund focusing on service delivery as our core mandate," Odongo

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