20 October 2012

Tanzania: NSSF Reaches Out to Farmers, Investors in Meru District

The National Social Security Fund has just established its first office in Meru aiming at reaching out to local peasants, artisan miners and employees of horticulture farms in the District.

The NSSF's new branch for Meru District will operate at the Usa Plaza building in the Leganga Ward of Usa-River Township. The establishment was officially inaugurated by the Fund's Director General, Dr Ramadhan Dau who reiterated the NSSF's efforts in reaching out to its members, right from grassroots.

"This is going to be our third branch in Arusha Region after the main one at the city center and the second one in Karatu District," said Dr Dau adding that NSSF has established branches in 11 districts countrywide in addition to 27 regional offices in Tanzania.

"We have realized that, Meru, being a rather big district with large farming estates and other economic activities located far apart from each other and even further from Arusha town, a new branch in the precinct was vital," said Dr Dau.

Speaking during the launching occasion, the NSSF Director of Operations Mr Crescentius Magori, on his part, revealed that the new Meru branch has so far registered 250 employers, 7000 members and is recording a monthly revenue of 432 million/- and counting, which translates into over 5 billion/- earnings per annum.

One of the first individual contributing members of the Meru branch of NSSF is Mama Janeth Nyoni, a farmer and small scale livestock keeper who with her monthly contribution of 400,000/- was praised for being the highest remitter to the scheme in the District.

With over half-a-million membership base and counting, plus the fund's total value reported to have so far reached 1.3 trillion NSSF is currently the country's largest pension scheme.

NSSF earnings are said to be in the range of 120 billion/- as far as incomes from investments are concerned while contributions from members nationwide currently standing at 500 billion per year. The fund spends less than 15 percent of the total income but invests more that 75 percent.

The country's largest fund is also a good employer with members of its working staff countrywide reaching 50,000.

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