By Namugerwa Martha
The Kampala City Traders (KACITA) Uganda Provident Fund scheme has been launched, targeting Shs1 billion in savings from traders each month.
At least 100,000 traders are expected to save a minimum of Shs10,000 shillings per month in a pool which they can access only after 5 years.
The scheme is registered and supervised by the Uganda Retirement Benefits Regulatory Authority (URBRA), will be managed by Stanlib as the fund manager and Housing Finance Bank as the custodian.
According to traders, it is not easy to save with the National Social Security Fund(NSSF) that’s why they resolved to start up a saving scheme which they think is much easier to maintain.
Entrepreneurs with little capital are excited about this program saying that it is going to help them grow their businesses.