BoU warns against cyber fraud as NSSF launches smart card 

The Bank of Uganda has tasked the National Social Security Fund-NSSF to ensure there are no cases of cyber fraud as the fund launches a three-in-one social security smart card.

Using the card, the fund’s qualified members will be able to directly withdraw their NSSF savings, deposit and withdraw money from their bank accounts, pay bills and make transactions online and at ATM points.

Speaking at the launch of the smart card at Serena Hotel on Thursday, Michael Atingi-Ego, the Acting Governor, Bank of Uganda, said that although the innovation is in line with the Central Bank’s financial inclusion agenda which promotes access and usage of financial services, NSSF should tighten its online security so that members’ savings are protected.

Richard Byarugaba, the NSSF Managing Director assured Atingi that the Fund has put in place a number of protocols to guard workers’ savings as they have done with all their systems before.

The launch of the smart has come at a time when there have been several cases of cyber fraud.

According to the Criminal Investigations Directorate, 15.9 billion shillings were lost by telecom companies, banks, ministries, and individuals in 2020.

Byarugaba, says that the smart card is a sign of the funds’ commitment to moving entirely digital and conveniently serving its members.

Byarugaba said that they wanted to replace the laminated membership cards with more functional cards that can allow members to access their accounts.

The Smart card comes in two forms including the debit smart card and the prepaid smart card.

The debit card comes with an NSSF Smart Life bank account that can be opened at Centenary Bank whereas the prepaid smart card can be loaded with funds and the card is available to both customers and non-customers of the Bank.

Barbra Arimi the NSSF head of marketing and communication, said that NSSF members will be required to pay 20,000 Shillings in case of the debit card and 50,000 Shillings for the prepaid.