Kenyans in the diaspora will now start contributing $10 (Ksh 1,296) to the Kenyan government through the National Social Security Fund (NSSF) Haba Haba product.
The Kenyan Embassy in Spain has revealed that it has received information from the NSSF about a savings product developed by the Fund, which caters to members of the informal sector and the diaspora.
In a statement on Monday, September 16, the Embassy explained that Haba Haba is intended to empower Kenyans in the diaspora and encourage them to save.
“The scheme allows members who sign up to save with a minimum of $10 and have the option to withdraw 50% of their contribution after consistently contributing for five (5) years,” the Embassy said.
Further, the Embassy stated that the product offers ease of access through partnerships with various leading banks, and payments are powered by MasterCard for diaspora payments and contributions to the scheme.
The Embassy also explained that the return on investment is estimated at a rate of 1% above the market average.
Potential members can join and make voluntary contributions via the web portal: https://diaspora.nssfkenya.co.ke.
Members from the diaspora who join the scheme will be able to access investments by the Fund, including future projects such as the opportunity to use their savings to invest in NSSF Housing Projects.
The Fund also plans to develop retirement homes for senior citizens as part of affordable housing projects designed specifically to cater to the needs of retirees.
Additional channels for members to access NSSF include WhatsApp through +254704303303, the NSSF Mini App on the M-Pesa App, and the NSSF Mobile App on the Play Store.
Also Read: How Kenyans in the Diaspora Are Stabilizing the Shilling
NSSF Webinars
The State Department for Diaspora Affairs, in partnership with the NSSF, will host several webinars aimed at creating awareness about the Haba Haba savings product on the 20th, 21st, and 22nd of September 2024.
The State Department for Diaspora Affairs has invited Kenyans to a Zoom webinar as follows: September 20 at 04:00 PM, September 21, 2024, at 07:00 PM and September 22, 2024, at 07:00 PM
The topic of discussion will be “Secure your retirement plan back home through Haba Haba.”
Also Read: Inside Push by Kenyans in Diaspora to Change Law Categorizing Them as Foreigners
About Haba Haba
Haba Haba is a savings plan designed for members of the informal sector. Launched by NSSF in November 2019, the scheme aims to expand social security coverage to include this group.
Haba Haba allows members to save a minimum of Ksh25 per day with an option to withdraw 50% of their contributions after consistently contributing for at least 5 years.
By using the USSD code *303#, members can easily access pension, medical cover, loan facilities, and welfare services.
The plan offers the convenience of easy registration via mobile phone, with the ability to view statements without visiting a branch.
Contributions can be made effortlessly through Mpesa, and the plan is designed to be a safe and accessible retirement savings option.
Additionally, members can make payments for other NSSF members.
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