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NSSF Launches Initiative to Ensure Kenyans Receive Claims Within 24Hours

by Jason Ndunyu
May 7, 2024
Reading Time: 5 mins read
NSSF hacked

Photo Collage of NSSF Building and CEO David Korros.PHOTO/Courtesy

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Kenyans will soon access pension savings from the National Social Security Fund (NSSF) within 24 hours of laying claim, the fund’s Chief Executive Officer (CEO) David Koros has announced.

NSSF Chief Executive Officer (CEO) David Koros announced the initiative during the launch of the NSSF Corporate Strategic Plan 2023-2027 on May 7, 2024. In his address, the CEO stressed the importance of addressing long-standing claims processing delays.

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“We want to provide a turnaround time to pay benefits within one day by the end of this strategic plan, which is 2027. When you claim your benefits with NSSF, we should be able to pay your benefits within 24 hours,” said the NSSF CEO.

Koros announced the ambitious initiative while responding to the revelation that a staggering 84 per cent of Kenyan adults lack social security savings, according to recent statistics.

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NSSF CEO- Kenyans to Receive Claims Within 24 Hours
Labor CS Florence Bore with PCS Musalia Mudavadi and NSSF CEO David Korros During the Launch of the Strategic Plan.PHOTO/OPCS

“NSSF has been notorious for delaying claims for up to one year. We are committed to making this a thing of the past by guaranteeing that claims are processed within a day,” he added.

Mudavadi on NSSF Statistics

Also, alarming statistics emerged during the launch of the strategic plan illustrating the inadequacy of pension schemes in providing for retirees.

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On his part, Prime Cabinet Secretary Musalia Mudavadi while speaking at the event stressed the worrying trend, highlighting that many Kenyan retirees find themselves struggling to make ends meet in their golden years.


Also Read: NSSF CEO Ordered to Account for Missing Millions


“Kenya’s retirement savings rate stands at a mere 17%, the lowest in the East Africa region. According to the KNBS, as of 2023, over 13.9 million adult Kenyans lack retirement savings,” said the PCS.

According to Mudavadi, the income replacement ratio upon retirement in Kenya is just 40%, which is way below the recommended level of 75%.

While addressing how pension funds can play a huge role in management of the country’s debts, the PCS highlighted that you NSSF could play part in financing projects and thereby reduce reliance on borrowing.

“It’s no secret that Kenya and economy that we’re managing today has got a huge debt portfolio and we know what it’s doing.

And therefore, the way the pension funds come into play, you could save us some of these issues if we work together properly, prudently,” he said.

Mudavadi further highlighted the role played by NSSF in the support of small and medium enterprises beyond its function of mobilizing local resources for national development.


Also Read: Govt to End All Permanent and Pensionable Jobs


While urging Kenyans to continue saving funds, the NSSF CEO argued that saving for retirement is not a tax and called for reforms to improve the country’s savings rate as a percentage of GDP to a level of about 30%.

2027 Target

Back in 2023, the Fund had extended an invitation to all members who had pending claims to present themselves to enable prompt processing of their claims.

Koros in a statement during a meeting with the Kenya Editors Guild (KEG) also stressed the need to pay benefits within 24 hours, saying that the Fund was everything needful, including going digital and using a mobile app that will see benefits paid within a day after launching the claim.

He further said that the Fund had identified some of the priorities and rules that would enable them to run the NSSF company fairly by ensuring that they process claims in on time.

“As NSSF, we plan to recruit new members in our short-term strategy; we are working on the modalities, and once we have them finalized, we will roll them out,” said Koros.

He added that they are aiming at developing a customer-centric performance-based culture to ensure that they have a focus, thus moving their employees’ satisfaction to a level of 95 per cent.

“We want to take our services to the grassroots, to the people who are not registered as members of NSSF. This will be facilitated by digitization, which will ensure that all our records exist on digital platforms,” said the CEO.

According to him, the vision was to grow and double the fund from the current Sh300 billion to a target of Sh600 billion in three years.

Follow our WhatsApp Channel for real-time news updates:

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NSSF CEO David Korros Speaking During the Launch of the Strategic Plan.PHOTO/Courtesy

Tags: BenefitsNSSFNSSF ClaimsPension

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Jason Ndunyu

Jason Ndunyu

Jason Ndunyu is a Digital Media Journalist at The Kenya Times with a passion for research and fact-checking. He delivers engaging content across diverse topics, with a special interest in the dynamic world of Sports. You can reach him at [email protected]

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This website uses cookies to improve your experience while you navigate through the website. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may have an effect on your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
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