The National Social Security Fund (NSSF) has reported a drop in the fund’s suspense accounts balance to KES 3.1 billion down from KES 7 billion. The drop is attributed to a recent communication campaign dubbed Sawazisha, according to the fund’s acting managing trustee Tom Odongo.
The infamous suspense account that holds members’ un-credited dues, has been significantly slashed as thousands of NSSF members have reportedly come forth to scrutinize their account status to ensure that their balances correspond to their respective statements of accounts.
Speaking during a reception hosted by the fund to mark the launch of the new NSSF Visual identity system and institutional commitment to corporate governance and service delivery, Odongo explained that the fund is committed to ensuring that the suspense account is fully cleared by mid next year.
To facilitate the process, Odongo confirmed that the NSSF is gearing up to commission a state of the art Information Technology system by November to ensure that the funds member accounts are duly credited and updated. With the commissioning of the new IT system before the end of the year, NSSF, he added will also significantly reduce its benefits settling turnaround time.
“The new spirit of NSSF dictates that we must remain customer focused and act in the best interest of our members,” Odongo explained. “For this reason we have no business holding any amount of money in a suspense account as such funds should be reflecting in the members accounts.” He added.
During the launch, NSSF Chairman Adan Mohamed, reiterated that the ongoing strategic rebranding exercise sets the stage for the funds institutional transformation. NSSF has embarked on a re-branding exercise as part of its institutional transformation ahead of an Annual General Meeting (AGM) on 17th of this month. This will be NSSF’s first AGM in 47 years.