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Small and medium-scale traders have been urged to embrace disciplined saving and responsible business practices as critical drivers of long-term financial stability and enterprise growth.
The call was made by National Social Security Fund (NSSF) managing director Patrick Michael Ayota and Nile Breweries managing director Nkanyiso Mncwabe during a joint engagement with retailers under the Growing Retailers Innovatively Together (GRIT) programme in Makindye.
At least 3.4 million Ugandans are actively saving with NSSF, accounting for between 10 and 14 per cent of the working population. The figures indicate that Ugandans are willing to save small amounts, ranging from Shs 5,000 to Shs 10,000, when provided with convenient and trusted platforms.
Ayota said building wealth is not dependent on income levels but on consistency in saving, noting that even modest daily contributions can accumulate into significant sums over time.
“It is not how much you save, it’s how consistent you save. Setting aside as little as Shs 1,000 a day, if invested over several years can yield substantial returns,” Ayota said.
He encouraged individuals to adopt simple cost-cutting habits, such as reducing transport or meal expenses, and channel the savings into structured plans such as NSSF’s SmartLife Flexi, a voluntary savings scheme targeting both formal and informal sector workers.
Unlike conventional retirement savings products, Ayota noted, SmartLife Flexi allows partial access to savings after one year, making it attractive to individuals seeking greater flexibility.
According to NSSF, more than 81,000 Ugandans have enrolled in the scheme within the past 13 months, collectively saving over Shs 126 billion—evidence, Ayota said, that saving is possible across all income levels.
“There are people who earn a lot but remain broke, and those who earn little yet build assets. The difference is discipline,” he said.
Mncwabe, who recently assumed leadership at Nile Breweries, said financial management is central to business sustainability, arguing that generating income without proper planning undermines growth.
“Business is about making money, growing it, and reinvesting it. But growth cannot happen in isolation, it requires the entire ecosystem to grow together,” he said.
He said the GRIT programme seeks to equip retailers with practical skills in financial management, digital adoption and business expansion, targeting at least 1,500 traders this year through both physical and digital training platforms.
Mncwabe noted that many retailers prioritise daily survival over long-term planning, often neglecting savings and social security.
“We focus on buying today to sell today and eat today, but that is not sustainable. Integrating savings into business operations is key to building resilience,” he said.
He also emphasised the importance of responsible retailing in the alcohol industry, warning against practices such as selling alcohol to minors or intoxicated individuals.
Such actions, he cautioned, risk attracting tighter regulatory controls and could undermine the sustainability of the sector.
“How we behave determines the future of this industry. Responsible trading is not optional but necessary,” Mncwabe said.
The partnership between NSSF and Nile Breweries also aims to promote digital transactions among retailers to improve transparency and reduce reliance on cash handling.
Related
, https://observer.ug/business/nssf-nile-breweries-rally-traders-on-savings-responsible-retailing/
