What Are The Benefits Of Registering With Haba Haba Scheme?

If you are working, whether in the formal or the informal sector, there is that one important question that should be running through your mind every day. And the question is what your life after retirement will feel like. Will it be full of merry or anguish?

Although not everyone looks forward to retirement, not everyone wants to work forever. Many people fear retirement especially when they have not prepared well for it. The most frequently cited retirement fear is outliving savings. Others fear that they will not be able to meet the basic financial needs of their households.

The reality is that these are reasonable fears. Going broke after one has retired and been out of work for a few years is terrifying. So what are you supposed to do to avoid future financial problems? Creating a retirement plan is the first step to peaceful life after retirement. This is why the National Social Security Fund (NSSF) has stepped up with various products to ensure every Kenyan both in the formal and informal sectors is covered.

One of these products that every Kenyan should be looking forward to benefiting from is the Haba Haba na NSSF product which allows everyone to save and plan for their future for a happy retirement.

What is Haba Haba na NSSF?

Launched in 2019, Haba Haba na NSSF  is an informal sector product that aims to empower small and medium enterprises.

The package offers a convenient way of addressing the needs of prospective, present, and future NSSF members in the informal sector while increasing coverage of Social Security for all Kenyans.

Haba Haba gives members in the informal sector a chance to save a minimum of 25 shillings a day with the option of withdrawing 50 percent of their contribution after consistent contribution for five years.

Making contributions to members’ savings is very easy as all payments can be done through M-Pesa. Members can access their statements without having to visit the branch, all they need is just access to a mobile phone. It is the real deal for anyone committed to securing their future since it helps navigate tricky situations and helps one meet financial obligations.

Haba Haba na NSSF is available for everyone in the informal sector- from mama mboga to kiosk vendors, offering several benefits to all registered members.

Benefits of Registering With the Haba Haba Scheme

Using the USSD *303#, you can opt-in to easily access pension, medical cover, loan facilities, and welfare. The benefits of registering with the Haba Haba scheme include:

1. Easy and free registration

Customers don’t need to physically visit any NSSF branch for registration as the process can easily be completed in the comfort of their homes.  All they need is just access to a mobile phone. Also, registration for the Haba Haba scheme is free of charge. One does not have to pay any amount of money to be registered.

2. An easy retirement savings plan

The Haba Haba scheme allows members to save any amount depending on their income making the process easier. Members can start with as low as 25 shillings. Twenty shillings is affordable and one would be surprised how their money will have multiplied by the time they get to their retirement age. The earlier one starts, the better.

3. Members can access their statements without having to visit the branch.

NSSF has for years been at the forefront of providing services that are convenient to customers. As such, members don’t need to worry about visiting the fund’s branches for their statement as the action can be completed via mobile phone.

4. Easy contribution to member’s savings

Making contributions to members’ savings is very easy as all payments can be done through Mpesa. Also, members don’t have to make the whole contribution at once. They can make contributions either in installments or fully depending on their financial state.

5. It is a Safe retirement savings plan.

Haba Haba members don’t have to worry about the safety of their savings as NSSF products are strictly regulated by the Retirement Benefits Authority (RBA). This is important as it shows the length and breadth that the NSSF management has gone to ensure the safety of the members’ funds. The fund is number one in ensuring transparency in service provision to the public.