NSSF Board Chair Unveils Plans for Enhanced Reputation in the Industry

Anthony Munyiri began his career in the securities and investment sector in 1994 at Equity Stockbrokers Limited, where he now has more than 28 years of experience.

President William Ruto chose him to succeed Julius Karangi as the chairman of the National Social Security Fund (NSSF) board of trustees in December 2022.

He will be in charge of the organization responsible for giving workers in both the formal and informal sectors social security protection for the ensuing three years.

According to the Business Daily, he discussed the NSSF’s restructuring and what to anticipate from his leadership.

How do you intend to perform in your role as NSSF board chair?

Together with my team, my goal is to continuously engage with all of our important stakeholders in order to foster a positive perception of the NSSF as an organization.

We will educate these stakeholders on the value of working with the NSSF. For the benefit of future generations and our members, as board chair, I intend to push for the development of policies that are consistent with the expansion of the organization.

What are your main concerns?

My top priority is to take care of the human resource problems, which, as far as I’m concerned, have been some of the obstacles to achieving the overall corporate goal of the NSSF.

Some offices have been without significant leaders for a considerable amount of time. This has in some way impacted how the fund operates and provides services to its members. The situation can be improved, which will encourage employees to work more productively.

To make sure that operations run smoothly and on time, streamlining business processes will be my second priority. This will also speed up the process of paying out benefits to our members.

The NSSF portfolio rebalance will be my third priority. We must take another look at our assets, particularly the low-yielding ones so that they can be reinvested in higher-yielding asset classes.

Additionally, with an emphasis on affordable housing, we will support the government’s agenda, particularly in the savings and pensions sector.

We have land in Kisumu and Machakos that we own and have designated for immediate development.

Which group—insiders or outsiders—will you support?

The NSSF is an employer that values diversity. But for the time being, I’ll pay more attention to the NSSF’s staffing issues while making sure that all of the staff members serving in an acting capacity have the chance to apply for the open positions.

As you are aware, we have posted job advertisements for the CEO and regional manager positions, and we will soon do the same for the remaining open positions.

Every position will be filled through a competitive process, giving both insiders and outsiders equal chances.

After the court approved the increase from Sh200 to Sh1,080, the NSSF has now begun to put it into effect. Next, what?

The Act has already started to be fully implemented. The action is beneficial to the populace and will allow them to receive better retirement benefits.

We are already interacting with young people to raise awareness and develop a saving culture. In order to provide the students with social security education and financial literacy, we are working with the Kenya Music Festival.

What additional steps is the NSSF taking to increase employee pension coverage?

More flexible products for members are being developed by us. We created Haba Haba, a product for the unofficial market.

To increase social security savers, we are also collaborating with organized groups. Expect a new, more rigorous NSSF that will actively engage the media and promote the importance of saving.

How will you deal with employers who deduct and do not remit?

Employers who deduct and fail to remit are indeed going against the law. We have compliance officers who should be able to issue guidance.

For those who fail to comply, legal action will be taken against them. We have also actively engaged trade unions to help in member and employer sensitisation, which has greatly helped us in compliance and recovery of arrears.