To those who do not expect their children to be their retirement insurance policy.
What is Mazima
Mazima Retirement Account is a service of Mazima Voluntary Individual Retirement Benefits Scheme trading as Mazima Retirement Plan, a voluntary retirement saving program targeting those in self-employment and the informal sector that dream of a comfortable retirement. It’s called Mazima because it is licensed, open, transparent and regulated.
How Mazima Works
You register to become a member and commit to make retirement contributions periodically.
Membership is a onetime registration fee UGX 10,000. Savings can be made by MTN Mobile Money, Airtel Mobile Money, direct deposits at Pride Micro Finance Limited, Housing Finance Bank Limited , Standing orders and wire transfers (Refer to the payments table available at Mazima Contact Centers).
The savings are then invested conservatively by a licensed fund manager to generate interest aiming for above inflation returns.
Retirement Savings Account
The Mazima Retirement Account is a micro- pension savings product which allows you to securely save your money for a long term goal like saving for retirement, buying a house or saving for education of your children. Enjoy the following features when you save with Mazima Retirement Account:
• No minimum balance and No Maximum
• No monthly charges levied on the account
• Low charges for moving money from MTN Mobile Money to Mazima Retirement Account.
• Earn competitive interest on any amount saved.
Why Mazima Retirement Account?
• Convenience of mobile savings i.e. you can transact from anywhere at any time.
• Access to Uganda’s only Micro Pension Platform.
• It is paperless. There is no need to sign any documents to open up and transact with a Mazima Retirement Account except when that’s your preferred way of enrollment.
• No minimum balance required.
• No ledger fees incurred.
• No or Low transactional charges while moving money from MTN Mobile Money and Participating Payment Channel Partners
• You can use Multiple Channels to fund your Mazima Retirement Account.
• Competitive interest rates on your Savings.
• Access to Retirement Planning Education.