1.1. I heard about Mazima Retirement Plan and I would like to join, how do I do that?
Yes, You can.
- Dial *165*6*6# select registration using MTN Uganda line or visit your nearest MTN Service Center.
- Download the Mazima App from Googleplay and click on “Signup”
- Visit the nearest Pride Micro Finance Branch and speak to their Customer Service Representatives
- Call us on 0700519563/0392001780 or Reach us a Whatsapp on 0700519563.
- Come to our offices and fill a form, offices are located in Namirembe off Professor Nsibambi Road, just behind Namirembe Christian Fellowship Church.
1.2. What are the requirements for a Mazima Account?
- You must be above 18 years old ( We need adults who can make decisions for the scheme) with proper identification ( National ID/ passport/driving permit)
- Be willing and able to make regular long term savings
- Pay a required one time membership fee as stipulated.
1.3. Can I edit information on my account after it has been created?
Yes you can. Contact Mazima Offices or the nearest Mazima Service Agent.
1.4. Can I have more than one account in my name?
Yes you can as long as each account is tagged to a different telephone number.
1.5. Can I open an account for my child?
Yes You can but note Children accounts (on their own) are not allowed in Mazima since we need members who can make decisions about the scheme as the scheme is member owned. However, an exception is given to children accounts whose parent or guardian is a member of Mazima Retirement Plan.
1.6. Can I recommend a client?
Yes you can, we use a community approach. The more people save the more all of us a better off.
2.1. When do I start saving?
Immediately your account is activated
2.2. What is the fee when saving ……… amount of money?
Read the MTN or any other service provider rates card.
2.3. I can’t seem to complete a transaction yet I have money on my mobile money wallet.
Please make sure your mobile connection is good, if it persists, re-start your phone or switch it off and then on and try again.
2.4. Do you meet for savings?
No, we do not hold group meetings as Mazima Retirement Accounts are individually owned and saving is done individually at a convenient time.
2.5. Can I save for some other member of Mazima?
Yes you can as long as you indicate under reference or reason for saving that the money belongs to so and so or notify the Mazima Administration Office.
2.6. Can I use another number to save other than the one I used to sign up to Mazima?
Yes you can, however, indicate under reference your full name or inform the Mazima Administration Office or the given numbers.
2.7. What are the benefits for saving with Mazima?
- Get competitive interest annually (usually above inflation)
- You can withdraw after one year
- Mazima gives interest for even your first year
- Signup to Mazima is very easy and reliable
- Membership fee is paid once
- Members savings are safe and secure since nobody not even trustees can withdraw the money. Members savings are regulated and monitored (segregated fund) by 4 key players; the regulator (URBRA), the custodian (Housing Finance Bank), the Fund Manager (African Alliance) and the Trustee.
- The member can track their savings on their mobile phones
- Mazima sends out monthly balance messages to all members so the clients can raise any issues where necessary.
- No maximum or minimum savings or balances required
- Low transaction charges saving with Mazima Retirement Plan
- Access to Uganda’s only Individual voluntary Micro Pension Platform
- Convenience of mobile savings, you can make transactions from anywhere at any time, even multiple times a day. Members can opt for auto saving or place standing orders with their banks.
- No fines for not hitting your target or not saving.
- Members can choose to close account from anywhere without necessarily going to Mazima offices.
2.8. How different is my Mazima account from the regular savings bank accounts?
A Mazima account is different in that;
- It is a micro pension’s account designed to help you make and manage long term savings so that it is not eaten up by inflation; in other words, it gives better interest.
- It’s an Individual Retirement Savings Account (IRA) protected by law against bankruptcy.
- A client can save any amount and at any time; no minimum, no maximum savings.
- No reductions on your account.
- Members can request to close account at any time after they have made a year
- Members can influence the leadership of the scheme as guided by the URBRA Act of 2011 by choosing their leaders (Trustees)
- Members can not withdraw their money at convenience.
2.9. Can I save for more than a year?
Yes you can. It all depends on your savings target.
3. Balance Queries
3.1. I checked my balance but it does not tally with what I expected it to be, help?
How much do u expect? Is there a transaction(s) missing? Let’s know. We will look into it and we get back to you.
3.2. How do I check my Mazima balance?
Dial *165*6*6# on MTN select “ My Account” select “ check balance” enter pin and it will be displayed.
Both MTN and Airtel subscribers Dial *272# select option 3, option 1 then enter your Mazima Pin and select check balance, your balance will be displayed.
3.3. I do not know my Mazima pin, how can I get it?
Please dial *196# Allow all, then call Mazima Service lines or contact your nearest Mazima Agent. We shall then reset your pin and you should be able to get a message on your phone indicating your new pin.
3.4. There is a transaction(s) missing when I check my statement, yet money was deducted off my mobile money wallet, help?
Please give us this information so we can trace it; when did you make this missing transaction, date you made it and the transaction ID (this can be obtained from the mobile money statement from your service provider). No money gets lost in Mazima.
3.5. Checking my statement I see a debt, why was money removed from my account?
It was either a debit for registration or rectifying a double entry.
4. Mazima App
4.1. I can’t seem to login to the Mazima App, help?
Please make sure you are entering the right pin and the telephone number you registered with to join Mazima, enter your telephone number starting with 256………. without the plus sign (+).If the problem persists, uninstall and re-install the app.
4.2. When I login to the Mazima App, it keeps displaying the same balance even after I make a saving, help?
Please logout of the App and then log back in afresh.
5. Account closure/ Withdrawals
5.1. Can I withdraw a percentage of my savings?
No, when you claim your savings, whatever amount you have on your Mazima account is given to you.
5.2. When I withdraw my savings, what happens to my account, can I continue saving like before?
The procedure for saving is unchanged however you will have a new account with a new Mazima registration and account number since once the funds hit your personal bank account, your Mazima account is closed and you will have to open a new one. In other words, if you wish to continue saving with Mazima, you will have to pay membership afresh like any other new enrolling member.
5.3. If I die, what happens to my money?
When joining Mazima, we collect information of your next of kin/ beneficiary, when the account holder is unable to claim their savings due to death or serious illness, the next of kin is contacted as long as the account is past one year.
5.4. Does the next of kin be made aware that they are beneficiaries to an account in Mazima?
At the time of account opening you should let your next of kin know that you are saving with Mazima. In the unfortunate event that you are deceased they can get in touch with Mazima so we process their payment.
5.5. Must I come to the Mazima office to withdraw my savings and can you pay through mobile money?
No we do not pay via mobile money for now and No you don’t have to come to our office to withdraw your savings. You can initiate a withdrawal on your phone for those on MTN Uganda where after we shall contact you with the details of the entire process or email Mazima requesting for withdraw form which you fill and scan it back together with your Identification. You can also visit the nearest Mazima Service Center to initiate a withdraw.
5.6. Do I get my savings plain or there is interest awarded?
You get your savings plus interest earned, interest is declared annually
5.7. How is my interest calculated?
Your savings earn interest every end of year; it is computed depending on how long your money has spent in the scheme.
5.8. When do I get my savings?
After you have made one year with Mazima, you can claim your savings.
6.1. How are members’ savings invested?
Mazima invests in fixed deposits, treasury bills and bonds. We only invest in regulated assets as per Mazima’s Investment Policy Statement.
7.1. In case of any conflict with Mazima Retirement Plan, where do I go?
You can appeal to the Retirement Benefits Tribunal at URBRA and the decision of the tribunal will be binding to you and to Mazima Retirement Plan.
8.1. Does Mazima give out loans?
No we do not; we help members to individually save for long term goals like retirement. However, you can use your savings as collateral to secure a loan up to 30% of their value from our partners like Pride Microfinance.
9. Contact Mazima
9.1. When I have a query, who do I contact?
You can call the MTN Uganda customer care line, visit any Pride Microfinance branches countrywide, give us a call on +256392001780/+256700519563 or watsapp 256700519563, send us an email at email@example.com or send in your enquiry via our social platforms; Facebook @Mazima Retirement Plan, Twitter @MRPTutereke or on our website www.mrp.co.ug.