Kwesi Afreh Biney
The Social Security and National Insurance Trust (SSNIT) has introduced a new service dubbed “SSNIT Inside Banking,” to see its operations co-located within banking halls across the country.
The initiative aims to make SSNIT services more accessible and convenient to contributors and pensioners nationwide.
The Director-General of SSNIT, Kwesi Afreh Biney, who announced this during the organisation’s annual ‘SSNITposium’ held in Accra yesterday as part of its 60th anniversary celebration, explained that the initiative forms part of SSNIT’s broader strategy to expand coverage, leverage technology, and improve customer experience through strategic partnerships with banks.
He said, “Last Monday, the very first ‘SSNIT Inside Banking Hall’ service point started operations with Ecobank in Tema. Our strategy is to expand coverage in a very rapid manner by bringing our services closer to the people we serve.”
He also stated that the programme will serve as alternative service points for clients who may not have easy access to existing SSNIT offices, noting that nearly every district in Ghana has at least one bank branch, making banks partners for the expansion.
According to Mr. Biney, SSNIT plans to establish 27 such service touchpoints within banks by the end of the year, adding that the banks identified for the initial rollout include Ghana Commercial Bank (GCB), Ecobank, Fidelity Bank, and CalBank, all of which have wide branch networks and existing investment relationships with SSNIT.
“We considered banks where we have both a strong presence and strategic investments. For example, we hold the single largest investment in GCB, significant stakes in Ecobank and Fidelity Bank, and a 56.9% majority stake in CalBank,” he stated.
Touching on the financial strength of the scheme, Mr. Biney emphasised that SSNIT’s investment portfolio remains robust, with its stock market investments growing by over GH¢1.8 billion this year.
He cited ongoing projects in the energy and hospitality sectors, including increased investments in Senet Energy, plans to redevelop La Palm Royal Beach Hotel, and the expansion of Labadi Beach Hotel by up to 100 additional rooms.
The Director General further mentioned that SSNIT intends to reduce its investments in real estate, describing it as an area that “hasn’t yielded great returns and that proceeds from property divestitures, will be redirected toward higher-performing sectors.”
“We plan to take money out of real estate and put it into sectors that are giving us the best results,” he said.
The ‘SSNITposium’, attended by key stakeholders in the pension’s regulatory sector, reflected on SSNIT’s 60-year institutional journey and explored the future of social security in Ghana, with discussions on policy reform and the use of artificial intelligence to enhance service delivery as well as build a more inclusive social protection system.
By Ebenezer K. Amponsah