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In demonstrating the benefits of saving with NSSF, we would like to introduce you to one of our retired members, Leonard Ochakolong. This is Leonard’s career journey and the story of how saving for his retirement has assisted him and his family to make their lives better. Leonard is the proprietor and CEO of Lenoch Auto Workshop Uganda. His prior years of experience at Motorcare Uganda have been instrumental in contributing to his success and his profound passion for the profession has kept his customers happy.
My name is Leonard Ochakolong, a professional motor vehicle mechanic. I started my journey after Senior Four and joined Spear Motors Vocational Centre where I apprenticed from 1991 to 1994. Thereafter I joined Nissan Uganda, currently known as Motorcare Uganda, where I worked for 21 years.
In 2016 I made a personal decision to focus on my auto workshop where I started with a small client portfolio. Currently, I work with 4 permanent employees, trainees from various institutions that seek career development, and I also outsource support staff as and when the business requires.
I was quite excited when I started saving with the Fund. For me, it was and still is the best decision I have ever made. With the Fund, I knew I had assurance regarding the safety of my savings and good returns.
In November 2019, I applied for my benefits and within 14 days, I received my pay-out. As mentioned earlier, when I decided to focus on my auto workshop in 2016, it gave me time to understand the opportunities and threats any motor vehicle servicing business could encounter.
When I received my benefits, I knew exactly how I was going to use my savings to elevate the auto shop to the next level. We relocated from Kireka to Ntinda in search of a bigger and more convenient location for our customers.
I was also able to use part of the benefits to renovate my home back in the village and support my wife in the grocery store.
First and foremost, NSSF is incredibly good at marketing its products and services, so I got to know about the voluntary programme from a billboard located by the Uganda Golf Course. I reflected on the image that I saw of the former Uganda Cranes footballer and realised that I would also be old one day and therefore needed to increase my savings while there was still time.
I immediately walked into the Kireka Branch where I was guided to register for the voluntary programme. My reasons for joining the programme were:
After joining the programme, I received a call from NSSF inquiring if I was interested in attending the financial literacy classes. I enrolled since this was a good opportunity for me to learn how to manage my finances. For 6 months I was exposed to various subject matter experts on how to manage my finances more efficiently. As a group, we also shared our experiences and ideas which have helped me in my business. The highlight for me during the literacy programme was listening to the Managing Director of NSSF on how to make sound financial decisions.
Coming from Molo sub-county, a semi-arid area in Uganda, agriculture was not a viable option since it would require a lot of capital investment for an irrigation system, not forgetting the ever-changing prices.
I think I would have invested in the service sector. For example, a laundry business targeting corporate workers who do not have time for these activities. An alternative option would have been a welding workshop that would require creativity and would empower the youth with hands-on training.
In the service sector, an entrepreneur’s focus is quality and customer satisfaction. Therefore, any business in this area would easily thrive with those two values.
In this tough economy, I would advise the youth to manage their spending. They can learn how to save by joining the financial literacy and voluntary programmes at NSSF.
In addition to that, they could join Saccos and other savings schemes available on the market.
To my fellow NSSF savers, before accessing your benefits, it is important that you join the NSSF financial literacy programme. This will provide you with opportunities to hear first-hand from fellow savers that have walked the journey, some of whom have experienced the challenges of setting up a business.
Before you withdraw your savings, first conduct research and be sure that the investment you want to venture into is viable. The biggest mistake most of us make is that we start the same businesses that our friends are in because they are successful. Keep in mind you need to have a market base for your services or products.
If you are planning to be an entrepreneur, start your business early enough so that by the time you can access your benefits, your savings can help elevate your business.