Financial services firm, Zamara has called on stakeholders in social security to be more innovative and inclusive to enhance and deepen social security in the region.In a conference themmed Burning issues in social security-strategy for resilience in uncertain times that brought over a hundred and fifty leaders and experts across the continent who converged in Nairobi.
Zamara Group Chief Executive Officer, Sundeep Raichura said that to to remain more resilient and grow the coverage of social security schemes in Africa, there was need to have a collective approach and leverage on technology to make systems more efficient and accessible.
No single entity or organization can tackle the complex challenges we face alone. Governments, businesses, civil society, and international partners must work together in a coordinated effort to build resilient social security systems.Mr. Raichura reiterated the importance of designing and implementing social security strategies that incorporates the most vulnerable members of society and the needs of marginalized groups such as women, the elderly, persons with disabilities, and those living in remote areas.
Cabinet Secretary for Labour and Social Protection, Florence Bore, who opened the event said social security systems had played a key role in societies since times immemorial through economic transformation. During the pandemic, social security programmes were used to channel support by way of financial assistance/grants, stimulus payments, unemployment benefits, distribution of vaccines and provision of support to the vulnerable and often isolated members of society. Social security systems provide a means of social cohesion by fostering a sense of collective responsibility and solidarity within society. It can help strengthen social bonds and mitigate social tensions. “
According the Cabinet Secretary excessive or poorly targeted and structured social security spending could potentially strain government budgets leading to inefficiencies and impact economic growth negatively.
Major challenges that the sector has faced include inadequate coverage, financial sustainability, demographic shifts, and the digital divide.
