The National Social Security Fund (NSSF) is supposed to be Kenya’s retirement safety net, protecting millions of workers in their old age. Yet, it operates under a troubling veil of secrecy, rarely publishing financial statements or explaining how taxpayer funds are managed.

Dare I say, the NSSF is like that flashy uncle who always shows up at family gatherings in a sleek car but never quite explains where his money comes from. He asks for cash, promises great returns, but dodges every question about where the money actually goes. Now, with the government demanding higher contributions, Kenyans are left wondering — are we investing in our future or simply pouring our hard-earned money into a financial black hole?

For an institution handling billions of shillings, transparency isn’t a courtesy — it’s a necessity. NSSF collects billions from workers annually, yet there’s little public information on how these funds are invested, what returns they generate, or whether contributors’ best interests are being served. If it demands more from taxpayers, it must justify its existence with open books.

The NSSF should be a financial powerhouse, driving economic growth and ensuring retirees live comfortably from their investments. But without clear financial reports, there’s no way to tell if NSSF is making sound investment decisions or throwing money into questionable ventures that benefit a select few. Are these billions being invested in blue-chip stocks and stable government securities, or are they vanishing into risky deals and politically connected projects? The secrecy fuels mistrust, speculation, and potential mismanagement.

And what about returns? Every month, Kenyans watch NSSF deductions disappear from their payslips, yet they have no idea how their money is growing — if at all. This is as private pension schemes provide regular updates, breaking down returns and projections in detail to their shareholders. If private firms can offer this level of transparency, why does a public institution funded by hardworking Kenyans remain so secretive, or what is it that they are hiding?

Accountability is another glaring concern for shareholders. Who exactly is watching over the NSSF’s financial decisions? The government? Auditors? A secretive boardroom committee? Or is it Atwoli?

The absence of clear, accessible reports makes it impossible for contributors, employers, or oversight bodies to scrutinise its operations. When an institution controls billions in taxpayer money, the public has the right to demand regular audits and full disclosures. Without these safeguards, mismanagement, corruption, and inefficiencies thrive.

This opacity has serious consequences, as can be seen from the lack of trust in NSSF, which has hit rock bottom, thanks to past scandals involving misappropriated funds. Indeed, many workers see their contributions not as an investment in their future, but as a forced deduction with no guarantee of returns.

Pensioners frequently struggle to access their rightful benefits, stuck in bureaucratic hurdles and endless delays. How can the government expect Kenyans to commit more money to a fund that refuses to be accountable?

A transparent, well-run NSSF could be a game-changer for Kenya’s economy. With billions in contributions, it could finance infrastructure, housing, and key industries while ensuring workers see competitive returns on their savings. But this potential will remain untapped unless the fund operates with openness and integrity.

The solution is straightforward. The NSSF must publish financial statements detailing income, expenditures, investments, and returns. Independent audits must be conducted and made public to restore confidence. Stronger oversight mechanisms are necessary to prevent mismanagement. Other countries have successfully implemented pension fund transparency measures — Kenya should do the same.

If the government insists on increasing mandatory NSSF contributions, which is fine, it must first prove the fund is being managed efficiently and ethically. Kenyans must not be forced to pour more money into a system that refuses to account for itself. Is transparency such an unreasonable demand? Without it, the Fund risks further eroding public trust and failing in its duty to provide financial security for the very people it claims to serve.

— The writer is People Daily’s Business Editor