NAPSA Supplementary Savings Is Worth Considering—Despite Confusing iCARE Rules
NAPSA Supplementary Savings or NSS – NAPSA has introduced Supplementary Savings on its iCARE platform, giving Zambians an opportunity to save voluntarily beyond their compulsory pension contributions.
Unlike ordinary NAPSA contributions deducted through payroll, participation is optional. Members can opt in through iCARE and contribute according to their financial ability, without a publicly stated minimum or maximum contribution.
How the two savings pots work
Every contribution is automatically divided into two portions:
- Early Access Pot – 60%
- Retirement Pot – 40%
The idea is sensible. The Early Access Pot provides some financial flexibility, while the Retirement Pot protects part of the money for later life. NAPSA also states that interest will be declared and credited to members’ accounts at the end of each financial year.
Starting early matters because even small, regular deposits have more time to accumulate. For people who struggle to keep savings untouched in ordinary mobile-money or bank accounts, the restricted pot could provide useful discipline. Sometimes protecting money from ourselves is half the investment strategy.
The iCARE rules are confusing though
The current iCARE dashboard contains what appears to be a labelling mistake.
One rule says members below retirement age cannot access the Retirement Pot. However, the following rules say the Retirement Pot becomes accessible 24 months after the first deposit, with one withdrawal allowed per calendar year.
Those later rules presumably refer to the Early Access Pot, but NAPSA should correct or clarify the wording. Its earlier product information also indicated that withdrawals would be available after 24 months and then every two years—not once per calendar year as iCARE now states.
Are returns guaranteed?
No. The terms accepted during registration warn that invested funds are exposed to market risks and opting in does not guarantee returns.
Supplementary Savings is therefore not a fixed-interest bank account. Returns will depend on the performance of NAPSA’s investments.
Despite the unclear withdrawal wording, the product is worth considering for voluntary long-term saving. However, members should start with an affordable amount and obtain clarification from NAPSA before relying on the Early Access Pot for emergencies.