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An agreement has been signed to allow more Papua New Guineans in the informal sector to save for retirement through Nasfund.
Nasfund signed a partnership with MiBank, to develop a member onboarding software, which will be used by MiBank agents and Nasfund officers to register citizens through the Fund’s Eda Supa product.
The Memorandum of Agreement (MOA) for an initial 2-year period, was signed today by Nasfund Acting Chief Executive Officer Rajeev Sharma, and MiBank Chief Executive Officer Tony Westaway.
According to Nasfund Acting CEO Rajeev Sharma, this is exciting for the Fund, as it leverages off MiBank’s proven technology and track record and to enable quality service delivery to Nasfund’s Eda Supa members.
“This initiative is part of the strategic direction by the Board of Nasfund on the key focus area of member benefits and offerings.
As we all know, technology is at the heart of the digital age, and our organization recognizes the importance of partnering with a leading-edge technology savy bank like MiBank to drive innovation, enhance our products and services, and ultimately deliver greater value to our members.
The Fund is confident that through this software, member biodata and monetary transactions will be captured accurately, to ensure timely update of member details and superannuation accounts.
This solution will improve our service delivery to our Eda Supa members and enable our Eda Supa members to consistently increase their contributions as they see their balances increase each time they make a deposit to Nasfund using this new platform.
The Fund is excited at the impact this development will have on our members, especially in the informal sector who will use our Eda Supa product.
Nasfund would like to thank Chief Executive Officer Tony Westaway, Chief Operating Officer Trudi Egi, the Board and the staff of MiBank for supporting Nasfund in this initiative.
We look forward to partnering with MiBank in the coming weeks and months, as we welcome our new members.”
MiBank CEO Tony Westaway echoed similar sentiments.
“Mi-Bank is the leading banker of rural Papua New Guineans and those in the informal sector.
With over 16 branches and 280 agents nationwide, we work with account holders in Agriculture, Forestry, Mining and Petroleum project sites, as well as with SMEs in the informal sector in towns and cities around the country.
With the help of our digital platform, we have opened up to 467,000 accounts for customers nationwide.
This partnership with Nasfund will build on this, to widen the net for financial inclusivity and allow more of our customers to save for retirement through Eda Supa. We are working together to ensure more Papua New Guineans are ready for tomorrow.”
