The National Superannuation Fund, Nasfund, has signed a Memorandum of Understanding with the East Sepik Provincial Government to provide assistance to the provincial government in savings and investment opportunities in the province.
It was signed by Nasfund Chairman Charles Vee, and East Sepik Governor Alan Bird in Wewak on Friday December 11 2020, and is the first for the Fund with a provincial government.
Nasfund Joint Chief Investment Officer (JCIO) Judah Waffi, said the MoU was developed after Nasfund was asked by Governor Bird to provide support in creating a savings culture, especially for the farmers in the province.
“This Mou addresses two things; Promoting a Savings Culture, and harnessing investment opportunities.
East Sepik province is a leader in agriculture commodities particularly in cocoa, vanilla and coffee. Most farmers make a lot of money, but many do not have a savings culture.
This MoU will try to address that for our cash crop farmers.
Nasfund as a superannuation provider is encouraging a savings mindset for the long term.
This MoU also creates the opportunity for East Sepik Provincial Government and Nasfund to work together on mutually beneficial investment opportunities in the province, especially the major impact projects, whether it be agriculture or other industries as well.”
In terms of investment, Governor Bird has a vision of turning the East Sepik economy, especially the cocoa industry, into a K100 million economy in five years.
That would mean investments in the various industry as well as in other industries that support Cocoa and other commodities like rice, palm oil, Petroleum, minerals, timber and fisheries.
Work has already begun on this vision, with results already showing.
Given these results, we stand ready to play our role as a partner in the development of this part of the country.” he said.
Through the MoU, Nasfund is to make available its services and products by promoting it and conduct awareness with the help of the provincial government.
This includes promoting the Funds savings products, as well as connecting farmers with our short-term savings option, Nasfund Contributors Savings and Loan Society (NCSL).
“The MoU also covers information sharing, particularly in regards to the provincial commerce industry database, to ensure that companies are compliant in terms of paying superannuation for their employees, to an Authorised Superannuation Fund.
This allows for both parties to monitor how many companies operating in East Sepik are registered with Nasfund as contributors and pay superannuation for their employees.
This is a long term commitment that our Chairman has signed,” Mr. Waffi added.