A strategic agreement has been signed between Papua New Guinea’s Leading Superannuation Provider, Nasfund, and the country’s fastest Growing Savings & Loan Society, ncsl.
The Memorandum of Agreement (MOA) signed by CEO’s of both organizations today will now allow Nasfund members to elect to use ncsl’s poro accounts to facilitate a seamless withdrawal of their super funds.
Termed as the “service under one roof” concept, this arrangement is now in place to benefit Nasfund members who can easily move their funds between Nasfund and ncsl.
Nasfund Chief Executive Officer Ian Tarutia said this arrangement further strengthens the collaborative efforts between the two organizations who share the same membership base and complement each other in their offerings to the members.
“Our primary focus is to always provide our members f convenient, affordable and efficient services. Exiting Nasfund members can now elect to use their ncsl poro accounts and other ncsl savings accounts to accommodate their superannuation fund withdrawals.”
The “service under one roof”, basically refers to an express lane that is now available to assist these exiting members that have difficulty in accessing banking services in a timely manner to assist with their superannuation payouts. ncsl promotes a savings culture and has other financial services as well available to those exiting nasfund members. ncsl is also in the process of launching a loan facility for its members interested in undertaking activities in the small-to-medium-enterprise (SME) sector. This facility is set to be launched in November, 2020.
ncsl Chief Executive Officer Mr. Vari Lahui said with ncsl’s swift on-boarding process, the exiting nasfund member is able to be registered within minutes, enabling faster turnaround times for both organisations.
Mr. Lahui said this express lane also provides an added pathway to foster an inclusive financial effort in line with the government’s development goals to promote a savings culture where members will be advised on savings and or, using funds to facilitate and enable them to participate in the SME space.
ncsl will also be launching the higher ratio 1:5 loans very shortly.
The express lane service is available in all ncsl and nasfund branches nationwide.