The challenges of PNG’s economic environment in 2016 did not stop NASFUND from continuing to grow its membership base at the same time adequately servicing its half a million contributors nationwide.
New branches were opened in Bialla in West New Britain Province and Wabag in Enga Province. Its Boroko Client Service, the Fund’s largest branch also underwent a major refurbishment to improve members walk-in experience.
The Boroko Branch will be opened to members in early February this year. A total of 983 shop floor presentations were carried out throughout the country covering over 60,200 members while the Fund actively participated in the Bank of PNG’s Financial Inclusion Expo held in Mt Hagen in July 2016.
A highlight of the year was the receipt of over K1 million from the Autonomous Region of Bougainville Government being superannuation savings for ABG leaders and their staff.
Chief Executive Officer Ian Tarutia said that 2016 was busy year for us, with focus on servicing our membership.
“Our branch officers travelled extensively visiting new establishments as well as existing contributors. We did a remarkable job under current circumstances processing 74,000 member transactions paying over a total net of K 437.5 million in superannuation entitlements. Our membership grew by 5% to 537,000 contributors and considering high unemployment trends in the private sector this is a commendable achievement. We did this by targeting SMEs and the agricultural sector, especially in the Oil Palm industry.
This is where the opportunities for wider member coverage are.”
He said that for 2017, “we are reviewing our investment portfolio and asset allocation strategy with the view of improving our cash returns given the softening of capital gains which were key drivers of profitability in past years.”
“We will also be focusing on delivering value added services to members through improved systems and through our Savings & Loan Society – NCSL.”
He said that the FUND is seeing this year as a time for opportunities by being agile, responding to market conditions and going back to basics. And that is serving our members best interest.