9pc interest to be paid to NSL accounts

Nambawan Super Limited (NSL) has announced a crediting rate of 9 percent interest to be paid to member accounts following a declared profit of K404 million from 2016.

The announcement was made today by NSL Board Chairman, Anthony Smare, in front of members, NSL staff and the media.

Smare said despite the challenging economic conditions of 2016, NSL was able to generate a 44 percent increase in profit from K280 million in 2015 to K404 million last year.

"The 9 percent crediting rate will be applied to members’ balances over this coming weekend," he said.

"The 9 percent is also applied to the balances of the Retired Savings Account (RSA) of retired members as well as the unfunded state component, which the state owes to 2715 exited members who are yet to be paid K113 million."

Smare added: "The strong profit achieved is a result of prudent careful management in investments, good governance and strong focus on realised gains."

NSL has, over the last four years, achieved a total profit of K1.4 billion and have credited to members an average of 8.2 percent interest.

Current net assets have also grown from K3.7 billion in 2012 to K5.8 billion today.

NSL has around 160,000 members from around 250 employers in both the private and public sector.

Picture credit: Cedric Patjole

Cedric Patjole