Nasfund has signed a partnership agreement with MiBank to enable more citizens in the informal sector to save for retirement through the National Superannuation Fund's (Nasfund) Eda Supa product.
Under the agreement, MiBank will develop a member onboarding software that will be used by MiBank agents and Nasfund officers to register citizens.
The Memorandum of Agreement (MOA) is for an initial two-year period and was signed by Nasfund Acting CEO Rajeev Sharma and MiBank CEO Tony Westaway.
Nasfund Acting CEO, Rajeev Sharma believes this partnership is exciting for the Fund, as it leverages MiBank's technology and track record to deliver quality service to Nasfund's Eda Supa members.
As part of the Board of Nasfund's strategic direction on member benefits and offerings, this initiative recognizes the importance of partnering with a leading-edge technology-savvy bank like MiBank to drive innovation, enhance products and services, and ultimately deliver greater value to members.
Through this software, member biodata and monetary transactions will be captured accurately, ensuring timely updates of member details and superannuation accounts. This solution will improve service delivery to Eda Supa members and enable them to consistently increase their contributions as they see their balances increase each time they make a deposit to Nasfund using the new platform.
MiBank CEO Tony Westaway is also excited about the partnership, as it will widen the net for financial inclusivity and allow more customers to save for retirement through Eda Supa.
MiBank is the leading banker of rural Papua New Guineans and those in the informal sector, with over 16 branches and 280 agents nationwide. The bank works 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 their digital platform, MiBank has opened up to 467,000 accounts for customers nationwide.
Nasfund and MiBank are working together to ensure more Papua New Guineans are ready for tomorrow.
The Fund would like to thank MiBank's CEO Tony Westaway, COO Trudi Egi, the Board, and staff for supporting Nasfund in this initiative. The two organizations look forward to partnering in the coming weeks and months as they welcome new members.