Vendors at the Madang town market now have a wonderful opportunity to open Nasfund superannuation savings accounts within the vicinity of the market.
This service was made possible following a recent signing of a memorandum of understanding (MoU) between Nasfund and the Madang Town Authority.
The instrument of the MoU was signed by Nasfund’s Head of Special Projects, Judah Waffi and the Madang Town manager, Chris ToRot.
The product is relevant and convenient for rural vendors to access optional superannuation of Eda Supa. Once they open an Eda Supa account with K100 they can begin saving any amount from their earnings.
Mr Waffi, explained to the vendors the advantage of saving in the superannuation and generally the saving culture to the people inside the market and the passersby.
The MoU between the Nasfund and MTA paves the way for the sharing of information with Nasfund to identify companies and businesses for compliance to Superannuation General Purpose Act 2000.
It will also provide Nasfund a specific area within the Madang Town Market as a business area where Nasfund would use to provide basic superannuation services such as awareness and registration of new members.
The MoU is for a five-year term and the parties agreed that the MoU be reviewed once every twelve months.