Nambawan Super Ltd reveals challenges for members

 NAMBAWAN Super Ltd (NSL) says lack of nominated beneficiary is one of the challenges it faces from its 61,000 members.

Chief operating officer Charlie Gilichibi highlighted others including incomplete applications, lack of housing advance repayment and new members joining without bio data.

He said employers were not submitting contribution in electronic format.

Speaking at the superfund’s employers’ conference in Port Moresby last Friday, Gilichibi said: “Ninety per cent of applications coming in to the fund have been incomplete, if applications are not complete, members will not get respond from us.

“Last October-November, this has improved, now 95 per cent of applications coming is complete.

“For our 61,000 members, payrolls (employers) need to add new members all the time; we (NSL) have an issue where we have to create default accounts to keep their contributions.

“Last 10 years, Nambawan Super paid K80 million as housing advances to 8000 members.  

“Only 4000 members repaid. 

“We now have requirement that you will now need to effect the 2 per cent deduction before we process your housing advance.”

He told participants at the employers’ conference that NSL would be introducing some new products this month.

Gilichibi said NSL was yet to capture 100,000 more members in its voluntary contribution product and 50,000 more in the savings and loans.

He urged members who were without the NSL identification cards to approach their branches to obtain them. 

“Employers, please bring your employees to take ID cards to prevent fraud. Drivers’ licences and bank accounts can be falsified, but not the ID cards. We currently have 40,000 ID cards,” Gilichibi said.