Nasfund, ESP seal deal for savings, investment opportunities

THE National Superannuation Fund (Nasfund) has signed a memorandum of understanding with the East Sepik government to provide assistance in savings and investment opportunities in the province.
It was signed by Nasfund chairman Charles Vee and East Sepik Governor Allan Bird in Wewak last week.
Nasfund joint chief investment Officer Judah Waffi said the memorandum was developed after Nasfund was asked by Bird to provide support in creating a savings culture, especially for the farmers in the province.
“This addresses two things: Promoting a savings culture and harnessing investment opportunities,” Waffi said.
East Sepik is a leader in agriculture commodities particularly in cocoa, vanilla and coffee.
Most farmers make a lot of money but do not have a savings culture which this will try to address for cash crop farmers.
Nasfund as a superannuation provider is encouraging a savings mindset.
Bird plans to develop the East Sepik economy, especially the cocoa industry, into a K100 million economy in five years.
“Given these results, we stand ready to play our role as a partner in the development of this part of the country,” he said.
Nasfund is to make available its services and products including promoting the fund’s savings products, as well as connecting farmers with short-term savings option, the Nasfund Contributors Savings and Loan Society. The MOU covers information sharing, particularly in regards to the provincial commerce industry database, to ensure that companies are compliant in terms of paying superannuation for their employees to an authorised superannuation fund.