Partners to develop products to meet farmers’ needs

NATIONAL Superannuation Fund Contributors Savings and Loans Society (NCSL) is set to assist farmers in rural communities, according to a new partnership.
NCSL, along with six other Partner Financial Institutions (PFI), signed a memorandum of understanding (MoU) with the Centre for Excellence in Financial Inclusion (Cefi) and the Market for Village Farmers (MFVF) last week.
Chief executive officer Vari Lahui said the partnership was a first for the society.
“For NCSL members, they will be able to generate good returns on their savings and also have access to the lending facilities with better terms and conditions offered.
“The partnership provides NCSL with an opportunity to expand its membership base as well as look at opportunities to provide loan funding to participating farmers,” he said.
Under the MoU, NCSL, BSP Financial Group Ltd, MiBank, Women’s Micro Bank, People’s Micro Bank, Kada Poroman Microfinance and East New Britain Savings and Loans Society agreed to work with Cefi to develop innovative products and services to meet farmers financial needs.
The MoU will see the PFI’s partner with MFVF in implementing the project in six targeted provinces – Western Highlands, Jiwaka, Chimbu, Eastern Highlands, Morobe and East New Britain.
Cefi will facilitate the work of the seven PFIs through the establishment of the MoU and will provide technical assistance, with the support from an expert consultant to design and develop innovative financial products and services to meet the financial needs of MVF target rural communities.