Experience in other countries indicate that financial institutions have proven to be the vehicle of change in the lives of millions of rural communities.
The Nambawan Super Limited launched its new product today that will help the mass population cultivate a culture of saving and in turn improve their livelihoods.
The new product called “Choice Super” will enable Papua New Guineans from both the informal and the formal sector to save towards their retirement savings on a voluntary basis.
Chief Executive Officer of Nambawan Super, Garry Tunstall said the product is aimed at giving everyone in the country a chance to save with deposits as low as twenty kina.
The product Choice Super was developed to facilitate Voluntary Superannuation Services targeting the informal sector market with a minimum regular contribution of twenty kina on a fortnightly or monthly basis.
Assistant Governor Financial Systems Stability group, Ellison Pidik, who was the guest speaker for the day added that Choice Super is a new product and potentially brings under the umbrella of superannuation a large sector of the population which is not included at present.
He also added that financial education and awareness should be given out so that people understand the need to save.
He said eighty one percent of the country’s population is unbanked and with these type of services, that number of people can be reached.
Just under 3 million PNG’s economically active part of the 7.6 million population, are demanding savings accounts but could not be able to open one due to many factors such as inaccessibility, stringent requirements by financial institutions, lack of proper knowledge and information or some are scared to enter banking premises. With this new product, anyone earning any form of income and not contributing to an approved superannuation fund in PNG can join.
The services and benefits of this new product include Housing Advance Scheme, Nambawan Loyalty Discount and Nambawan Savings and Loans.
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