Despite the tough economic challenges faced, Nambawan Super Limited announced positive results for 2022.
Nambawan Super Limited (NSL) Chairman Reginald Monagi stated that the economic challenges faced were in terms of investment performance which come under pressure due to a combination of factors like high global and local inflation, continued supply chain disruptions, rising fuel and energy prices, introduction of the additional company tax on BSP Financial Group Limited, late payments of state rental arrears, unfunded State Shares and vested benefits, rising interest rates from Central Banks globally but falling yields on local fixed-income investments, and the slowed economic growth of the world’s major economies.
Chairman Monagi said despite those mentioned issues, the Fund managed to come with positive results for members, Nambawan Super’s net asset value now totals K8.99 billion (an increase of K170million), net profit for the year 2022 is K144 million, interest credited to member accounts is 1.6%, total contributions of K1.03 billion (an increase from K935 million), total member payouts were K1 billion to 30,000 members (highest ever), Fund membership grew to 220,410 from 214,540 members in 2021(an increase of 5000), 19% increase in retirement savings account members, and 5.3% increase in Choice Super members.
With these positive 2022 results accomplished the Fund (NSL) had supported members through K167 million State Share Benefits paid out to members, K99 million housing advance paid out to support 5,375 members purchase, build, improve their home and member payouts of K1 billion through exits, Normal & Death Benefit Payments, transfers and monthly unemployment benefits to over 30,000 members and beneficiaries.
Mr Monagi said this is quite a significant achievement for Nambawan Super, as it shows clearly that regardless of economic conditions or social factors, members’ funds will always remain safe and will be available to them as soon as they are ready to retire.
