PNG Superannuation Fund Nasfund Signs MoU With CEFI

 Papua New Guinea Superannuation Fund  Nasfund has signed a Memorandum of Understanding (MoU) with the Centre for Excellence in Financial Inclusion (CEFI) on March 31, 2022.

This MoU is a 12-month partnership between Nasfund and CEFI that enables both organizations to work together in providing financial literacy training to Nasfund’s more than 623,000 members.

(Left to Right): Judah Waffi (Head of Special Projects – Nasfund) & Saliya Ranasinghe (CEFI Executive Director)
(Left to Right): Judah Waffi (Head of Special Projects – Nasfund) & Saliya Ranasinghe (CEFI Executive Director)

The Fund’s collaboration with CEFI is important as it empowers Nasfund employees to be champion advocates of the savings culture through financial literacy.

Commenting on this development, Nasfund CEO Ian Tarutia was pleased with the partnership, which would benefit the Fund’s membership and the communities it operates in.

“The importance of saving for retirement is a priority for the Fund, especially when engaging with our members right across the country.

Educating our members on the pathway to a comfortable living after active employment,including how much is required to fund a meaningful retirement is a key focus for us. There is also the challenge of the unbanked segment of our population which is being addressed through the BPNG initiative to extend financial inclusion across the country.We support this program and will play our part in increasing coverage..

This is why working alongside CEFI under this partnership is especially meaningful in preparing our staff to drive financial literacy to our membership.

A well-informed membership makes well-informed decisions – this is crucial, especially in retirement.”

Under CEFI’s Training of Trainer (TOT) program, 60 selected Nasfund staff will undergo a 5-day training session conducted by CEFI aimed at equipping and upskilling Nasfund staff on the planning, delivery and monitoring of financial literacy training for Nasfund members.

CEFI’s reach for financial inclusion through Nasfund’s branch network and continuous engagement with its membership will be extensive. Nasfund is looking forward to working together with CEFI to promote financial inclusion through education.

Similar sentiments were shared by CEFI Executive Director Saliya Ranasinghe.

“Financial education plays a very important role as it brings new knowledge and changes attitude,” said CEFI Executive Director Mr Saliya Ranasignhe.

“We hope this initiative will change the lives of Papua New Guineans to have a better standard of living,” Mr Ranasinghe added.

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