Nasfund & CIC partner to promote superanuation savings in coffee industry

The National Superannuation Fund (Nasfund), and Coffee Industry Corporation Limited (CIC) signed a Memorandum of Understanding (MoU) on 14th April 2023, signaling the start of a partnership intended to promote the savings culture to participants within the coffee industry in Papua New Guinea (PNG).

This MoU, signed by the Fund’s Chief Executive Officer Rajeev Sharma, and CIC General Manager Industry Operations Steven Tumae on behalf of CIC CEO Steven Dambui, now enables the country’s leading superannuation provider and the nation’s lead coffee agency to work together to allow more people in the industry to save for retirement.

Commenting on this occasion, CIC GM Industry Operations Mr. Tumae welcomed this MoU as an important step to financially empowering coffee farmers in PNG.

“CIC has about 156 registered cooperatives across 17 provinces throughout the country that caters for our farmers. This agreement provides an avenue for our farmers to have access to vital financial services through superannuation.

Coffee continues to be an important export commodity for PNG, as almost 85% of the coffee produced in PNG is grown, harvested, and partly processed by smallholder growers. Coffee is therefore the leading source of cash income for a large proportion of the population.

The CIC team has been collaborating with the Fund’s Team Leader Highlands Region, Priscilla Wambi, to coordinate awareness to our farmers, starting in the Eastern Highlands Province. The first awareness was conducted in May 2022 at the Makia Community Development Corporative and it was a huge success.

It is only fitting to solidify these collaborative efforts under this MoU, and in partnership, plan and roll out financial literacy programs to our farmers across 17 provinces.

I believe our farmers will benefit from the financial services provided by Nasfund and we look forward to working together to reach our unbanked rural coffee farmers.”

Nasfund Executive Officer to the CEO Judah Waffi, was present at the signing and said this MoU marks another milestone for the Fund, in our continuous effort to promote superannuation and financial literacy across all industries for our citizens.

“As the leading superannuation provider in PNG, our responsibility is to make sure we do our part in ensuring as many Papua New Guineans have the opportunity to save and access superannuation services.

Through our Eda Super product, we extend our services to participants in the informal sector.

To achieve this we engage with key economic sector agencies. This agreement with CIC is an example of this.

Through this MoU, we can also explore potential high-impact investment opportunities within this vibrant economic sector.

We look forward to working with CIC as the lead agency in the coffee sector and are excited to grow our membership through this partnership.

Nasfund provides more than just a long-term retirement savings for our members. As a member of the Fund, coffee farmers will also benefit from our services, which include access to our extensive branch network, an online portal to check your superannuation account, and a dedicated call center to answer your queries.

Nasfund will also be providing Financial Literacy education to coffee farmers through the Fund’s partnership with the Center for Financial Inclusion (CEFI), to develop a savings culture through superannuation, so that they can have sufficient retirement savings in the future.

Members can also utilize the Fund’s Membership Discount Program (MDP), which allows you to save much-needed money, while you are an active contributor.

We look forward to working together to ensure our members in the coffee sector begin saving today so that they are ready for tomorrow”