Over 160 cocoa farmers in Madang’s Raicoast now have access to superannuation services, after registering as National Superannuation Fund (Nasfund) contributors.
Through Nasund’s Eda Supa product, members of Poro Cocoa Cooperative Society of Astrolabe Bay Local Level Government (LLG) formally joined the Fund, with the first group of farmers receiving their membership cards.
The registration of these farmers was made possible through the Fund’s partnership with Madang Cocoa Company Limited (MCCL) and Madang Cocoa Cooperative Association (MCCA).
Nasfund Special Projects Executive Judah Waffi led a team from the Fund’s Madang branch to Bang village, to present the farmers with their membership cards, and also register the remaining members of Poro Cocoa Cooperative.
When addressing the occasion, Mr Waffi explained the importance of saving through superannuation, and the benefits of saving with the country’s leading superannuation provider, Nasfund.
“The addition of Poro Cocoa Cooperative to the Nasfund membership is a milestone for the people of Madang in that Poro Cocoa Cooperative is the first in Madang Province to register as members of Nasfund. You now join more than 600,000 members from across all industries who contribute to the Fund.
As an active contributing Nasfund member, you can also benefit from services including the Nasfund Membership Discount Program (MDP) which allows you to earn discounts from approved MDP providers.
This is part of our efforts in ensuring that farmers and SME operators, including our cocoa growers across Madang Province have the opportunity to save for retirement, through superannuation, with Nasfund.”
Chairman of Bang Cocoa Cooperative Society, Solomon Dumuk acknowledged the need for his farmers to develop a savings culture – one that is now being nurtured in partnership with Nasfund.
“Previously, when our farmers sold their cocoa, almost all the money received was spent in town, with nothing saved for use later.
It was only through our umbrella association Madang Cocoa Cooperative Association and our cooperative owned company Madang Cocoa Company Limited (MCCL), that we were made aware of the opportunities to save through Nasfund’s Eda Supa product.
With support from MCCL, we were able to register the first 56 farmers, who today have received their membership Cards. The remaining 160 farmers will be registered in the coming weeks.
We thank Nasfund for seeing the need to assist farmers from Poro Cocoa Cooperative save for retirement through Eda Supa.
Our farmers are now ready for tomorrow.”