NASFUND and the National Fisheries Authority have signed an agreement to promote retirement savings for participants in the fishing sector.
The agreement signed yesterday will allow NFA and Nasfund to work together to enable more people in the fishing industry to save for their retirement.
NFA Acting Chief Executive Justin Ilakini said that since the launch of its ten-year strategic plan, the NFA is now creating strategic partnerships for the development of the fishing sector in PNG by empowering fishers to manage well. their finances and save for retirement through Nasfund.
He said the NFA through its credit programs has tried to help people in rural areas, however, most people need basic financial literacy training to manage and save. their income.
He said the coastal fishery in PNG has a biomass of 130,000 metric tonnes with an economic value of 3 billion K. The coastal fishery has the potential to surpass the tuna industry if properly developed in PNG.
“Nasfund offers a great opportunity for the fisheries sector through its coverage across PNG under its flagship program such as Eda Supa,” Mr Ilakini said.
We note that Nasfund has undertaken similar programs in the agricultural sector through smallholder farmers, and operators of coastal fisheries, inland fisheries and aquaculture will be encouraged to join Nasfund.
Nasfund CEO Ian Tarutia said the development is an extension of the Fund’s efforts to promote retirement across all industries for our citizens.
“In recent years, we have done our part to extend our services outside the traditional formal sector, to our members and potential members in the informal sector.
“This is seen in our members who are in the agricultural sector (cocoa, oil palm) and SMEs who save through our voluntary contribution product, Eda Supa. Currently over 35,000 Nasfund members are saving through Eda Supa. Their savings total over K67.5 million.
“We look forward to growing this number of members through this partnership with the NFA, and we are excited to welcome new members to the fishing industry in the weeks ahead,” he said.
Mr Tarutia said this was in addition to his current membership in the fisheries sector, which comprises 27 organisations, with a combined total membership of over 27,000 contributors across the country and a total of K52 million in savings funds held by Nasfund.
“Nasfund is also aware of the investment opportunities in the fisheries sector and welcomes participation.