BSP, Nasfund partner to streamline member services

Long queues at Bank South Pacific [BSP] branches for National Superannuation Fund [Nasfund] members are set to be significantly reduced following the signing of a Memorandum of Understanding [MOU] in Port Moresby this week.

Under the agreement, BSP and Nasfund will collaborate to securely share members’ bank statement information with members’ consent.

This is to eliminate the need for them to physically visit branches to obtain statements when applying for partial or full withdrawal of their superannuation contributions.

Nasfund Chief Executive Officer Rajeev Sharma said the initiative would greatly improve convenience for members.

“This addresses the need for members to personally visit branches to obtain bank statements when processing their withdrawals,” Mr Sharma said.

BSP Group General Manager- Retail, Ronesh Dayal, welcomed the partnership.

“This enhanced service is a shared commitment to putting customers first,” Mr Dayal said.

He added that the initiative will be implemented toward the end of this month.

BSP is also considering similar partnerships with other superannuation funds in the future.

“Since 75% of Nasfund’s members have accounts with us, we wanted to roll out the service with them first,” Mr Dayal added.

Sharing similar sentiments, Mr Sharma added that Nasfund is looking forward to forming similar partnerships not only with banks but also with other financial institutions, as part of ongoing efforts to improve services for the fund’s 724,000 members nationwide.