General Manager Mike Wate made the call when releasing the Fund’s financial and operational performance report for the year ending 30th June 2019.
He said the informal sector pension scheme youSave continues to expand with 9,871 members registered with a total balance of $7.5 million by the end of 30th June 2019.
“The level of savings grew by more than 300%, from the previous year level of $1.8 million and 6,950 new members joined the youSafe during the year,” he added.
Wate said the informal sector scheme has continued to expand its popularity and coverage was extended to all provinces of the country with the exception of Renbel Province.
“As we speak, membership has continued to expand growing to more than 11,400 savers with a total savings balance of $9.8 million” he said.
He said in a multi stakeholder project, the SINPF youSave team commenced work with the two mobile network operators and Central Bank of Solomon Islands (CBSI), Pacific Islands Financial Inclusion Program (PFIP) and United Nations Capital Development Fund to develop and pilot an Airtime Project where youSave savers can convert their airtime into their youSave savings.
“This will be an exciting project and once successful will enable youSave members to make their savings right from the comforts of their homes,” he said.
The Solomon Star understands the youSave saving is much convenient in terms of withdrawals as it allows four times per year for withdrawal by savers.
The scheme is designed for the informal sector, especially farmers, fishermen, betel nut vendors and those engaging in other small income generating activities.
By IAN M.KAUKUI