NPF Launched 10-Year Strategic Plan
By Sharon Nanau
The National Provident Fund (NPF) launched its 10-year strategic plan (2024-2034) on Friday.
In an interview with SIBC news NPF CEO Mike Wate said two key areas the strategic plan aims to improve is strengthen the retirement fund management and enhance their service delivery to its members through technology.
“There are several pillars and enablers if I can pick out two key areas, one is investment returns where we want to grow our members funds for their retirement, make good investment that will give value to their funds over the years they stay with the fund. The other key area is on technology we are aiming to adopt the best available technology that we can use to service our members more especially in accessing their funds from anywhere,” he said.
Mr Wate added that with people now living longer it is important for NPF to secure and grow funds for its members’ retirement.
“Once members funds are with us it is our obligation to grow the funds for them so when they retire in their early fifties or late seventies as now the country’s life expectancy has increased and people now live longer so you need more money to support yourself after retirement so that’s why under the strategic plan we aim to make good investments,” he said.
The NPF strategic plan was launched under the four strategic pillars investment returns, membership growth, exceptional member services and trust.
In his presentation of the fund’s 10-year plan Communication Team Chair and NPF Assistant Manager Investments Albert Afu said the four pillars in the strategic plan will guide NPF operations in the next 10 years.
He said the fund intends to implement these pillars by fostering an environment of innovation and accountability to better serve the growing needs of its members.
‘Under the high level strategy we have four main pillars we have investment returns which is in the interest of every member, for membership growth we’d like to see growth overtime and in getting members we’d like to provide exceptional member services, there is innovation happening in terms of technology to keep members informed also trust, we manage people’s funds and within our culture there is strong leadership in terms of governance, risk management so we have our internal audit looking after that section, we strive to earn and keep our members trust,” he said.
SIBC news understands work on the NPF 10-year strategic plan started in 2021.
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