By GIDEON NYENDWA
THE National Pension Scheme Authority (NAPSA) has signed a Memoranda of Understanding (MOUs) with Zambia National Commercial Bank (Zanaco) Bank and ABSA Bank to increase the processing capabilities of the NAPSA partial withdrawal payment.
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NAPSA Director General Muyangwa Muyangwa said the signing of the MOU with the Banks would help decongest the NAPSA offices because people would be able start the processing process from the two Banks.
He also said NAPSA would roll out mobile offices to facilitate the processes of partial withdraw of NAPSA benefits in rural areas and the first one would be in Kabompo Northwestern province.
Mr Muyangwa indicated that the authority has so far paid out a total of K1.7 billion to over 51 000 members across the country as of yesterday morning.
He said the MOUs signed with the two banks would increase the processing capabilities and help create more service points.
Mr Muyangwa said this during the signing of the MOUs with the banks at their respective offices that the partnerships involved the provision of office space and facilities across the country.
He said NAPSA would train bank officials with basic services to enable the beneficiaries claiming pre-paid lumpsum benefits from the Banks.
And Zanaco Chief Executive Officer Mukwandi Chibesakunda said they support the move by the government to allow for the partial withdraw of pensions to give citizens the opportunity to re-invest the funds in the economy.
“This was commendable because it was key in accelerating economic activities across various sectors and injecting liquidity into the economy,” he said.
She said with Zambia looking to be middle income country by 2030, it was critical that there was sufficient liquidity in the economy to accelerate commerce, trade and industry which would result in job and wealth creation.
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