CBSI GOVERNOR VISITS PAYMENT SITE FOR MEMBERS UNDER EXEMPTION ORDER

The Governor of Central Bank of Solomon Islands (CBSI) Dr Luke Forau has paid visit at the payment location site for members under Covid 19 exemption orders yesterday.

Chief Executive Officer (CEO) of Solomon Islands National Provident Fund Board SINPF Mike Wate has invited the Governor Forau to observe how the payment process and procedures are implemented at the payment location site by SINPF staff.

At the location site, Mr. Wate explain to Governor Forau that at the payment site the SINPF staff were delegated with different responsibilities to serve member payments under Covid-19 exemption orders.

CEO Wate told Governor Forau that the SINPF Board was fortunate to engage UNCDF Digital Finance expert Mr. Sanjay.B.Shah to architect some strategies on how the payment should be delivered effectively and efficiently.

Mr Wate said it’s a learning experience as a first of its kind to happen to SINPF Board since its existence in 1976. Even during the social unrest in 1998-2003 the Minister of Finance or the government then did not provide exemption orders for members to access part of their NPF contribution.

He said such payout to members will go down in SINPF Board 44 years’ history. SINPF will learn from this experience and in the future Fund will have a precedence to lean on when such crisis arises.

Governor Forau was impressed with the payment process SINPF has implemented through the candid assistance by Sanjay because it is easy for members to collect their payments efficiently at the site after having their application processed at the office.

With the large volumes coming through, processing at our back office was challenging This is the 3rd day payouts were made, with advice for collection of payments by members

made through their mobile numbers. There are members with no mobile numbers and also members who missed their collection dates and times. These members are requested to contact the Fund on 673 or on our 2 direct lines 25147 or 25149 go to the payment site for their payments for those who received their messages.

For the past 3 days more than 1,300 members were requested to collect their payments at the collection site. This number excludes those members whose payments will be credited to their bank accounts. This class of members will be advised as well through their mobiles once payments are made to their respective banks.

For members with amounts below $5,000 the first batch will start receiving their payments on Friday 17 April and they will be advised through their mobiles.

The Covid-9 exemption order was effective on 1st of April 2020 to expire on June, 30th 2020.