youSave loMobile Recognised: 106,281 deposits digitally made since launch
The Solomon Islands National Provident Board has won the ‘Innovation & Technology Award’ for their digital savings channel “youSave loMobile” at the 2021 SICCI Business Excellence Awards on 20 November 2021.
The Innovation & Technology Award is for businesses that have effectively used innovative approaches to their business operations and utilised technology or digital solutions to advance their businesses.
Speaking after receiving the award the CEO /General Manager of SINPF Mike Wate in his short remarks, said when receiving the award “signified a meaningful and successful public-private partnership (PPP) between various stakeholders”.
The meaningful PPP is the “x” factor in the successful creation and launch of the simple innovative digital solution that touched the lives of many Solomon Islanders, making it easier for them to regularly contribute to their youSave retirement saving accounts with the Fund. Without physically visiting any of the 3 NPF offices.
The partners with the SINPF are the, Central Bank of Solomon Islands, Solomon Telekom Company Limited, Bmobile, and the IRD of the Ministry of Finance. The United Nations Capital Development Fund (UNCDF) with funding support from the Australian Government provided technical support to the partnership.
Just 3 months after the launch of youSave loMoble the heatmap of transactions originating from this digital service were recorded in all the 9 provinces of our country.
From the 4th quarter of 2019 when the service was launched in December 2019 to the 2nd quarter of 2020, a total of 31,533 deposits were made through youSave loMobile compared to 10,176 deposits manually made for the same period.
From the 3rd quarter of 2020 to the 1st quarter of 2021 a total of 74,748 deposits were made through youSave loMobile, an increase of more than 137% between the two periods.
Whilst 10,039 deposits were manually made at our 3 office locations in the above same period.
To date youSave memberships has grown to more than 30,200 members as at 30 September 2021 with more than 53% of these members female.
CEO Mike Wate also thanked the Central Bank of Solomon Islands for nominating the Solomon Islands National Provident Fund Board for the award.
He dedicated the award to the 30,219 youSave members.This is the 2nd time the SINPF Board was recognized. Previously at the 2019 Business Excellency Award the SINPF Board was awarded the Business Contribution to Sustainable Development and Community Award for its then new retirement savings product the youSave, and the ultimate Prime Minister’s Award.