- September 25, 2019
- Posted by: fnpf_editor2
- Categories: Media Articles, News & Media
From October 1st, the Fiji National Provident Fund will make all payments electronically to its members and vendors.
This is part of the Fund’s efforts to shift its processes to digital platforms to boost efficiency, improve accessibility and allow for greater convenience for members. It is also one of the measures that is being implemented to strengthen the Fund’s internal processes.
All Fund payments will be done through electronic funds transfer (EFT).
Currently, more than 90% of the Fund’s payments are remitted electronically, however there are exceptions for those who do not have bank accounts.
“As part of the changes to our payment processes, we will no longer print or distribute cheques,” said Chief Executive Officer Jaoji Koroi.
“Members are encouraged to open their bank accounts to ensure that payments for any withdrawal assistance they access, are paid directly to their accounts.”
“This is about streamlining and shifting our processes to digital platforms that are available and ensuring the highest level of efficiency and convenience for our stakeholders.”
“While we were mindful of the fact that some members do not have bank accounts and some vendors prefer cheque payments, we’ve ceased this mode of payment because it is time consuming and costly.”
Going forward, Mr. Koroi said all payments will be done through EFT mode.