NICO Pension declares significant 14% bonus for NICO Ufulu unrestricted fund
Despite the economic challenges the country is facing due to the global CoVID-19 pandemic, NICO Pension has managed to manage well its NICO Ufulu unrestricted fund, which has declared a significant investment return as at December 31, 2021.
Thus it is has allowed the company to declare 14% bonus for its members, which is up from 9.3% bonus it declared in 2020 financial year.
Making the declaration last Friday, NICO Pension General Manager, Gerald Chima, saying this was good news for their clients who were informed of the development through an online seminar where they took opportunity to enlighten them of new innovative developments.
“The 3-day seminar — which run from Wednesday to Friday — was to share with our clients how we are managing their umbrella funds,” he said. “The 14% bonus is the net after meeting all other requirements such as tax and other costs.
“We also reassured them that the NICO Ufulu unrestricted fund is economically stable and very secured since it is insured with NICO Life, such that any shocks to the economy is recovered through the insurance system.
“In the the case that the economy dips or we post negative returns, the member funds don’t go down in value because NICO Life injects in some recovery funds.”
He said the the clients were informed of the big improvements of the pension administration, saying there are a number of technological applications which the members can access in the comfort of their homes using mobile phones.
“Through these apps, the clients can view their accounts, change some personal details. They can download these apps through Playstore of Istore and they can also use USSD access *323#,” China said.
These new technological ideas are coming from the recently developed Innovation Hub, which the NICO Group launched in February that provides innovative and easy access to its products and services for clients.
This is part of the NICO Group alignment to its digitisation strategy as going forward after 50 years of being the largest financial service provider.
The Innovation Hub was initiated taking cognizance that the important role that technology and digitization play, and will continue to play, as a catalyst for development throughout the world — which forms part of the MW2063 Vision that aims to build ‘An Inclusively Wealthy and Self-reliant Nation’.
Amongst others, the Hub is helping insurance clients to renew their premiums online while those wishing to join the system would be able to enquire of the products and services available through a chat box and all their queries shall be responded to instantly.
It is also assisting clients to open accounts with NICO Group subsidiary, the NBS Bank on their own without visiting a banking hall or NBS Bank agent but just through their phones or laptops and using their National Identity number.
Established in 1971, NICO is the pioneer in financial services in many regards as it was the first company to list on the Malawi Stock Exchange in 1996 and is the first Malawian multinational when it established NICO Zambia in 1997.
It is also the first to build a multipurpose shopping centre, Chichiri Mall, in 2000 and the first to list its subsidiary company, ICON Properties, on the Malawi Stock Exchange, after a 10-year period of no new listings in 2019.
The NICO Group’s strong presence in the country is through financial services that range from life & general insurance, pension administration, banking, asset & capital management; infrastructure development & property management; hospitality, technology — while enjoying some remarkable business footprints outside the country.
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