The Government Institutions Pension Fund (GIPF) says it has embarked on Business Process Improvement (BPI) project, which aims to improve efficiency in its operations.
According to the fund, the initiative to see increased automation in its operations as part of efforts to reduce operational errors.
“GIPF also embarked on an ambitious Business Process Improvement (BPI) Project, with the aim of securing significant operational efficiencies across the Fund’s entire service supply chain. Through this project, we will stream-line business processes, reduce potential risks, increase the pace of service delivery, and minimise processing errors. The process involves increasing automation and introducing user-friendly applications to enhance the convenience for members in accessing and sharing information, and to reduce the turnaround times for benefit pay-outs,” GIPF Chairperson Goms Menettè said during the funds stakeholders’ consultative meeting held in Opuwo.
He said the fund, which now has assets valued at N$117 billon, has also invested in various initiatives aimed at improving information systems (IS) capabilities and processes, and enhancing our information technology governance practice.
“GIPF caters to a growing membership base, which currently stands at over 135,000 in the form of active members and annuitants. These members demand nothing less than the highest level of service delivery. Hence you will appreciate that no region, town or village is without GIPF members. GIPF really seeks to live to up to its value of providing service excellence,” the GIPF Chairperson said.
He maintained the fund remained in a good financial position, a position which the sector regulator, the Namibia Financial Institutions Supervisory Authority (NAMFISA) can verify.
“NAMFISA conducts routine inspections to examine the fund’s overall risk management strategies and compliance with relevant regulatory requirements. The investments that the Fund makes on behalf of its members are guided by leading global practices, with the guidance of a qualified Investment Consultant and are reviewed by an Actuary on a regular basis,” Menettè said.
“NAMFISA conducted a follow-up inspection on GIPF in November 2018, and based on this inspection, the fund was assigned the highest assessment of stage 1. This is an indication that the fund’s affairs are managed prudently and that it complies with the relevant laws and regulations.”
Last month the fund announced that it is planning to invest N$7.2 billion locally to achieve the 45 percent domestic asset requirement as mandated by NAMFISA’s regulation 13.
The Fund is a significant investor in the country and has up to date invested the value of N$44.67 billion as of 28 February 2019, with N$5,5 billion having been invested in unlisted investments.
The GIPF has embarked on stakeholder engagements as part of its 2018-2023 corporate strategy aimed to improving its contact with its customers.