NICO Pension Reports Huge 14% Bonus for NICO Ufulu Unrestricted Fund

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Despite the economic challenges the country is facing due to the global CoVID-19 pandemic, NICO Pension has managed to manage its unrestricted fund NICO Ufulu well, which has reported a strong return on investment as of December 31, 2021.

Thus, it allowed the company to declare a 14% bonus for its members, up from the 9.3% bonus declared in fiscal 2020.

Making the statement last Friday, NICO Pension Managing Director Gerald Chima said it was good news for their customers who were informed about the development through a webinar where they took advantage of the opportunity to enlighten them on new innovative developments.

“The 3-day seminar – which ran from Wednesday to Friday – aimed to share with our clients how we manage their umbrella funds,” he said. “The 14% bonus is net after meeting all other requirements such as taxes and other costs.

“We also reassured them that the NICO Ufulu unrestricted fund is economically stable and very secure since it is insured with NICO Life, so any economic shock is recovered by the insurance system.

Managing Director of NICO Pension, Gérald Chima

“In the event that the economy dips or we post negative returns, the value of member funds does not decline as NICO Life injects stimulus funds.”

He said customers have been told about the big improvements in pension administration, saying there are a number of technology applications that members can access from the comfort of their own homes using mobile phones. .

“Thanks to these applications, customers can consult their accounts and modify certain personal data. They can download these apps through Istore’s Playstore and they can also use USSD *323# access,” China said.

These new technological ideas come from the newly developed Innovation Center, which the NICO Group launched in February, which offers customers innovative and easy access to its products and services.

This is part of NICO Group’s alignment with its digitization strategy moving forward after 50 years of being the largest financial services provider.

The Innovation Hub was launched in recognition of the important role that technology and digitalization play, and will continue to play, as enablers of development around the world – part of the MW2063 vision which aims to build “A rich and empowered inclusive society”. dependent nation.

Among other things, the Hub helps insurance customers to renew their premiums online while those wishing to join the system could learn about available products and services through a chat box and all their questions will be answered instantly.

It also helps customers open accounts with NICO Group subsidiary, NBS Bank, on their own, without visiting a bank teller or NBS Bank agent, but only through their phone or laptop and by using their national identity number.

Founded in 1971, NICO is the pioneer of financial services in many ways as it was the first company to list on the Malawi Stock Exchange in 1996 and the first Malawian multinational when NICO Zambia was established in 1997.

It is also the first to build a multi-purpose shopping mall, Chichiri Mall, in 2000 and the first to list its subsidiary, ICON Properties, on the Malawi Stock Exchange, after a 10-year period without a new listing in 2019.

NICO Group’s strong presence in the country is through financial services ranging from life and general insurance, pension administration, banking, asset and capital management; infrastructure development and property management; hospitality, technology – all while benefiting from remarkable commercial footprints outside the country.

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