NAPSA’s Outlook for 2020 amid COVID-19 Outbreak
The year 2019 was an assortment of both negative and positive experiences especially following the whirlwinds experienced in the economy which affected all the economic fundamentals. Despite those challenges, the Authority managed to weather the storm and came out with favorable performance in a number of indicators. Congratulations to you all for being part of the successful journey.
The year 2020 has begun on a rather shaky note with the global outbreak of the COVID-19 which has devasted the global economy. Zambia has not been spared and the impact will definitely be felt in the country for a long time. The Authority will definitely feel the impact too as we operate in the same environment. It is no doubt that many employers, employees and various other small and medium businesses will be affected as liquidity in the country will be constrained across a broad spectrum of industries. We must brace ourselves for hard times. We must relook at our corporate strategy and realign it to the prevailing circumstances.
In these circumstances, the safety and health of our employees and customers remain top priority. Therefore, we shall continue to implement preventive measures as guided by the Ministry of Health and other government institutions until the situation improves. For now, the scheme will continuously seek to leverage the available opportunities to increase returns on its investments, extend coverage to the informal sector and increase customer satisfaction through measures such as timely payment of benefits.
Additionally, the Authority will drive the growth of the scheme by ensuring that the fund is financially sustainable, continuously engage and educate its customers on their pension rights and obligations, innovating and modernizing process to enhance its operations and manage various risks associated with our business activities.
It should be noted that NAPSA has a mandate to provide social security coverage not only to the formal sector, but to those in the informal sector as well. In these uncertain economic times brought about by COVID-19, the informal sector will feel the most impact. Therefore, we will be focusing extra attention on this sector whose membership currently stands at just over 34,000 to ensure that these people are also protected.
In terms of service delivery in this environment, we have implemented a number of innovations to make it easier and more convenient for employers, employees and the general public to interact with us remotely. This must help to enhance compliance. Subsequently, this should contribute to the growth of the scheme and the economy in medium and long term.
I would like to urge you to stay focused on our strategic goals and to keep yourselves and your families safe as we go through this difficult phase.