Dedicated to equity in South Africa

NJMPF’s proud history of sustained success is built on a foundation of empowerment, motivation, and transparency, says Samukelisiwe Ngcamu

For over 80 years, NJMPF has thrived in South Africa’s retirement fund industry, consistently redefining the standards of excellence in our field. We have three core attributes at our foundation: empowerment, motivation, and transparency. These are not just values we uphold but are the driving forces behind our continued success.

In a country where only 6% of the population is on track to retire comfortably, our role as a pension fund extends far beyond mere financial management. Serving even the most remote areas of KwaZulu-Natal, we recognise the profound responsibility we bear in addressing the critical issues facing our nation.

One of these challenges is the significant gender disparity in leadership, with women holding only 26.5% of top management positions in South Africa. Moreover, with just 42% of adults being financially literate, there is a pressing need to enhance financial education and access. Our commitment is clear: we are dedicated to improving financial literacy across South Africa and empowering individuals with the knowledge they need to secure their financial future. By tackling these challenges head-on, we are not only supporting our members but also contributing to the broader goal of a financially secure and equitable society.

Crafting excellence: NJMPF’s approach to managing South Africa’s top retirement fund 

Our recognition by The European as ‘Best-Managed Retirement Fund in South Africa’ is no accident – it’s the result of a strategic approach to selecting our board of trustees and ensuring that diversity is at the heart of our team. Female empowerment at our Fund isn’t a token gesture, it’s a core principle that drives our success. Our women excel from junior roles to top leadership positions, making them natural choices to lead and champion various departments within our organisation. Currently, 30% of our board of trustees are women, and a significant portion of our top management positions are held by women. This level of inclusivity ensures that diverse perspectives and voices, especially from previously marginalised groups, are represented and valued. Our commitment to excellence is further evidenced by our recent achievement – a clean audit from the Auditor-General. This accomplishment reflects our forward-thinking approach, where financial performance is seamlessly aligned with sustainable and ethical practices, year after year. 

Being also recognised as ‘Pension Fund of the Year in South Africa’ by The European is a title we wear with pride and honour. This recognition reflects our unwavering commitment to using our resources to educate and nurture, especially through programmes aimed at addressing the significant gap in financial education across the country. In many schools, financial education is either absent or too superficial to equip students with the essential skills needed to manage their finances effectively. Beyond the classroom, there are no structured financial literacy programmes available to community members, their families, or the organisations they belong to. Financial literacy remains inaccessible and is often overlooked as a priority, despite the fact that nearly every decision in life involves a financial element. This lack of emphasis on financial education leaves many individuals unprepared, leading to a generation of financially illiterate adults. 

Wisdom that guides 

“Ugotshwa usemanzi” is a Zulu saying which translates to, “A tree is bent while it is still wet” – this wisdom guides our actions, especially when it comes to shaping the future of our communities. In 2023, during the Mandela Day commemoration, we identified a library in Port Shepstone that desperately needed revitalisation. Recognising the library’s importance to the local children, we not only revamped the space but also established a financial literacy information centre. We stocked it with books that explain financial management in simple, accessible terms for young minds.

Our CEO Bongi Mkhize, alongside local municipal authorities, attended the launch, witnessing the pure joy of the black woman who originally founded the library. Her happiness, knowing that this initiative would bring lasting change to her community, was incredibly fulfilling for us as a fund. But our efforts don’t end there. During our regular visits to current members, we go beyond just sharing information. We bring along various stakeholders from the financial sector, including representatives from the South African Revenue Service (SARS) and the Financial Sector Conduct Authority (FSCA). By collaborating with these organisations, we ensure that our members receive comprehensive support and guidance, empowering them with the financial knowledge they need to thrive. 

In our ongoing efforts to empower the younger generation, we recently organised a financial exhibition for a local high school, at our NJMPF offices. We brought together leading banks such as Absa, Standard Bank, and FNB to participate in this event. The goal of this initiative was to equip young people with the essential skills needed to navigate the ever-evolving financial landscape. By exposing them to real-world financial practices and challenges, we aimed to not only enhance their understanding but also identify areas within our society that still require focused attention and development. In South Africa, where youth unemployment stands at around 60%, financial literacy is a critical tool for fostering economic resilience and independence among young people. Through initiatives like this, we are committed to bridging the gap in financial education and empowering the next generation to make informed financial decisions that will positively impact their future.

In conclusion, our commitment to empowerment, motivation, and transparency has been the foundation of our success in the retirement fund industry for over 80 years. By addressing critical issues such as financial literacy, gender disparity, and community upliftment, we strive to create a financially secure and equitable society. Through strategic initiatives, from revitalising local libraries to hosting financial exhibitions, we are not only educating but also empowering future generations. As we continue to lead with inclusivity and ethical practices, our recognition as ‘Pension Fund of the Year’ in South Africa is a testament to our dedication to these values and our ongoing impact on society.