The National Service Authority (NSA) has announced a strategic partnership with Absa Bank Ghana and the National Service Personnel Association (NSPA) to introduce an overdraft facility for all active National Service Personnel (NSP).
The initiative aims at directly addressing delays in the monthly allowance disbursement cycle and will offer immediate financial relief to personnel nationwide.
Director-General of the National Service Authority, Madam Ruth Dela Seddoh said: “We hear the frustration of our service personnel and we are taking concrete action. Delays in releasing funds have, at times, placed hardship on young graduates serving their nation. This NSA partnership with Absa Bank – facilitated by the National Service
Personnel Association, who played a pivotal role in brokering the collaboration and
represented the collective concerns of personnel across all regions – will ensure that no NSP will be left stranded due to timing mismatches between their service and their allowance”.
Under the agreement, Absa Bank will provide qualifying NSPs with an overdraft facility at up to 85 percent of their monthly NSA allowance. This advance will ensure personnel can access funds for essential needs seamlessly.
Key features of the facility include: Zero interest for the duration of the delay; no collateral requirements for NSP; and automatic repayment once the NSA releases delayed allowances.
The facility is available to all active NSP with an Absa Ignition Account. The Absa Ignition Account is a free, youth-focused account with zero maintenance fees, a free international debit card for online transactions and up to GH¢100,000 travel insurance cover.
Service personnel can open an Absa Ignition Account through their NSA student online submission portal for seamless onboarding.
Edward Nartey Botchway, Managing Director of Absa Bank Ghana Ltd. said: “At Absa we understand how allowance delays can put real pressure on young graduates, especially when they are trying to cover basics such as rent and transport. This collaboration with the National Service Authority and National Service Personnel Association aims to bridge that gap and ensure a delay in disbursement does not become a crisis for our national service personnel”.
The Authority expressed appreciation for the cooperation and dedication of all national service personnel contributing to national development.
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