BOFUS Funeral Scheme As Strong as Ever, Radikolo
Staff Writer | Monday March 1, 2021 09:56
Radikolo added that Bofus membership had been growing at a satisfactory rate in recent times with subscription figures almost tallying with the Bosetu membership.
Bofus funeral scheme caters for the funeral benefits of members and their families.
In recent years its profit reached 25 million since 2016 thanks to strategies put in place to contain the traditionally high operating expenses.
For his part Bosetu treasurer Samuel Aboneng explained that Bofus continue to show healthy status as revenue growth continues to register over 500% growth since 2016 as total revenues exceeded P25 million for the third year running.
Aboneng added that one of the milestones of Bofus growth had been its acquisition of Thusanyo Funeral parlour, which enabled Bofus to provide many critical services in house, as well as leveraging on Thusanyo funeral parlour's foot print and good will to diversify service offerings to non Bosetu members.
Bosetu Secretary General Tobokani Rari added that last year Bofus added another company, an insurance broker of its own in an effort to offer more life related insurance products designed in house as well as reducing service costs to Bofus and members.
“The insurance broker, Bofus Insurance broker, is a separate entity from Bofus and was established only last year. It is this Bofus Insurance company that recently NBFIRA published a notice about, which was misunderstood or in some cases deliberately distorted”, Rari added.
“ It is a minor problem of subscription, really, which was a result of delays in transactions between banks, which we were not aware of until the regulator published the notice about Bofus insurance broker; but we have since met the regulator, had a cordial discussion and advised that we file our written appeal for consideration which we did on Friday 26th Feb 2021”, Rari said.
The Bosetu Secretary general added that they added the brokerage at the advise of actuarial scientists who looked at Bofus’ books and advised that a company of its nature would yield even more if it had it’s own in house insurance; “The ultimate goal is to have our own in house under-writer, a full fledged insurance company which will underwrite or insure all the insurance products to cover the various products we have for members, from loans, merchandise, funeral benefits, as well as introducing new products, and casting the net wider and beyond just members; so the Bofus insurance broker in that sense is not just a start up, we are talking about a game changer which can have a significant impact as a serious player in the national economy”, Rari elucidated.
“So we urge members of Bosetu to relax, the picture remains as healthy as they know it from the annual Bofus annual general meeting updates, we remain the open and transparent organisation that they have always known us to be', Rari said.