What is GNAT mutual fund? How to Apply one?

The GNAT Mutual Fund serves as a vital financial safety net and support system for the dedicated educators of the Ghana National Association of Teachers (GNAT). Established through a Trust Deed in May 1998, this fund has been instrumental in providing teachers with a solid financial foundation as they approach retirement.

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Fund Overview

1. Purpose and Origin:
   • The GNAT Mutual Fund was conceived with the vision of safeguarding the financial well-being of GNAT members. Its primary objective is to offer a considerable lump sum to teachers upon retirement.
   • The fund’s inception involved a monthly deduction from GNAT members’ salaries, facilitated through a check-off system.
2. Loan Facilities: The GNAT Mutual Fund extends four essential loan facilities to its members, catering to various financial needs:
   • Personal Loan: Designed to address short-term financial obligations such as school fees, rent advances, and home repairs.
   • Habitat Loan: Aids GNAT members in overcoming accommodation challenges or realizing their dream of building a home before retirement.
   • Investment Loan: Empowers members with the necessary funds to pursue business ideas and ventures.
   • Vehicle Loan: Specifically tailored to finance vehicle purchases for loan applicants.

How to Apply

Check Out: How Do I Claim GNAT Contributions to Mutual Funds?

Applying for the GNAT Mutual Fund is straightforward. Follow these steps:

1. Dial *800# using any mobile network (Vodafone, MTN, AirtelTigo) on your phone.
2. Select the “Register” option from the menu.
3. Enter your staff ID.
4. Create a 6-digit passcode (e.g., 123456) to secure your account.

Important Note: During registration, you’ll be prompted for the passcode. If you haven’t received the passcode message from GNAT, reach out to your district GNAT secretary.

Member Benefits

1. Contributions:
   • As a member, you contribute monthly to the fund, which is then strategically invested on your behalf. Basic and optional contributions play a crucial role in building your retirement nest egg.
   • Group solidarity benefits are available in case of death or permanent disability, ensuring financial support for your loved ones.
2. Retirement Lump Sum:
   • Upon retirement, each member receives an exit package comprising their total contributions and accumulated interest. This lump sum provides financial security during retirement.
   • In the unfortunate event of a member’s passing, the exit package is paid to their nominated Next of Kin.
3. Death Benefits:
   • In case of a member’s demise, an exit package is calculated and disbursed to the Next of Kin based on predetermined percentage allocations made by the member during their lifetime.

Testimonials

“Their loan facilities helped me complete my first building project.” — Livingstone Avorgbedor, GNAT District Secretary – Akatsi District

Retire with Confidence

The GNAT Mutual Fund continues to empower Ghanaian teachers, ensuring that retirement is a time of financial stability and fulfillment.