KUCHING: The Memorandum of Agreement (MOA) for Affin Bank Berhad’s appointment as the manager of the Sarawak Endowment Fund (EFS) 2.0 from January 2025 to December 2029 is in its final stages of completion.
Minister of Women, Childhood, and Community Wellbeing Development Datuk Seri Fatimah Abdullah said the transition is progressing smoothly, although cooperation with Bank Islam remains ongoing as accounts opened over the past five years are still active.
“The relationship with Bank Islam will continue until (all accounts) reach 18 years old.
“However, for new applications starting in 2025, Affin Bank will be the strategic partner, with different terms compared to those previously offered by Bank Islam,” she told a press conference after chairing the Sarawak Endowment Fund (EFS) Committee Meeting and EFS distribution to recipients at Baitulmakmur I building here today (May 5).
She explained that parents can apply manually for the fund at any of the 49 National Registration Department (JPN) Sarawak branches.
“My ministry is also working on introducing an online end-to-end application process, set to launch in July 2025, which is currently under development,” she added.
Earlier in the meeting, she outlined the EFS 2.0 scheme, managed by Affin Bank starting in 2025, features a revamped structure comprising two main accounts and one additional benefit, with a projected total value of RM2,442.12 after 18 years.
