NASFUND Contributors Savings & Loan Society (NCSL)

In 2023, whilst institutions like the BSP Financial Group Limited, had their profits heavily impacted by the 45 percent Corporate Banking Tax which in turn affected Nambawan Super Limited; savings and loans societies like NCSL remained unaffected due to not being subjected to such tax announcing a net profit of K9.7 million for 2023.  

NCSL interviews its members and also regularly engages with their employers to keep being informed and understand the challenge and relevant practices in terms of processing member contributions and providing service efficiency by using the employer online portal.

Recently NCSL Banking and Receipting department hosted a three-day workshop for employers whose employees are members and contributors to NCSL.

This digital channel allows registered members to conveniently access their savings and loan accounts using their unique fingerprints, eliminating the need for paperwork, and reducing waiting times in the branches. 

The key features of NCSLs Biometrics Identification system are:

1. Instant access: Members can scan their fingerprints to instantly view and manage their personal account details.

NCSL Management representatives visited several companies which are playing a significant role as major contributors to NCSL, including Camp Administration, Ok Tedi Mining Limited (OTML), Milum, W&W. They also met with one of the SME women’s groups on March 27th and 28th. 

Chief Officer Member Services at NCSL Maranuf Tataeng  said the visit was aimed at:

In a media release, signed by NCSL Board Chairman Ian Tarutia, ncsl is undertaking a detailed and systematic process of checking and reviewing its I.T systems.

The exercise, which commenced last week after the threat was identified on March 1st, prevented members from accessing funds and conducting any online business, especially in their Poro accounts.

Members raised questions and heavily criticised the Society for taking too long to “fix” the problem.

This was the message relayed by NASFUND Contributors Savings & Loan Society (NCSL) to staff of Digicel at their head office in Gordon last week.

Digicel’s assistant payroll manager, Henry Yadai, said since the introduction of the Online Portal, he has been able to easily authorise staff applications to obtain loans or savings withdrawals with NCSL.

Member Services & Branch Support Manager, Robert Thadeus, said the Education Savings Account will serve its purpose to meet education expenses only if supporting documents are provided with the application. 
 
“Most parents and guardians lodging applications for Education Savings Withdrawal do not attach supporting documents like school fee invoice, deposit slips, confirmation letter from school accepting child or invoice/quote from stationery supplier,” Thadeus said. 
 

NCSL now offers membership outside the NASFUND membership base following its annual general meeting in 2017 where NCSL members voted to allow for non-NASFUND members to be able to contribute to the society.

Being financially aware and adopting a savings culture for those rainy days is one of the messages that NCSL pushes in its awareness drive.

Recently NCSL was asked by Comfort Taxi Services Operations Supervisor, Mack Kupa, to conduct financial awareness to its employees on the Society’s product and service offerings.

Comfort Taxi Service has over 250 employees.