Chief Executive Officer of Nambawan Savings and Loan Society (NSLS), John Solok has attributed the good performance result of NSLS to the hard working NSLS team as well as the support from its members.
NSLS recently announced their achievement of a net profit of K2.8 million, which represents a significant 51 percent increase from the previous year. Result of that, a final K16.4mn net asset position was achieved.
“This is a testament to the hard work and dedication of our team, as well as the trust and support of our valued members.
“In addition to our strong net profit growth and resulting in the K16.4mn set asset position, I am proud to report also that –
Our members’ savings have increased by 17 percent to K116 million. In 2023, we achieved the 100m milestones
- Loans book saw a remarkable 23% increase, to K59.7m (driven largely by our competitive rate, fast turn-around and quality of our membership)
- Record membership growth of 21%, achieving a total 41,946 membership supported through a network of employer partners of 190.
- Our focus in the last 3 years are starting to bore fruit, our dedicated business development team in the regions continue to drive high membership growth, the current growth has been similar to last 3 years, consistent
- It must be noted that our membership growth comparative to competition has been exceptional and we hope to continue on this trajectory into the future,” CEO Solok said.
In 2023, NSLS achieved an average savings at K2,500 per member showing quality of membership and customer satisfaction of 85 percent, which continues to remain their key selling point.
Significant to note is their commitment to encouraging gender equality with a growth of 43 percent. CEO Solok says they will continue to maintain female appeal and focus.
In his closing statement, Solok said, “I would like to extend my heartfelt gratitude to the Board, Nambawan Super (our biggest supporter), and all our stakeholders for their unwavering support and guidance. It is through your support that we have been able to achieve such outstanding results, and we look forward to continuing our partnership in the years to come.
“Thank you all for your continued support, and here's to another successful year ahead. Let us continue to work together towards a brighter financial future for all our members.”