NASFUND Contributors Savings and Loan Society (NCSL)

This equates to K 14.9 million that will be allocated to the savings accounts of over 142,000 members.

During 2022 ncsl paid an interim interest of 1.2% to members’ savings, equating to K3 million. After statutory reserving of 20%, ncsl will be paying an additional 4.8 % or K 11.9 million in interest to members.

This is a total of 6% for the 2022 financial year equating to K 14.9 million in interest on savings for ncsl members.

Other highlights for 2022 were:

The agenda included Minutes of the sixth AGM, Chairman’s report, Management report, presentation of the 2021 Audited Financial Statements, Appointment of External Auditors, and Remuneration of Board.

ncsl Chief Executive Officer, Vari Lahui, stated that ncsl managed to post very good results for the 2021 financial year despite the challenges presented by COVID-19 and interruptions caused by the relocation of its head office.

Pagini Clothing Ltd and CPL Group of Companies are the society’s top merchants having installed terminals in most of their branches followed by Nonko Ltd, Papindo and SVS.

NCSL recently installed 10 new terminals at two of Pagini Clothing Ltd’s second hand shops and 10 more installations at Pagini’s sister company in Lae, Nonko Ltd.

Pagini Clothing Ltd has a total of 18 NCSL terminals in all its eight shops in Port Moresby and 20 more to be installed in all other areas of Lae.

After the revised constitution allowing non-NASFUND members to join NCSL was approved during its Annual General Meeting (AGM), it required ratification which was recently approved.

NCSL general manager, Vari Lahui, called it a historical moment as it is part of the Society’s progression towards becoming a one-stop-shop-bank.

“We have received confirmation from the Registrar and will now commence active promotion of membership outside the NASFUND membership base, especially to the public servants,” said Lahui.