NASFUND Contributors Savings & Loan Society Limited (NCSL)

As part of its promotional plan in celebrating its 15th anniversary and the membership milestone, NASFUND Contributors Savings & Loan Society Limited (NCSL) has commenced its major loan promotion to give away K60,000 cash prize to lucky winners.

The promotion officially commenced on 23rd April 2018 and will run on for a total of 21 weeks, ending on Thursday 13th September for the draw to be done on 14th September 2018.

NCSL general manager, Vari Lahui, said the Society has achieved this milestone in a relatively short period of time, an indication of its strong performance since its inception, growing its membership from 18,164 in its first year to over 100,000.

Lahui added this demonstrates the trust and confidence that members have in the Society and NCSL continues to repay this through sustained profitability and consistent returns to members while offering innovative products and providing consistent quality service.

This follows the NCSL Board accepting the audited financial accounts for the 2017 financial year where they also announced a profit of K2.1 million.

Board chairman Ian Tarutia said they were happy with the result despite the challenging environment during 2017.

The NCSL Board approved to pay just over K4 million in interest to members, an improvement of 3.9 percent from 2016.

However, The Savings and Loan Societies (Amendment) Act 1995 requires that 20 percent of the net income be reserved while 80 percent can be distributed in additional interest to members.

The Society upgraded its SaveBal service to mobile banking, enabling members to do transactions on mobile phones.

With the recent upgrade through the Unstructured Supplementary Service Data (USSD) service, NCSL aims to ensure all its services are widely available and accessible to its members nationwide.

The NCSL mobile banking service doesn’t require internet connection and will come in handy for any financial need.   

The NASFUND Contributors Savings & Loan Society Limited (NCSL) has supported few charity and corporate activities in 2017 and believes that supporting community based activities, which benefit people or children either medically or through education, is an effective way of reaching out to the communities. 

Ending off last year’s leg of Corporate Social Responsibility (CSR) activities, the kind hearted staff of NCSL raised funds to purchase reading books and stationery.

NCSL’s new lending product, “NCSL FairPrice Credit Scheme” was developed to assist members purchase household goods at affordable prices and low fortnightly repayments. 
 
NCSL member, Sylvie Rupa Ikufu, recently bought household goods under this scheme via an NCSL loan and will be repaying at a low amount. 
 
“I have been considering the purchase of some household items for my new house but just thinking about my expenses and waiting for the right time to purchase. This opportunity came along when NCSL FairPrice Credit Scheme was introduced,” Ikufu said. 

They were there to learn about the products and services the Society offers to its members. 
 
“More than half of those present during the awareness session provided their signed membership applications and we are expecting to receive more new membership applications from the Naval base,” said Robert Thadeus - manager member services. 
 

The trial is being conducted in Port Moresby and Lae and then other provinces based on its success.

The roll out is part of the NCSL’s push towards the use of technology to carry out its services.

In June, NCSL purchased several tablets to register more members whilst at road shows.

Marketing team leader Evelove Farapo said the tablets are handy and will assist marketing officers to instantly register more members whilst at road shows.