The Nasfund Contributors Savings & Loan Society has the potential to become one of the largest savings and loans societies in the country in the not-too-distant future, according to chairman and Nasfund joint CEO Ian Tarutia.
This was revealed to members and employer representatives at a NCSL seminar held in Lae by Mr Tarutia.
He said results for NCSL as of July 31 were:
- Total assets of K 52.118 million;
- Member savings of K 42.6m;
- Net assets of K 4.89m;
- Cash profit of K 377,756;
- Total loan book of K 19.483m;
- General reserves of K 3.663m;
- Total membership of 36,000; and
- Total payout of K 1.898m including loans to 7,556 members.
“When this is compared to industry statistics, NCSL membership constitutes 13.6 % of total industry membership, its total assets constitute 7.2 % of total industry asset size and its member savings constitute 12.9% of industry savings aggregate,” Mr Tarutia said,
“When you consider NCSL started six years ago, with K 6m and 9,000 members, this is a remarkable achievement.
“Recently the society upgraded its management information system to improve reporting functionality and was in the process of updating all member balances and personal account details.
“This is a priority area for NCSL as the demand for loans and withdrawals has increased significantly.
“When a member sees a deduction this fortnight he is enquiring the following week for a loan or a withdrawal.
“That is the type of turn around members expect these days and therefore our processes and systems must be able to meet this.
“That is the core of this business, service delivery in the shortest possible time.”
In other highlights, NCSL has extended alliances with other business houses to provide a discount for services rendered to its members.
They are Eagle Hardware in Buka providing 5%, Loloata Island Resort 10%, Hardware House 10%, Pro Link 10%,
In November a winner for the third quarter draw for an airline ticket to any Airlines PNG domestic destination will be chosen.
Members who applied for a loan to purchase an APNG airline ticket are eligible for the draw.
Mr Tarutia also announced that the NCSL Board had appointed a new general manager and he was expected to take up office on Oct 19 once Bank of PNG had cleared his fit and proper status.
“A separate statement will be issued once the general manager assumes office,” Mr Tarutia said.