Coinciding with the launch of Todave Council Chamber at Silur in the Konoagil LLG on the 25th of August, the Niu Ailan Savings and Loans Society (NASLS) opened an agency office at the old Council Chamber premises.
New Ireland Governor, Sir Julius Chan, officially opened the premises in the presence of NASLS Executive, John Mara; Director, Gerard Penticost, their staff and members of the Provincial Executive Council that accompanied him to the last Kona of New Ireland.
Mr. John Mara outlined the importance of having the banking service in the LLG.
“In line with the MOU signed between the New Ireland Government and the Bank of Papua New Guinea we are reaching out to the unbanked population so we can encourage a savings culture,” said Mr. Mara.
He said the Konoagil LLG had a lot of economic potential through various logging activities and now the advent of the Carbon trade which has reached the area.
Mr. Mara asked the provincial Government to partner with NASLS in their quest to involve more savings and financial assistance for small businesses.
Governor Chan responded positively and praised the ongoing efforts of NASLS to become the financial vehicle to expand business opportunities for the people of New Ireland, especially in such isolated Council areas like Konoagil.
The New Ireland Government will assist by ensuring legitimate and hardworking businesses get their proposals endorsed by backing them up with 50 percent credit guarantee scheme. This will also be security for the bank.
“But the bank will have to be very mindful of who it lends to. Only those with a proven track record will be accorded the assistance,” said Sir Julius.