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NCSL announced plans to evolve into commercial bank

By Meriba Tulo – EMTV News – Port Moresby 


A major Savings & Loans Society has announced plans to one day evolve into a commercial Bank.

In an interview with EMTV News, Nasfund Contributors Savings & Loans Society (NCSL) has explained the reasons behind an ambition to be a one-stop-shop bank by 2020.

NASFUND Contributors Savings & Loans Society commenced operations in 2003. Since then its membership has grown to one of the largest within Savings & Loans in the country.

NCSL recently celebrated its 15th Anniversary – EMTV News spoke to the society’s Chairman and General Manager, on the journey so far.

According to Chairman Ian Tarutia, the positive growth by the society has been made possible by sound management.

From just under ten thousand contributors when it began, NCSL’s growth over 15 years has seen total contributions now exceed One Hundred Million Kina.

But there is room for more growth, with the society opening up membership to contributors from outside NASFUND.

At the management level, a large part of the operations focus is on improving service to members, who are located throughout the country. This has been done through various mediums, most notably through electronic channels.

Whilst NCSL has been in operation for 15 years, it is already aiming to expand its offering.

A major focus is on evolving into a commercial bank – NCSL has set itself an ambitious target to become a one-stop-shop bank by the year 2020.


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