NASFUND Contributors Savings & Loans Society Limited, NCSL, has opened its membership to non-NASFUND members.
This comes after members at today’s Annual General Meeting agreed to amend a clause from NCSL’s rules that limited membership of the society to members of NASFUND only.
The change is expected to boost membership growth for NCSL that already has over 85,000 contributors.
NCSL’s 2nd Annual General Meeting was held yesterday in Port Moresby and was attended by the board and management of the society as well as a number of its members.
Financial highlights for 2016 included a K4 million profit and interest crediting rate of 3.9% to members.
Total Assets increased by 11.9% to K145.1 million.
Total membership increased by 9.6% and members savings increased by 12.9% to K127.1 million.
NCSL was established in 2003 as a savings facility for education, school fee expenses as well as for other immediate financial commitments.
One of the highlights in 2016 was that NCSL commenced payment of monthly interest to its members’ savings accounts.
Staff of NCSL have undergone trainings in the essentials of savings & loans. This is to enhance performance for success to prepare for when NCSL becomes a one-stop-shop bank in 2020.