Teachers Savings & Loans Society has launched a finance company called the TISA Community Finance.
The finance company was established to give members the opportunity to a range of financial solutions at affordable interest rates.
TISA Community Finance is a wholly-owned subsidiary of the Society and the members of the Society are the beneficiaries.
The long-awaited TISA Community Finance was finally launched last night in style at the Crowne Plaza.
Chief Executive Officer of TISA, Michael Koisen, said TISA needed to respond to the need for affordable, convenient and accessible financial services. He said the National Research Institute recently released an issue paper acknowledging the extremely high cost of finance in PNG. Mr Koisen said it’s no secret that the financial services sector is driven by profit, however, in his experience, he said finance companies can make a profit without being greedy.
TISA Board Chairman, Gabriel Tai, said the idea to establish a finance company dated back some eight years when members of TISA expressed their desire for TISA to provide additional financial solutions at an affordable price.
TISA Community Finance CEO, Richard Busby, said the company is well placed to support the Government’s SME and small business strategy and agenda which is aimed at ensuring that 450,000 Papua New Guineans own their own businesses by 2031.
The Company aims to provide new financial solutions to both members and non-members of the Society at reasonable interest rates. It will also promote financial inclusion by extending financial services through the Society’s existing branch network throughout PNG.
TISA Community Finance will become fully operational in a few weeks time.