Covid-19 has no significant impact on firm: Exec

TEACHERS Savings and Loan Society (Tisa) has not been severely affected by Covid-19, says chief executive Michael Koisen.
Koisen said during the announcement of Tisa’s 2019 financial year bonus interest payment for its 65,000 members in Port Moresby yesterday that they had their business continuity plans.
“The only issue that we are concerned with is when the Government payroll is affected, because that is where our cash follow comes from,” he said.
“If that begins to dry up then we have a very serious issue but we have business continuity plans and risk counters that we have in place to address the issues that we encounter.
“We have respond to the regulators and request for a three month repayment holiday for those that are directly affected by Covid-19, so they have to apply for that and indicate that they are affected by Covid-19.”
Tisa chairman Gabriel Tai urged members to get their YumiCards (Tisa’s debit card which can be sued to make payments in the place of cash) so that they could access their savings.
Tai said Tisa was committed to seeing its membership grow and along with its investments.
He said in 2005, Tisa had only 10,000 members and the membership grew 65,000 in 2019.
“Membership has grown significantly,” he said.
Today, Membership consists of mostly registered teachers and public servants nationwide.
Tisa has 14 branches nationwide
The society intends to establish branches in all the provinces in Papua New Guinea where feasible.
Tisa was established in 1972 and will celebrate its 50 years of existence in 2022.