Debit Card to help NCSL save K150,000

Business

By GYNNIE KERO
NASFUND Contributors Savings and Loan Society Ltd (NCSL) will now be able to save K150,000 it pays to commercial banks each year for processing of members’ deposits.
This was according to the society’s general manager Vari Lahui during the launch of NCSL’s Debit Card and its Electronic Funds Transfer at Point of Sale (Eftpos) terminals in Port Moresby on Friday.
He said with the card, known as Poro, members would have instant access to funds after approval of loan or savings withdrawal applications among others.
Lahui highlighted that the card was linked to the Transaction Account and NCSL would be paying interest on the credit funds sitting in the transaction account.
He urged members to start directing their salaries into their NCSL transaction accounts.
“The Poro card is a domestic debit card and offers similar access to card services offered by commercial banks where card holders can make daily purchases and obtain cash advances,” he said.
“With the launch, there is no longer the need to remit funds to the members’ account at the commercial banks because this will also save NCSL K150,000 each year that we paid to commercial banks for processing of member deposits into those commercial bank accounts.
“The launch is a historical occasion for the PNG banking and financial sector
“As today’s (Friday) launch sees a non-bank financial institution becoming an issuer as well as an acquirer of debit card transactions in PNG.
“Initially, the NCSL Poro cards will be used on NCSL branded Eftpos terminals
“It is expected that card holders will use their cards on any domestic terminal or ATM when Bank of PNG retail electronic payment system is expected to be launched during the third quarter of 2019.”
NCSL’s membership is around 115,000 covering both the private and public sector with 19 locations.

3 comments

  • I did not know that I can have my salary paid into my Pro Account with NCSL. Well done NCSL. I am sick of unnecessary fees charged by commercial banks. NCSL need to do more awareness on this and other services.

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