Kids savings accounts growing

THE Nasfund Contributors Savings and Loan Society (NCSL) has more than 9,000 kids savings accounts (KSA) with over K1.86 million in total deposits.
Responding to queries from The National on the progress of this product, chief executive officer Vari Lahui said that membership under this facility continued to grow.
He said the product was introduced into the market in 2016, in line with the Bank of PNG’s financial inclusion programme to encourage and instil a savings culture among younger people.
Lahui said that the children’s savings account was a trust account administered by NCSL until a child turns 18 years of age.
He added that Nasfund Contributors Savings and Loan Society was not only a good place to save for employed parents and enterprising individuals but also encouraged children to get into a habit of saving at an early age.