Lahui reveals big projects for NCSL

Business

Many projects will be rolled out this year as part of Nasfund Contributors’ Savings and Loans (NCSL) Society’s progress towards achieving its vision of becoming a bank by 2020.
General manager Vari Lahui said in a statement that this included plans to roll out debit cards in the first quarter of this year, together with launch of its own fleet of point-of-sales (POS) terminals.
“NCSL’s very own POS terminals will come with added functionalities such as agency banking and mobile payment capabilities,” he said.
“NCSL plans to distribute around 50,000 debit cards as part of the debit card launch, which will allow its members do everyday transactions such as purchases at supermarkets and shopping centres.”
“In essence, the NCSL debit card will be linked directly to the member’s transactional account at NCSL.
“This will no longer require members’ funds to be deposited with commercial banks, allowing instant accessibility to members’ funds.”
Lahui said Bank of PNG was expected to roll out on the retail electronic national payment system (Reps) sometimes this year.
He said that this would create more competition and was expected to see a reduction in the costs of financial services.
Lahui said NCSL had changed its constitution, which now allowed for membership outside Nasfund.

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