NCSL anticipates good results by December despite coronavirus pandemic

Business

THE Nasfund Contributors Savings and Loans (NCSL) says it anticipates a strong finish towards the end of the year despite certain parts of its business being affected by the Covid-19 since April.
Chief executive officer Vari Lahui however, said NCSL had been able to fully implement its business continuity plan (BCP) during the Covid-19 pandemic with restrictions in place.
Lahui said the overall loan portfolio was now expected to grow since April and membership growth expected to increase towards the end of the year.
“We have invoked our business continuity plan and since then, month on month, our portfolio has started growing again,” Lahui said.
“The membership growth has started again and despite the restrictions in movement, we have been able to manage a steady growth of our membership.
“We are currently sitting at around 133,000 members and our plan is to finish the year at 150,000 and so there has been a drive at the moment.”
Lahui said NCSL would also be launching three new loan products next month which would include a new SME (small to medium enterprise) loan, one-to-five loan and corporate motor vehicle loan on Nov 9.
He said the fund had been able to manage its loan portfolio and three loan types would incur strong portfolio growth towards the end of this financial year which is expected to progress further next year.

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