NCSL asset value hits K100m

Business, Normal

The National, Friday November 1st, 2013


THE NASFUND Contributors Savings and Loan Society asset size has grown to K100 million, up K89.9 million, or 89.9%, from K10.1 million 10 years ago, general manager Vari Lahui says.

Speaking during the NCSL’s 10th year anniversary celebrations yesterday, Lahui said because of this achievement, the society became the biggest in the Pacific.

In 2003, NCSL had a membership of only 14,002 and a loan volume of K447,000.

Lahui revealed that membership in all 14 provincial centres had increased to 67,000.

Membership savings had increased K78.4 million, or 816.66%, to K88 million, from a measly K9.6 million in 2003.

“We managed to increase the volume of loan by 20%, which is a pleasing result. NCSL expects another good turnout this financial year as we continue to review and refine products and services for members,” he added.

Lahui said NCSL had tapped into recent trends in technology to meet demands from customers, who were now using smartphones to access its services.

Earlier this year, NCSL launched the Android-powered touch screen service to allow members to access their savings account data.

Lahui stressed the service was another information technology concept that tapped into recent trends using smartphones.

The Android technology allowed members to download the application from the NCSL website, which provided information on loan eligibility, savings and loan balances, transaction history and member’s account status.

To mark its anniversary yesterday, the NCSL gave away a Nissan Prairie to Jack Nagisago of Mainland Holdings, whose name was drawn in a raffle contest.

Nagisago qualified for the draw after he sought for a K700 loan with NCSL.