NCSL introduces fees to cut manual transactions and promote digital use

The National Business

Nasfund Contributors’ Savings and Loan Society Ltd (NCSL) has introduced a range of fees to discourage members from opting for manual transactions over the counter at its branches.
In line with its 2020 corporate vision of becoming a bank and promoting a paperless work environment, NCSL encourages and promotes the use of electronic channels.
NCSL has significantly invested in technology over the past few years and introduced electronic service delivery channels.
It has also automated processes resulting in greater efficiency and turnaround times on applications from members and would like all its members to fully utilise these electronic channels.
Notification of the new fees was communicated on Sept 11 after approval by the NCSL board and regulator Bank of PNG.
These are:

  • K1: Account keeping fee charged monthly on each savings account (excludes kids’ savings account);
  • K1: Manual transfer of funds via paper application;
  • K5: Merging of savings accounts; and
  • K5: Bank rejects due to nomination of incorrect bank account details

NCSL believes the fees are reasonable.
It will encourage members to use the various digital channels for all their transactional and service needs as well as provide accurate information for timely processing.
The range of electronic services introduced includes the biometric services with a self-service screen in each of the branches.
NCSL is now placing these devices in high foot-traffic areas such as Fair Price inside Courts, Brian Bell retail outlets and Home and More within CPL Waigani Central Complex as part of bringing services closer to its members.