NCSL members told to register ‘Kids Savings’ online

MEMBERS of the Nasfund Contributors Savings and Loans Society (NCSL) contributing to their children’s Kids Savings Accounts (KSA) are advised to have the accounts registered through the members’ online portal and mobile SMS service.
It will allow ease of access and visibility to account balance information.
The society said in a statement there was an increase of K454,000, in funds management savings under the Kids Savings Accounts.
It indicates the popularity of the product among members.
NCSL general manager Vari Lahui said it represented a 67 percent growth in the KSA since 2017.
He said the account was to foster a savings culture in young people as championed by the Bank of PNG.
Lahui said information on KSA was readily available, providing more visibility on the growing savings to guardians/parents and children.
The KSA is a trustee account for children who are under 18. A minimum contribution of K1 is required to open an account.