NCSL reviewing external report

Business

THE board and management of the Nasfund Contributors Savings and Loan Society Ltd (NCSL) is considering an external consultant’s review of its plan to become a bank.
Chief executive officer Vari Lahui said the NCSL wanted to become the best electronic bank (e-bank) in the country.
He said the external consultant reviewed the NCSL strategy and submitted a report to the board.
“The board and management will soon discuss the report and (decide) on a path towards realising the aspiration to become a bank,” Lahui said.
NCSL is yet to apply for a licence with the Bank of PNG but has already held discussions.
“Getting into the banking arena will enable NCSL to service a greater number of customers who will enjoy the value proposition offered,” Lahui said.
“NCSL is already providing high returns to members on funds placed under its care and has managed to maintain consistency over the past few years.
“It also provides a very good service proposition with quicker turn-around times on applications lodged by members.
“The NCSL will also provide a range of products and services such as foreign currency transactions and home loans to customers.
“Everything that we do is with our members/customers in mind and there is a lot of work happening in the background to enhance our offerings and ensure NCSL remains the preferred financial institution for banking services. There are some initiatives planned for rollout during the course of 2021 and we will make announcements at appropriate times.”
He said the NCSL was operating on a skeleton staff because of the Covid-19 to reduce the risk of transmission.

2 comments

Comments are closed.