NCSL sees growth due to better approval process

By GYNNIE KERO
Nasfund Contributors’ Savings and Loans Society’s (NCSL) growth rate has accelerated in the past five years on the back of enhanced approval processes, general manager Vari Lahui says.
Speaking at the society’s 15th anniversary in Port Moresby on Friday, Lahui gave an overview of NCSL’s operational achievements since 2003.
The society’s growing membership stands at more than 110,000 contributors ranging from infants up to 65-year-olds.
Total assets valued at K11 million since inception soared to more than K180,000 million 15 years later.
A notable improvement mentioned was the turnaround time in loan processing due to significant investments by the society in IT infrastructure.
“Previously, membership was restricted to just Nasfund members,” Lahui said.
“In 2016, the board changed the constitution and we (NCSL) are now open to membership from the public. Over the last five years, the growth has accelerated on the back of enhanced approval processes.
“When I joined the society in 2013, the time it took to approve loans was around a week for loans. Today we are turning around loan applications within 24 hours.
“The review of processes and introduction of technology has seen us deliver quicker and consistent delivery of service.
“A few months ago, we automated the loan-approval process.
“This has again reduced the time in processing and we are now more consistent.
“Most of our loans are done same-day. We have commenced work on the debit card and we are looking to deliver this in the first quarter of 2019.
“We are on track to achieve a lot of aspirations of the society but firstly, we must know what our members want.
“We are also looking at rebranding and work will begin next year.”
Board chairman Ian Tarutia said the membership base of 100, 000-plus made NCSL the largest savings and loans society by way of membership numbers. Since inception, NCSL has consistently recorded profits surplus,” he said.
“We have paid an average of over 5 per cent, equating to over K40 million interest over the last five years.”
Tarutia said despite challenges, “we overcame these challenges with commitment, passion sense of purpose, very late nights”.
“Today NCSL plays a significant role for Nasfund,” he said.
“It is able to provide the financial services and products that Nasfund is unable to provide. It is the glue that bonds the Nasfund membership.”
The society provides relief to the day-to-day obligations of members such as customary obligations and school fees.
It recently introduced products including the children’s savings account, and medical/ life insurance scheme called Nascare, amongst other.