NCSL’s technology investment pays off with growth in savings

Business

Nasfund Contributors’ Savings and Loan (NCSL) Society’s significant investment in technology to improve delivery of services to its members has paid off with growth seen in its savings and loan portfolios.
General manager Vari Lahui attributed this business growth to the embracing of technology by members when undertaking to save with and/or borrow from NCSL.
He said the introduction of technology had resulted in increases to member traffic for services.
“Such improvements have resulted in average growth of around 30 per cent on the loan portfolio,” Lahui said.“Whil strongly growing the loan portfolio, the delinquent loan levels have been reducing.
“They are now at historical low levels, providing for a healthy loan portfolio which is expected to reach K100 million early in 2019.
“With many members’ embracing technology to do their transactions, this has also resulted in NCSL seeing an average annual growth of 20 per cent in member deposits.”
Lahui said the growth also reflected trust and confidence that members had in prudent financial management of the society.
He said that total member deposits was K158 million and shone a positive light on the growing savings culture among the workforce and ordinary Papua New Guineans.
Lahui encouraged members to continue saving and take advantage of the relatively good returns offered by NCSL on all its savings products.

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