Poro account can cater for members’ salaries: Official

THE nasfund contributors savings and loan society (ncsl) Poro accounts can cater for members’ salaries, chief executive officer Vari Lahui says.
Lahui confirmed this after members’ raised queries on the possibility of using Poro accounts for the processing of salaries by their employers.
He said that members’ without bank accounts could opt for their salaries to be processed into their respective Poro accounts with a turnaround time or processing service standard of less than 24 hours.
Lahui added that in anticipation of the next phase of the Bank of Papua New Guinea’s (BPNG) retail electronic payment system.
The system which would open the payment ecosystem on both local and internal exchange to include non-banks and financial institutions, processing of salaries into the Poro accounts was expected to be instantaneous.
“At this stage, some parts of the payment ecosystem are limited to commercial banks only, such as participation in the Kina automated transfer system while non-commercial banks are excluded.
“Once BPNG launches the second phase of Reps, all participating financial institutions like ncsl will enable its members and customers to undertake instantaneous transfers between accounts at each of these participating institutions,” Lahui said.
He said to revolutionise the payment ecosystem in the country would be to enable members’ salaries paid by member employers’ into their employees’ Poro accounts at ncsl and members would have instant access to the funds using their Poro cards.