Savings and Loan Society aims at increasing it members

THE Financial and Private Sector Savings and Loan Society Ltd plans to increase its members and become competitive in the market, says chairman Douna Vaname.
Vaname told members during the annual general meeting in Port Moresby on Saturday that the society now had about 1,900 members.
“We need the management and board to make a decision (to) get family members on board,” he said.
“If we are at 1,900, it can double if members get their family members on board.
“The management will look at some form of reward if a member brings in new members.
“That is down the pipeline.”
Meanwhile, name change has also been proposed (Our Toea Savings and Loan Society).
It was initially registered as the PNG Banking Corporation Staff Savings and Loan Society in April 1979, an internal lending unit within the bank.
In June 2006, the Bank of PNG approved the name change to the Financial and Private Sector Staff Savings and Loan Society.
Its savings account products include primary savings, school fee savings, Christmas savings, equity savings, child saver and medicare savings.
Its loan products and services includes general loans at an approved ratio of 1:1, affordable repayment of 1 per cent interest per month over 36 months.