Savings society grows

Business, Normal

THE Nasfund Contributors Savings & Loan Society (NCSLS) has the potential to become one of the largest savings and loans societies in the country in the not-too-distant future, chairman and Nasfund joint chief executive Ian Tarutia said.
He disclosed this to the members and employer representatives at a seminar in Lae.
Mr Tarutia said results for NCSLS as of July 31 were:
*Total assets of   K52.118 million;
*Member savings of   K42.6m;
*Net assets of K 4.89m;
*Cash profit of  K377,756;
*Total loan book of   K19.483m;
*General reserves of   K3.663m;
*Total membership of 36,000; and
*Total payout of  K1.898 million including loans to 7,556 members.
“When this is compared to industry statistics, NCSLS membership constitutes 13.6 % of total industry membership, its total assets constitute 7.2 % of total industry asset size and its member savings constitute 12.9% of industry savings aggregate,” he said.
“When you consider NCSLS started six years ago, with K6 million and 9,000 members, this is a remarkable achievement.”
Recently, the society upgraded its management information system to improve reporting functionality and was in the process of updating all member balances and personal account details, Mr Tarutia said.
 “This is a priority area for NCSLS as the demand for loans and withdrawals has increased significantly.
“When a member sees a deduction this fortnight, he is enquiring the following week for a loan or a withdrawal,” he said.
“That is the type of turn-around members expect these days and therefore our processes and systems must be able to meet this.
“That is the core of this business, service delivery in the shortest possible time.”