Society opening more centres in New Ireland

THE Niu Ailan Savings and Loans Society keeps expanding into centres in the province with opening of a branch at Konos in the Sentral local level government (LLG).
The Niu Ailan Savings and Loans Society, which is a member of the PNG Federation of Savings and Loans Society, was founded by former premier Pedi Anis and is a home-grown New Ireland financial institution.
It was established in 1995 through a collaboration with the New Ireland commerce division and the Bank of Papua New Guinea and obtained a banking licence from BPNG in 2019.
Anis said the vision and purpose of the society was to create a pool of funds through savings and to assist its financial members through loans to improve living standards.
“Membership is open to New Irelanders and any other Papua New Guineans living in the province,” he said.
He said the society had a base of more than 24,000 members and a deposit base of K17 million and loans portfolio of K8 million.
Anis said all members were stakeholders and owners of the institution.
While no dividends were paid, interest of three per cent per annum was on the members savings balances at the end of each quarter.
The Niu Ailan Savings and Loans Society has branches in Kavieng town, Namatanai town, Lihir, Umbukul and Silur.
“We are working on Lakuramau and Simberi to meet the immediate demand from potential businesses in those locations.”
Governor Sir Julius Chan commended the society for the initiative.
Sir Julius said his government would work closely with the society and challenged them to be different.
“We are ready to back you up,” he said.
“When you start something there is no stopping, so go for it.”