Society ready for opportunities, challenges: Lahui

 NASFUND Contributors Savings and Loans general manager Vari Lahui says the society will be ready for opportunities and challenges that may come from the revised Savings and Loans Society Act.

The revised act was proposed by the Bank of Papua New Guinea to enhance the growth of the savings and loans society industry. 

The act, currently under review by the National Executive Council, would see the cancellation of the savings and loans society act 1995.

Lahui said one of the significance of the revised act would be the possibility of multiple memberships for members of any society. 

“Under the current Act, multiple memberships are not allowed, so a member of a society cannot go and be a member of another society,” Lahui said.

“The revised act now allows for multiple memberships.

“While that may bring some challenges, we have the processes in place to ensure that any decision that may arise as a result of this change is better managed.

“And we work closely with the central bank to ensure that any risks that we may face is minimised”

Lahui said one of the changes may happen as a result of that revised act was that all the savings and loans society would now be required to register as companies under the companies act and would be required to lodge annual returns.

“Again these are some controls that have been brought in by the regulator, to ensure that the members are safe,” he said. 

“For NCSL we have done our work to ensure that we are ready to meet the requirements of the revised act.

“And we are ready to meet the opportunity that will come.”