SSLS offers new loan service

 By GABRIEL FITO

THE Sepik Savings and Loans Society Ltd (SSLS) rolled out an emergency loan scheme in Wewak on Monday.

Depending on the pilot test, the loan product would be officially launched and introduced to its branches in Maprik, Aitape, Madang and agencies in Nuku, Lumi, Ambunti and Port Moresby.

Lending manager John Kontara said: “This project aims to address poverty alleviation through financial inclusion of the majority of PNG citizens who lack basic financial services.”

“SSLS being the only provincial based microfinance service provider within the Mamose region has been chosen to enter into a memorandum of understanding (MoU) with the microfinance expansion project (MEP), qualifying it for technical assistance and enhance capacity-building to improve on better financial services delivery standards within the region.

“Rolling out of the emergency loan is the beginning of few more other such products to promote savings culture and to meet any emergency situations. 

“This was made possible by the product development and marketing team from MEP,” Kontara said.

Under the scheme, members can borrow between K250 and K2,000, with interest rate at 12% per annum or 1% per month, same day disbursement over the counter with no strict documentation.

The other loan schemes to be rolled out in the coming weeks will be:

-Group loans (for small groups of seven to 10 members)

-Fisheries sector small loans (in partnership with NFA targeting fishing communities)

-Skul pikinini savings account (to promote savings culture in early childhood).

The society invites partners such as local non-governmental organisation groups, churches, schools and provincial administrations in East Sepik and Momase region to network and be partners.

Kontara said: “The society also invites local-level government managers, presidents and ward councillors in East Sepik and Momase to join and use it as a vehicle to promote financial literacy and services.”