Tisa launches new subsidiary

The National, Thursday July 14th, 2016

THE Teachers Savings and Loans Society has launched its subsidiary, Tisa Community Finance.
TISA chief executive officer Michael Koisen told of how the initial concept and process began almost 10 years ago.
“It was 2008 in Vanimo, after an AGM with our members. There was a mother among our members who came to me and said: I am about to finish teaching, and when I finish, can I still be a member? We said the law won’t allow you.
“She said: What about my husband and my children? I want them to save with you because you pay pretty good interest on our savings and the loans are very low-cost.  When we moved the annual general meetings around the country, it was the same story we heard from many of our members.
“So Tisa needs to respond to what was apparently not only to teachers and government employees, but Papua New Guineans throughout the country and extending up the corporate level and business community as well.”
He noted an issues paper that was presented to the National Research Institute recently.
“That issues paper discusses an extremely high cost of finance in PNG. While the paper recognise the issue, it fails to recommend the cause of action to address the issue and provide relief, not only for mums and dads and families. But also for the business community as well,” he said.
“It’s no secret that the financial services sector is driven by profit, like any other business and the capitalist system.
“But we can still make a profit without being greedy.
“Tisa has proven that you can put some heart into finance and banking and still be profitable. We have put heart into banking and finance and now we extend finance and banking with our heart with launch of our latest adventure – Tisa Community Finance.”