Author: Super Admin
PORT MORESBY: Nasfund Contributors Savings and Loan Society (NCSL) was pleased to support our
defending champions, Touch Football PNG to the XVII Pacific Games in Honiara, Solomon Islands.
Touch Football National Coach, Peter Stoddart said “we are grateful for the support received as this goes
a long way. Your support will assist us in our goal to defend our title and bring the gold back to our
country.”
His sentiment was shared by Founder of Touch Football PNG, Joseph Yore. Mr Yore said the team was a
contributor to the medal tally of the country and attributed the success of the team to support received
from sponsors.
“When you support Touch Football, you support and encourage many young people who come from
broken homes and all walks of life to do something meaningful in their lives. We thank you for your
support,” he said.
With the games scheduled to be held between 19 November and 2 December, NCSL would like to wish
our defending champions the best in their quest to be the first sporting code in the country to win backto-back gold in the women’s, men’s and mixed divisions
PORT MORESBY: Penny box or tin savings may seem old fashioned but you’ll be amazed with how much you’ve saved when you open it. A long time NCSL member was thrilled to share how her savings with NCSL grew through the penny tin savings method in one year.
Chantelle Mumbru from Port Moresby started the savings challenge in 2022 to see how much she would save by year end. The purpose of the savings challenge was for an immediate or unexpected financial need.
“I started the money challenge last year to save for the rainy day. A colleague shared a spreadsheet which comprised of different amounts, and I took interest to take up K3 challenge daily, but I got excited and started putting away more in the penny tin. Apart from my fortnightly contributions to my savings account, I wanted a little extra to add to my savings at the end of the year,” she shared.
“I opened the box in December and was surprised to see I saved over K4, 000. I used half for Christmas festivities and the other half was deposited into my General Savings account for my future needs. I
started again this year with K5 challenge and can’t wait to see how much I saved,” she said.
Through her experience, Chantelle is encouraging others to start a savings culture whether from a penny box or small sales and have the savings put into their savings account to grow.
“It doesn’t matter how much you start with. Consistency and self-discipline are key to achieving your goal. You can start with any amount and increase your contributions. Always remember to deposit some of the proceeds into a savings account where it earns interest and grows. Don’t keep it in the box/tin, you must remember to deposit your funds inside a savings account for it to grow. Think long term,” Chantelle concluded.
NCSL encourages regular and voluntary contributions for that immediate and unexpected need. Members can choose to save in any of the savings accounts for their financial needs.
PORT MORESBY: NCSL is pleased to announce a Long Service Leave (LSL) savings product in
partnership with DuluxGroup PNG.
Both parties agreed under a memorandum of understanding, to provide an LSL Savings Account to
all eligible Dulux employees. The savings account will accommodate employee LSL entitlements,
where 80% of net LSL for individual employees will be transferred to ncsl upon voluntary
membership registration. The Society will manage Dulux employees LSL entitlements until members
employment with the company is terminated or member reaches 15 years term of service with Dulux.
This savings product will earn interest but is subject to its terms and conditions.
As the preferred Savings & Loan Society, NCSL was preselected by Dulux to have the savings product
purposely developed to financially assist its employees meet their financial obligations. This first of
its kind product was proposed by Dulux as a benefit for its staff. It has taken months of review,
multiple discussions and system developments at ncsl to ensure that the LSL product is now available
for Dulux employees.
Dulux General Manager, Simon Barstow said “Dulux employees have had a relationship with ncsl for
many years. NCSL is a trusted partner and we are looking to expand our relationship via the new
product to benefit our employees.”
Barstow also highlighted that currently the LSL does not earn any interest at Dulux, and they are very
happy to know that this accrued LSL will earn very good interest rates at NCSL.
“This will help build up the value of the LSL, which then is an asset that employees have for
retirement, medical, house purchases, kids education etc. This new product is part of Dulux’s
commitment to provide financial literacy training and support for all our employees with their
financial goals. In emergencies NCSL can process loans against this LSL very quickly which again
benefits employees,” he concluded.
Furthermore, NCSL Acting Chief Executive Officer, Keith Raimo said, “We are pleased to go into this
arrangement with Dulux to manage its employees’ LSL entitlements. NCSL is always looking for
innovative ways to provide better products and services for our members. In this instance, Dulux, as
a concerned employer, proactively reached out to ncsl to discuss value added benefits that we could
provide to their employees. We are very happy with the launch of this product and look forward to
providing similar products for other employers as well”
The LSL product will be officially launched later in October at the Dulux head office in Lae with NCSL
to implement product awareness at all Dulux sites throughout the country thereafter. NCSL will be
serving over 150 Dulux employees and are proud to be working with such a caring organization to
provide this amazing product.
