Dear Valued Members,
Monday the 22nd of May, 2023 is declared a public holiday for the National Capital District to mark the occasion of the forum of India-Pacific Islands Cooperation in Port Moresby.
Our Branch operations in NCD and our head office will be closed and we will resume normal operations on Tuesday May, 23, 2023. All other ncsl branches will operate as normal.
Authorized by Management
Dear Valued Members,
We are pleased to advise that services have been fully restored at our Goroka and Tabubil branches.
We thank you for your patience as we work to restore services at our remaining branches nationwide. We will provide progressive updates once they become available.
If you have any queries or concerns, please contact our call centre on 2072000
Authorized by Management
Dear Valued Members,
A planned system maintenance will take place this evening between 8pm and 9 pm.
During this time, services on our e channels will be unavailable. We apologize for any inconvenience this may cause.
Thank you for your understanding
Authorized by Management
Dear Valued Members,
We continue to experience issues with processing payments via BSP. We are anow processing payments to our BSP members accounts via Kina Bank. This may cause a slight delay in funds being credited to members BSP accounts, and we apologize for any inconvenience this may cause.
Members are advised to provide bank accounts in alternate commercial banks for faster processing.
We are working closely with Kina Bank and BSP to manage this process.
Thank you for your patience and understanding.
Authorized by Management
Dear Valued Members,
We continue to experience issues with processing payments via BSP. We are anow processing payments to our BSP members accounts via Kina Bank. This may cause a slight delay in funds being credited to members BSP accounts, and we apologize for any inconvenience this may cause.
Members are advised to provide bank accounts in alternate commercial banks for faster processing.
We are working closely with Kina Bank and BSP to manage this process.
Thank you for your patience and understanding.
Authorized by Management
Dear Valued Members,
We are currently experiencing delays with timely allocation of employer contributions due to BSP’s new core banking system. The new does not allow NCSL to download bank statements with complete descriptions on deposits
Members are encouraged to use alternative bank accounts listed below when transferring contributions.
Your cooperation is greatly appreciated as we work with BSP to resolve this issue. If you have any questions or concerns, please contact our call centre on +675 207 2000.
Authorized by Management
Dear Valued Members,
Our Port Moresby and Waigani Branches are currently offline
We are working hard to restore full services and will advise once both branches are back online
We apologize for any inconvinience caused
Please contact our call centre on (+675) 207 2000 for all your enquires or visit our Boroko branch
Authorized by Management
Nasfund Contributors Savings and Loan (ncsl) continues strong income and profitability momentum delivering a healthy crediting rate of 6% to members, despite a challenging economic backdrop. The ncsl Board has approved an interest crediting rate of 6% to ncsl members for the financial year ending 31 December 2022.
This equates to K 14.9 million that will be allocated to the savings accounts of over 142,000 members. During 2022 ncsl paid an interim interest of 1.2% to members’ savings, equating to K 3 million. After statutory reserving of 20%, ncsl will be paying an additional 4.8 % or K 11.9 million in interest to members. This is a total of 6% for the 2022 financial year equating to a total of K 14.9 million interest on savings for ncsl members.
Other highlights for 2022 were:
* Total Assets increased by 9.1% to K 312.5 million
* Net Asset Value increased by 15.8% to K 38.5 million
* Revenue from core business increased by just over 6.6% to K 29.4 million
* Total Revenue increased by 8.5% to K 39.5 million.
* Net Profit increased by 16.4% to K 16.1 million (after expenses including interim Interest Payment to Members and Loan Provisioning)
* Sound General Reserves increased by 20.3% to K 24.8 million,
* Interim Interest Payments to Members increased by 9.6% to K3.0 million.
* Total membership increased by 0.4% to 142,340 members
* Members Savings increased by 8.2 % to K 267.9 million.
* Net Loan portfolio increased by 9.6% to K 139.4 million
NCSL’s final interest crediting rate of 6.0% is above the average crediting rate of 5.5% paid to members over the last 5 years and maintains ncsl’s record of providing strong, positive, and consistent returns on member funds deposited with ncsl. With steadily increasing membership, ncsl is one of the largest Savings and Loan Societies in Papua New Guinea and the Pacific Region.
NCSL Chairman Mr Tarutia said, “NCSL continues to grow from strength to strength, and remains committed to supporting the aspirations of our members by delivering essential and affordable financial services. I thank the Chief Executive Officer, Vari Lahui and his hard-working team for delivering these strong results over 2022 for the benefit of our members.”
AUTHORISED BY
IAN A. TARUTIA, OBE
Dear Valued Members,
We are continuing efforts to restore the Poro Card network. Our technical team is running important tests and checks on our Poro Card network.
Poro card services will continue to be offline until further notice. We are working closely with the regulator to finalize this matter.
In the meantime, funds in the Poro accounts can be accessed by initiating transfers to your commercial bank account. If you have any queries regarding accessing your Poro card funds, please contact our call centre on 2072000 between 8am and 5pm Monday to Friday.
We sincerely apologise for any inconvenience caused and thank you for your understanding.
Authorized by Management
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