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Tag: crediting rate

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Media Release Public Notice

Real Stories, Real Impact: Lending Made Easy at NCSL

For over 20 years, NCSL Savings & Loan has humbly as Papua New Guinea’s leading member-owned financial institution. With over 150, 000 contributors nationwide, we’ve built a legacy of trust, innovation,
and service delivering savings and loan solutions that are not only secure and accessible but importantly tailored to the everyday needs of our people. Our mission to improve lives through digitally driven financial services continues to shape the future of savings and loan in PNG, and the experiences our members share continue to inspire and guide us.

One such story is that of Tau Bega who joined NCSL on July 7, 2025. For Tau, this wasn’t just another financial institution, it was a transformative experience rooted in convenience, efficiency, and genuine member care. As a professional in the lending sector, Bega is well-versed in financial services. Yet, what he discovered at
NCSL left a lasting impression. “I’m truly impressed by the speed of applying for a personal loan 1:1, just a few keystrokes and it’s done,” he shared. “It’s a game-changer.” His journey began with a Seivins Chat Presentation conducted by NCSL’s Ms. Vicky Moriani, Customer
Service Consultant in Alotau. Her patient and knowledgeable guidance through the online registration and

loan process exemplifies the heart of NCSL’s member-first approach. “Her support made the entire experience seamless,” Bega said with appreciation. What sets NCSL apart, according to Bega, is not just the technology but the thoughtfulness behind it.

The MyNCSL App, available on the Playstore and online, gives members direct access to their accounts anytime, anywhere. “It personalizes your services,” he said, “giving clients control and convenience on the
go.”

But it’s the Personal Loan product that truly stands out. “Highly recommended,” Bega emphasized. “It’s extremely flexible and user-friendly, cutting out the traditional bulky loan application forms. And the turnaround time? Next to none.”

Beyond loans, Bega praised NCSL’s wide range of savings products designed to meet the practical needs of Papua New Guinea’s working class. With competitive interest rates and a member-first approach, NCSL continues to redefine what convenient digital services can look like. “I’ll definitely recommend NCSL to others seeking convenience including my family members,” Bega said. “It’s not just a service; it’s a smarter way to manage your money.”

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Media Release

NCSL: Championing a Smarter Way to Save in Papua New Guinea

In a time when financial decisions matter more than ever, NCSL Savings and Loan Society is
esteemed to stand as a member owned not-for-profit institution committed to helping Papua New
Guineans to build a better financial future.
NCSL is not just another financial service provider; we are your partner in progress, working with
employers across the country to champion a strong savings culture in the workforce. We offer secure
savings options, low-interest loans, and digital services that make managing your money easier,
faster, and more accessible whenever and wherever you are.
We are passionate about improving the quality of life for our members by offering financial products
and services that are practical, simple and affordable,
Before you decide where to save or borrow, always check and compare the interest rates. It might
cost you some time, but this can save you hundreds of Kinas. Make informed choices and you will
see why more Papua New Guineans who have to work hard for their money and care for their family,
are choosing NCSL as their preferred savings and loan society.
Join us by becoming a member and you will experience that we care about you and your family
throughout your financial journey.

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Members Notice/Update (Archives)

City Pharmacy Limited Partners with Nasfund Contributors Savings & Loans Society to Offer Exclusive Discounts to its Members

City Pharmacy Ltd (CPL) and Nasfund Contributors Savings & Loan Society Ltd (NCSL) have renewed their partnership agreement, solidifying their commitment to providing exclusive benefits to 150,000 active NCSL members. Effective November 15, 2024, this three-year mporo Plus (mPP) Discount Agreement enables NCSL members to enjoy exclusive discounts on select items at City Pharmacy, enhancing access to essential goods and services while supporting member savings.

Under the terms of the agreement, NCSL members will receive a 30% discount on all medical prescriptions and a 10% discount on all purchases at City Pharmacy, with certain exclusions such as digital products, baby formula, and concession lines. The discount program is available at all City Pharmacy outlets nationwide and will continue until either party chooses to terminate the agreement with prior notice.

Mr. Pradeep Panda, Head of Pharmacy at City Pharmacy, shared CPL’s commitment to extending this benefit nationwide. “We aim to be a trusted partner and prefer a more collaborative partnership with all our existing business partners, and this is a step towards that. With CPL’s presence in 19 provinces, this agreement covers all City Pharmacy outlets nationwide. NCSL members in other provinces can simply
walk into any City Pharmacy shop in their province of residence, present their NSCL members ID card, and access the discounts.”

Speaking at the signing, Mr. Frans Kootte, the Chief Executive Officer of NCSL expressed his appreciation. “We are extremely happy and deeply appreciative of the collaboration with City Pharmacy. As a Savings and Loan society, our focus is on supporting the everyday needs of our members and the people of Papua New Guinea. It’s vital that we contribute not only to the financial well-being of our members but also to the overall development of Papua New Guineans.”

This collaboration marks an exciting milestone for CPL and NCSL Savings and Loan as they work together to deliver valuable benefits to NCSL members across the country.

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Members Notice/Update (Archives)

Digital services restored

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Notice of the day (Archives)

ncsl announces K16.1M Profit and Interest Crediting Rate of 6.0%

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

ncsl-annouces-K16.1M-Profit-and-6-Interest-Crediting-Rate

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Media Release (Archives) Public Notice Archives

ncsl announces K16.1M Profit and Interest Crediting Rate of 6.0%

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

ncsl-annouces-K16.1M-Profit-and-6-Interest-Crediting-Rate

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