At its Board meeting on Friday, 22nd March 2024, NASFUND Contributors Savings and Loan Limited (NCSL) received the audited accounts for 2023 and announced a net profit of K 9.7 million for the 2023 financial year.
After 20% statutory reserving, this will be credited overnight to the savings accounts of the more than 147,000 members and paid in addition to the current interest rates which members are already receiving on their savings accounts.
This is a total of 4.15% for the 2023 financial year equating to K 11.6 million in interest on savings for NCSL members.
Other Financial highlights of 2023 were:
· Total Assets increased by 1.4% to K 316 million.
· Net Assets of K36.3 million.
· General Reserves increased by 8.2% to K 25.8 million,
· Total membership increased by 3.1% to 146,765 members,
· Members Savings increased by 2.5 % to K 274.5 million,
· Net Loan portfolio increased by 9.6% to K 152.8 million.
NCSL’s Chairman, Christopher Elphick thanked the support, patience, and trust which NCSL received from its members over 2023. During the year an extensive remediation process to improve Information Technology Risk Management was successfully undertaken.
The NCSL Board approved and embarked on a significant upgrade to its core systems to ensure modern digital offerings for its growing membership nationwide. A new call-centre system has been implemented so member queries are promptly answered. This includes NCSL employees receiving improved training with a more customer centric focus.
Elphick thanked his dedicated NCSL team and stated, NCSL remains committed to delivering modern digital services and affordable financial services to its members.
