NASFUND Contributors Savings & Loan Society Ltd (NCSL) is a financial institution which provides short to medium term financial assistance to its members – mostly NASFUND contributors.
We offer to our members a smarter and easier alternative to banks and other deposit taking institutions. Smarter because there are more ways than one to save and easier because we provide accessible services for the convenience of all our members.
Our range of services includes a selection of savings accounts and personalised loans at a very low interest rate.
NCSL was established in October 2003 as a result of changes made to the Superannuation Act which no longer allowed voluntary education contributions to be a part of superannuation savings.
Since then, NCSL has grown significantly introducing additional savings accounts besides the education savings account and has built a reputation for being the fastest growing savings & loan society in the South Pacific region. NCSL continues to provide attractive savings and loans products and has continuously introduced innovative services for its members’ convenience.
NCSL has a good history of strong financial performance since inception with a balance sheet that is growing every year. It has been paying an average of just over 5% in interest to its members every year.
Our Board Chairman, Ian A. Tarutia OBE, also the Chief Executive Officer of NASFUND, has over 26 years of superannuation administration experience and was instrumental in the establishment of NASFUND Contributors Savings & Loan Society Limited (NCSL).
Prior to his appointment to the NASFUND CEO’s position, he had experience in other positions within NASFUND such as Policy Officer, OIC Housing Advance, Compliance Manager, Investment Analyst, Head of Operations, General Manager, and Chief Operating Officer until his appointment as Chief Executive Officer in 2011.
He serves as director of Credit Corporation Ltd, Nasmel Ltd, The Edge Ltd, NasAviation Ltd, Grand Pacific Hotel Ltd, The Heritage Hotel Ltd, East New Britain Properties Ltd and executive member of PNG Chamber of Commerce & Industry.
Ian is the first Papua New Guinean to attend and complete the Advance Management Program 185 conducted by the Harvard Business School, in Boston USA. He holds a Master of Business Administration and Bachelor of Economics (Business) degree from the University of Papua New Guinea, a Diploma of Economic Policy Analysis from the National Research Institute of Papua New Guinea and a graduate diploma from the Australian Institute of Company Directors.
The other members of the NCSL Board are successful individuals with vast experience in their respective fields of interest;
• William Lamur
• Hulala Tokome
• Murray Woo
• Vera Raga
• Christopher Elphick
General Manager Vari Lahui has extensive lending and credit administration experience as well as vast retail experience from managing several branches during his 25 years with ANZ (PNG) Bank Ltd which included overseas stints in Samoa and Solomon Islands.
Mr. Lahui holds a Diploma in Management (with distinction) in the areas of Fundamentals of Banking, Business Communication, International Business, Economics, Business Calculations, Accounting, Business Law, Lending & Securities, Management 1 and Management 2.
He is also a member of the PNG Institute of Banking and Business Management (PNGIBBM) and the PNG Institute of Directors(PNGID).
NCSL has being providing short term financial services for NASFUND Contributors from various sectors comprising of;
• Mining & Petroleum
• Tourism & Hospitality
• Professional & Business Services
NCSL provides a savings and loan facility to cater for unexpected financial needs. Services offered are;
• Savings products
– General savings with a minimum deposit of K20 per fortnight
– Education savings with a minimum deposit of K20 per fortnight
– Christmas savings with a minimum deposit of K15 per fortnight
• Withdrawals from savings accounts.
– General savings withdrawal is a minimum of K200
– Education savings withdrawals is to meet school/ education expenses
– Christmas savings withdrawals for festive period
All withdrawals are processed within 24 hours
– Minimum loan of K200
– 1:1 loans (borrowing the principle balance – savings to be used as security).
– Processing time is 2 working days
– 1:2 loans (borrowing twice of the principle balance).
– Processing time is 3 working days
– Maximum repayment term of 60 months
– Loan interest is a 12% per annum which is 1% per month on the reducing balance
• NASCARE – Medical & life insurance scheme
– K850 premium per annum
– Maximum medical claim is K70,000.00
– 80% of medical claims is reimbursed
– Life benefit of K40,000 for member
– Inclusive of natural parents
Due to the growing membership base we are continuously looking at introducing products and services for the convenience of our members. Some of these now in place are:
• Children’s savings account
• Biometric Identification System
• NCSL Apps on smart phones
• Website providing online services
• Internet Banking services
• SMS Alerts
There are others like home loans and SMS alerts that are under consideration.
Customer service is highly valued at NCSL which is why we are closer to our members. We are located in 15 townships nationwide including Port Moresby.
We are re-presented in 15-branch covering the following;
|Alotau||P.O. Box 423, Alotau,
Milne Bay Province
|313 2038||641 firstname.lastname@example.org|
|Boroko||P.O.Box 7732, Boroko, N.C.D||313 2032||325 email@example.com|
|Buka||P.O. Box 446, Buka,
Autonomous Region of Buka
|313 2043||973 firstname.lastname@example.org|
|Goroka||P.O. Box 595, Goroka,
Eastern Highlands Province
|313 2036||532 email@example.com|
|Kavieng||P.O. Box 70, Kavieng,
New Ireland Province
|313 2053||984 firstname.lastname@example.org|
|Kimbe||P.O. Box 935, Kimbe,
West New Britain Province
|313 2040||983 email@example.com|
|Kokopo||P.O. Box 2079, Kokopo,
East New Britain Province
|313 2039||982 firstname.lastname@example.org|
|Lae||P. O. Box 2451, Lae,
|313 2033||456 email@example.com|
|Lihir||P.O. Box 300, Lihir,
New Ireland Province
|313 2044||986 firstname.lastname@example.org|
|Manus||P.O. Box 238, Lorengau, Manus Province||970 9518||970 email@example.com|
|Madang||P.O. Box 1166, Madang,
|313 2035||422 firstname.lastname@example.org|
|Mt. Hagen||P.O. Box 1539, Mt. Hagen,
Western Highlands Province
|313 2034||542 email@example.com|
|Popondetta||P.O. Box 619, Popondetta,
|313 2037||629 firstname.lastname@example.org|
|Port Moresby||P.O. Box 7732, Boroko, N.C.D||313 2017||320 email@example.com|
|Tabubil||P.O. Box 133, Tabubil,
|313 2041||649 firstname.lastname@example.org|
|Vanimo||P.O. Box 63, Vanimo,
|457 0997||457 email@example.com|
|Wewak||P.O. Box 740, Wewak,
East Sepik Province
|313 2042||456 firstname.lastname@example.org|
Office location NCSL HAUS:
Allotment 3, Section 4, Douglas Street, Port Moresby,
National Capital District,
Papua New Guinea
P.O. Box 7732, Boroko,
National Capital District
Papua New Guinea