ncsl dossier document final · company directors. 7kh rwkhu phpehuv ri wkh 1&6/ %rdug duh...

“Financially empowering NASFUND members” 1

Table of Content

The image above of two ants working together to cross a water bridge depicts NASFUND Contributors Savings & Loan Society value of Teamwork.

As a Society with a vision to become PNG’s one-stop-shop

fundamental value that will drive the Society to achieve Image courtesy of Getty Image

Mission Vision Statement

Society’s Logo Description

Society Information

Board of Directors

Management

Financial History

Clients / Membership

Products

Lending

E-Services

Medical & Life Insurance

Branch Representation

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10 - 11

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NASFUND Contributors Savings & Loan Society Limited2

Mission, Vision & Value Statement

Vision Statement:“To become PNG’s one-stop-shop bank by 2020.”

Mission Statement:“To improve the quality of our members’ lives through security, returns, services and product range we offer.”

Value Statement:

•

• We rely on teamwork to achieve our goal.

• We treat each other with trust, respect, consideration and courtesy.

• We operate with honesty and integrity.

• We never turn a blind eye to corruption of any kind.

•

• We encourage and reward skill level, progress and contribution.

• We are responsible for our actions.

• We provide necessary training and equipment.

• We include the necessary people in decision making.

• We empower people to make and carry out decisions.

• We are a learning organisation.

• We communicate NCSL activities and results.

• We support community activities without impacting on members’ funds.

• We protect the reputation of NCSL by behaving ethically.


Society’s logo description

The logo is presented in a circular manner to represent security and safety (good governance) of members savings while in our custody.

The silver circle represents wealth through the Kina coin.

The traditional shell money in green colour represents growth, (as in save with us and grow your savings).


Society Information

Telephone: 313 2000Fax: 320 0913Email: [email protected]: www.ncsl.com.pg

NCSL HAUS, Allotment 3, Section 4, Douglas Street, Port Moresby, National Capital District, Papua New GuineaPostal address: P.O. Box 7732, Boroko, National Capital District, Papua New Guinea

HISTORY

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.

is over 84,400 contributors nationwide.

NCSL has led the other savings and loan societies in Papua New Guinea (PNG) through consistent membership growth and introduction of innovative services to improve and enhance customer service for the convenience of our members. We continue to provide attractive savings and loan products which are reviewed regularly by management to ensure our product offerings continue to meet the evolving needs of our members.

innovation and quality member services.

As a member of PNG’s Federation of Savings & Loan Society (FESALOS), NCSL’s mission is to improve the quality of our members’ lives through security, returns, services and product range we offer.

On average over the last 5 years, NCSL members have received 5.5% interest on their savings account.

NCSL is a growing Society and its vision is to become a one-stop-shop bank by 2020.


has over 26 years experience in superannuation administration and was instrumental in the establishment of NCSL.

Prior to his appointment to the NASFUND CEO’s position, he had experience in other

Manager, Investment Analyst, Head of Operations, General Manager, and Chief

In other capacities he serves as Director of Credit Corporation Ltd, Nasmel Ltd, The

Britain Properties Ltd and executive member of PNG Chamber of Commerce & Industry.

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.

interest and they are;

Ian Tarutia, OBE Board Chairman

Board of Directors

Murray WooBoard Director

William Lamur, OBE Board Director

Vera RagaBoard Director

Hulala TokomeBoard Director

Christopher ElphickBoard Director

Port Moresby:


Management

The Society’s General Manager Vari Lahui has extensive lending and credit administration experience and 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 an associated member of the PNG Institute of Banking and Business Management (PNGIBBM) and PNG Institute of Directors (PNGID).

Others that make up the NCSL Management team are;

Bernard GeitaManager Lending

Evelove FarapoTeam Leader

Marketing & Client Relations

Lister PaiaTeam Leader

Information Technology

Dorish LebaTeam Leader

Data Processing

Jack MoreaAccountant

Darusilla MusiManageress

Human Resource

Robert ThadeusManager

Member Service

Patricia SawangaManageress

Legal & Compliance

Vari LahuiGeneral Manager

Lae:


Financial History

Statistical Information 2011 2012 2013 2014 2015Assets & LiabilitiesGross Assets 79,672,072 94,853,167 108,635,014 123,606,310 129,618,081Member Savings 69,104,668 82,706,929 94,129,966 107,201,046 112,628,736Net Assets 10,315,273 11,700,229 13,995,689 15,574,108 15,933,798Loans to Members 20,624,480 27,035,370 26,179,831 30,264,292 46,052,923Growth in Gross Assets 17.6% 19.1% 14.5% 13.8% 4.9%

Total Income 7,468,148 8,284,597 10,551,856 11,983,332 12,510,381Loan Interest Income 2,200,451 2,678,118 3,029,375 3,115,995 4,252,834

4,219,994 4,812,886 6,128,308 6,527,546 5,598,976Interesting Crediting Rate 6.0% 5.5% 6.0% 5.5% 5.2%Expense to Income ratio 43% 42% 42% 45% 55%MembershipNo. of active members 56,539 61,690 67,330 72,355 76,344New members registered (gross)

13,609 9,449 9,385 8,844 9,007

No. of Staff 33 38 45 53 64

Financials presented in graphs

05,000,000

10,000,00015,000,00020,000,00025,000,00030,000,00035,000,00040,000,00045,000,00050,000,000

2011 2012 2013 2014 2015Loans to members 20,624,480 27,035,370 26,179,831 30,264,292 46,052,923

KIN

A(M

ILLI

ON

S)

Year

LOANS TO MEMBERS

5%

5%

5%

5%

6%

6%

6%

2011 2012 2013 2014 2015Interest Credited 6% 5.50% 6% 5.50% 5.20%

%(R

ATE)

YEAR

INTEREST CREDITED

56,660

6,620 48,757

4,4382,679

INVESTMENT COMPOSITION

Government Inscribe Stock (GIS -Fixed Interest)Bank IBDs (Cash)Loans to members(Cash)PropertyEquity ( Shares)

0

20,000,000

40,000,000

60,000,000

80,000,000

100,000,000

120,000,000

2011 2012 2013 2014 2015Members Savings 69,104,668 82,706,929 94,129,966 107,201,046 112,628,736

KIN

A(M

ILLI

ON

S)

YEARS

MEMBER SAVINGS

0

20,000,000

40,000,000

60,000,000

80,000,000

100,000,000

120,000,000

140,000,000

2011 2012 2013 2014 2015Gross Assets 79,672,072 94,853,167 108,635,014 123,606,310 129,618,081

KIN

A(M

ILLI

ON

S)

YEAR

GROSS ASSETS

020,000,00040,000,00060,000,00080,000,000

100,000,000120,000,000

2011 2012 2013 2014 2015Loans to members 20,624,480 27,035,370 26,179,831 30,264,292 46,052,923Members 69,104,668 82,706,929 94,129,966 107,201,046 112,628,736

KIN

A(M

ILLI

ON

S)

YEARS

SAVINGS vs LOAN COMPARISON

Loans to members Members


repayment terms.

Our membership is derived from superannuation contributors of NASFUND, Eda Supa & Aon Master Trust and others.

NCSL’s membership covers the following employment sectors;

Clients / Membership

• Mining • Petroleum • Fisheries• Logging • Media• Agriculture • Electrical• Construction

• Education• Tourism & Hospitality • Manufacturing• Health • Transportation• Trade • Other professional & business Services• Products


SAVINGS

culture and are suitable for all ages.

Product Purpose Accessing Savings Minimum DepositGeneral SavingsAccount

For all purposes Through savings withdrawal up to 50% of net savings balance

K20.00

Education Savings Account

For school or educationrelated expenses

Through savings withdrawal K20.00

Christmas SavingsAccount

For festive season Through savings withdrawalin the months of November, December & January

K15.00

Kids Savings Account(for all children)

Trustee savings account Upon reaching legal age of 18 years

K1.00

Table displays information on each of the savings products offered including the minimum amount to deposit per fortnight or month.

MINIMUM WITHDRAWAL AMOUNTS

The minimum eligible amounts to withdraw under each of the savings accounts are;1. General savings – minimum withdrawal of K200.002. Education savings – minimum withdrawal of K50.003. Christmas savings – minimum withdrawal is K20.00

PROCESSING OF SAVINGS WITHDRAWAL

NCSL’s service standard for processing all savings withdrawals is within 24 hours excluding weekends and public holidays.

verify their nominated bank account. This requirement also applies to those who change their bank details.

Member’s whose savings withdrawal applications are queried must immediately call 313 2048 for furtherinformation.

WITHDRAWAL PROCESSING FEE

NCSL charges a withdrawal fee of K1.00 per successful transaction.

LENDING

rate of 1% per month or 12% per annum on the reducing loan balance.

Products


Lending

Purpose Maximum Ratio

Term Maximum, Minimum & Additional Loans

Education or School fees 1 year Maximum Loan: The maximum loan the Society may grant to a member is limited to twice their total accumulated savings at any one time taking into account any existing loans, fees and charges that are outstanding on the members loan account(s).

Funeral expenses 1 yearCustomary Obligation 1 year

Holiday Travel expenses 1 year Minimum Loan: The minimum loan that may be granted to a member is K200.00. A member with a loan balance that exceeds 50% of their total general saving account, shall not be allowed any withdrawal of savings.

Motor Vehicle Registration & Insurance

1 year

Household Electrical Items & Chattels

5 years

Birthday Expenses 1 year Additional Loans:

Additional loans may be granted to a member • If a members’ total current savings fully secures the

aggregate sum of the loan required. • No member shall be granted more than one (1)

additional loan per month. Also no additional loans will be granted to a member if the existing loan balance exceeds 50% of their total savings balance.

Investments 5 years

Table displays purposes, lending ratios and terms which NCSL can lend to members to meet immediate and

1:1 LENDING RATIO

For instance, if you have K500.00, you can borrow a maximum of K500.00 only

1:2 LENDING RATIO

employers who have provided a formal undertaking NCSL to extend the disbursement of entitlements available.

For instance, if you have K500.00, you can borrow K1, 000.00.

MINIMUM & MAXIMUM LOAN AMOUNTS

• The minimum loan amount a member can borrow is K200.00• The maximum amount is subject to members available savings and loan servicing capacity.

PROCESSING OF LOAN

documentation are provided. Our service standard time excludes weekends and public holidays.

their nominated bank account. This requirement also applies to those who change their bank details.


Members whose loan applications are queried can call 313 2016 for further information.

LOAN PROCESSING FEE

NCSL charges a processing fee of K25.00 for each approved loan application.

MEMBER CONTRIBUTION

NCSL’s Banking & Receipting team liaise with 1,716 employers were majority are based in Port Moresby, Lae, Kokopo, Goroka & Mount Hagen.

Members contributions are remitted to Banking & Receipting on a fornightly or monthly basis. The team ensures that members account are updated as soon as employer remitts contributions.

Employers are encouraged to remitt fortnightly so that members savings balances can also be updated to enable members to do savings withdrawal or obtain loans against their savings.

NCSL also allows additional deposits apart from contributing through salary into savings account on loan repayment and this can be done via the following;• Side deposit• Internet banking• Mobile banking• EFTPOS ( available in POM only)

email to [email protected].

Location No. of employersAlotau 44

Buka 24

Goroka 80

Kavieng 75

Kimbe 39

Kokopo 96

Lae 276

Lorengau 8

Madang 67

Mount Hagen 80

Popondetta 11

Port Moresby 801

Tabubil 57

Vanimo 25

Wewak 33

Lending continues

Table displays number of employers in each provincial township. A total of 1,716 employers are currently registered under NCSL.


E- Services

Customer service is our top priority and we continue to embrace technology to ensure our members are able to easily access their savings and loan information. As a growing Society, we strive for excellence in our pursuit for better services for our members.

E-SERVICES INTRODUCED

• Online services via website - instant access to check balances, apply for loans & withdrawals through

•• NCSL App on smart phones - a smarter access to viewing savings & loan information•• Save Bal - account balance check on both mobile networks

REWARDING MEMBERSHIP LOYALTY

With over 84,400 members nationwide, we value each membership and the business opportunities provided. We value our business relationship with trusted service providers who have continuously supported our membership loyalty program though providing NCSL members with instant cash purchase discounts and value back through loans purchases.

reputable service providers.

NCSL produces membership cards at a cost of K10.00.

Lae:


Medical & Life Insurance

NASCARE is a medical and life insurance cover for NCSL member. It provides insured members, their spouse,

Guinea (PNG).

These are reputable insurance companies in PNG.The premium is K850.00 and is to be paid in full upon registration. NASCARE premium is paid each year to maintain the cover.

PREMIUM PAYMENT

Premium payments can be made using the following;

1. Direct payment by member or employer into NCSL Bank Account2. Withdrawal from NCSL General Savings Account3. Obtaining a loan from the Society. The loan will be considered under the normal lending policy.

MEDICAL INSURANCE CLAIMS

Insured members must pay the medical institution in full after obtaining treatment. Original copies of medical receipts, doctor’s prescriptions and pharmacy receipts must be submitted with the Medical Claim Form. The claim will be settled within 14 working days with payment made to the members nominated bank account.

If a member incurs medical bills overseas, the insurance partner will only refund the medical bills incurred and not the travel expenses.

Medical claim must be submitted, a grace period of 60 days from the date your cover expire. Any claims lodged after 60 days grace period will not be reimbursed.

MEDICAL REFUNDS

Members will be refunded 80% of the total amount claimed. E.g. If your hospital bill is K100.00, the refund would be K80.00

LIFE INSURANCE CLAIM

When claiming life cover, a member must complete the Death Claim Form and attach original copies of the following;

1.2.3. Warrant of burial4.

The claim will be settled within 14 working days with payment made to the member’s nominated bank account

on 313 2023 or email [email protected]


Branch Representation

In our endeavour to bring services closer to our members.We have representation with NASFUND in 19 locations.

Location Address Phone Fax Email

Alotau P.O.Box 423, Alotau, Milne Bay Province

313 2038 641 0164 [email protected]

Bialla P.O.Box, 106, Bialla, West New Britain Province


Boroko P.O.Box 7732, Boroko, National Capital District


Buka P.O.Box 446, Buka, AROB


Goroka P.O.Box 595, Goroka,Eastern Highlands Province


Kavieng P.O.Box 70, Kavieng,New Ireland Province.


Kimbe P.O.Box 935, Kimbe,West New Britain Province.


Kokopo P.O.Box 2079, Kokopo,East New Britain Province


Lae P. O.Box 2451, Lae, Morobe Province


Lihir P.O.Box 300, Lihir, New Ireland Province


Lorengau P.O.Box 238, Lorengau, Manus Province


Madang P.O.Box 1166, Madang,Madang Province


Mount Hagen P.O.Box 1539, Mt. Hagen,Western Highlands Province


Popondetta P.O.Box 619, Popondetta,Oro Province


Port Moresby P.O.Box 7732, Boroko, National Capital District


Tabubil P.O.Box 133, Tabubil,Western Province


Vanimo P.O.Box 63, Vanimo,Sandaun Province


Wabag P.O.Box 193, Wabag, Enga Province


Wewak P.O.Box 740, Wewak,East Sepik Province



MEDICAL & LIFE INSURANCE COVERA COMPHREHENSIVE HEALTH PLAN AT AN AFFORDABLE PREMIUM THAT COVERS;;

K850 premium for 12 months

PHARMACEUTICALFUNERAL BENEFITSOPTICALDENTALMEDICAL*PREGNANCY

*COVER NOW INCLUDES NATURAL PARENTS

Call 313 2023 to register or email [email protected]

YOUR HEALTH IS YOUR WEALTH

www.ncsl.com.pg


Secure your child’s future withNCSL Kids Savings Accounttoday

KIDS SAVINGSACCOUNT

MY COMMITMENT TODAY, TO FEEL EMPOWERED TOMORROW

Financially empowering your future

For more information call 313 2000 or email [email protected]

www.ncsl.com.pg

Minimum depositis K1.00

Get your NCSL Membership

ID for only K10.00 to enjoy

instant discount thru our

Value Back Loyalty Program

Membership is open tochildren from infantsto 18 years

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