NASFUND members to be credited interest

This follows the announcement of a net profit of K242 million this week.

The crediting interest is an increase from 2016, which the Fund credited 7.25 percent to members.

NASFUND recorded a net profit of K283.47 million, K41.47 million lower than its 2016 result.

However, board chairman Hulala Tokome said the results attained were positive despite yet another challenging year.

Highlights from 2017 include:


Locked NASFUND doors angers Contributors

Many of the members had put in applications for their payment prior to the festive period.

Frustration over delayed payments and continuous follow up resulted in them openly expressing their frustration outside the four mile office when our crew arrived on the scene.

They turned up early this morning only to find the doors locked after 9am. This went on an hour and a half.

One of the frustrated members, claim she had been waiting since July last year for their payments.


NASFUND members to benefit

The upgrade began at the start of 2017 and the fund believes they are on target to not only meet but exceed member expectations.

Following the successful transition to a new fund manager mid this year, NASFUND says it has now achieved the revitalization of technology and processes to improve member services.

One of the technological and procedural upgrades include the introduction of the ‘Employers Online Portal,’ which NASFUND says is the only fund to have in the country.


NCSL opens new branch

This follows the official opening of its new stand-alone branch in Port Moresby to serve members.

In a statement, NCSL says the development is part of a strategic plan to develop their own branch network and implement initiatives to strengthen its position as the fastest growing savings & loan society in the country with a healthy record of returns for members.

NASFUND repeals segmented service days

This means members can visit their nearest branch on any day for all enquiries.

This came into effect on May 22nd and is a result of refurbishments made to its main major branches in Port Moresby (Boroko & Town), Lae and Mt Hagen.

NASFUND branches will now attend to lodgment of withdrawal applications, statement or balance requests, ID card processing, merging of accounts and contribution enquiries, everyday during the working week.

NCSL enhances fraud security

NCSL General Manager, Vari Lahui, spoke to Loop PNG about the measures during the company’s 2017 Annual General Meeting.

Lahui said NCSL had lost K100,000 in 2014 due to fraud and part of the reason was an identification oversight on the part of a commercial bank that the fraudster used to access the money.

NCSL records profit slump

This was revealed during NCSL’s Annual General Meeting on Tuesday May 9, 2017 in Port Moresby.

According to performance indicators for last year, the company recorded a drop in Net Profit from K5.6 million in 2015 to K4 million in 2016, as well as a slump in Net Assets to K14.4 million from K15.9 million in 2015.

Despite this, the firm was able to generate a healthy K14.9 million in Total Revenue from K12.5 million.

NASFUND announces positive 1st Quarter

Chief Executive Officer, Ian Tarutia, announced on Wednesday that the Fund experienced a strong start to 2017 and was looking forward to maintaining positive progress in all activities and projects.

“First few months everything that we set for ourselves we are on track,” said Tarutia.

As at March 31 the fund has signed up 53 new business which has contributed a total of 13, 000 new members and now bring total membership to 544, 371. A 1.3 per cent growth from 2016’s membership total of 537, 520.


NASFUND holds minute silence for late leaders

NASFUND CEO, Ian Tarutia, paid respect to the late Governor General, Grand Chief Sir Michael Ogio, former Chief Secretary, Sir Manasupe Zurenuoc, radio personality, Roger Hau’ofa, as well as a close personal friend.

He said their passing were worthy of mention given their immense contribution to the country.

Tarutia also dedicated the conference to the late Hau’ofa adding that NASFUND was supporter of his “Talk-Back” program on FM 100.

The CEO said Roger was a strong advocate against corruption.

Loop PNG's Breakfast Bites