Question 1

What is Alekano Savings & Loan Society?

Accepted Answer

Alekano Savings & Loan Society is a member-owned financial cooperative operating in Papua New Guinea. As a licensed Savings & Loan Society, it provides savings and loan services exclusively to its members, focusing on promoting thrift and financial responsibility within its community.

The society is one of 18 licensed Savings & Loan Societies authorized by the Bank of Papua New Guinea to accept deposits from the public and provide loans to members. It operates based on the principle of mutuality, meaning members are the owners of the society and have an equal say in the election of directors and distribution of profits.

Question 2

When was Alekano Savings & Loan Society founded?

Accepted Answer

[Information not publicly available]

The exact founding date of Alekano Savings & Loan Society has not been publicly disclosed. However, the savings and loan society movement in Papua New Guinea dates back to 1962 when the Savings and Loan Ordinance was first enacted, with the sector experiencing significant growth throughout the 1960s and 1970s.

Question 3

Where is Alekano Savings & Loan Society headquartered?

Accepted Answer

Based on historical educational materials, Alekano Savings & Loan Society was located in Goroka, Eastern Highlands Province, Papua New Guinea. The society's office was situated on Gurney Street near Goroka Airport.

Given the society's name, it is likely associated with the Alekano people or region in the Eastern Highlands Province.

Question 4

Where does Alekano Savings & Loan Society operate?

Accepted Answer

Alekano Savings & Loan Society primarily operates in the Eastern Highlands Province of Papua New Guinea, with its main focus on the Goroka area and surrounding communities.

As a savings and loan society, its membership is typically limited to a specific group of persons based on geographic location, employment, or community affiliation. The society serves members within its designated region in accordance with the Savings and Loan Societies Act 2015.

Question 5

What services does Alekano Savings & Loan Society offer?

Accepted Answer

Alekano Savings & Loan Society provides core financial services to its members, including:

Savings Products: Savings accounts and fixed-term deposit accounts that earn interest for members. Members receive both monthly interest payments and additional interest after annual financial statement finalization.

Loan Products: Personal loans and business loans available exclusively to members. Loans are typically extended up to 60% of a member's total accumulated savings, though special circumstances may allow for higher amounts with appropriate approval.

The society operates on a member-focused model where all profits are returned to members through interest payments and dividends, rather than being distributed to external shareholders.

Question 6

What makes Alekano Savings & Loan Society unique?

Accepted Answer

Alekano Savings & Loan Society is distinguished by its member-owned cooperative structure, where each member has an equal vote regardless of their savings balance. This democratic governance model ensures that the society operates in the best interests of its members rather than external shareholders.

The society focuses on serving a specific community or region in the Eastern Highlands Province, providing financial services that may not be readily available from commercial banks in rural or regional areas. This localized approach allows the society to understand and respond to the unique financial needs of its community.

As part of Papua New Guinea's savings and loan sector, which represents approximately 4% of the country's total financial assets, Alekano plays a role in extending financial services and promoting financial inclusion in areas beyond the reach of traditional banking institutions.

Question 7

What type of financial institution is Alekano Savings & Loan Society?

Accepted Answer

Alekano Savings & Loan Society is a Savings & Loan Society, a specific type of member-owned financial cooperative in Papua New Guinea.

Savings & Loan Societies operate under the Savings and Loan Societies Act 2015 and are regulated by the Bank of Papua New Guinea. These institutions are distinct from commercial banks and licensed financial institutions, as they are authorized to accept deposits and provide loans exclusively to their members. The liability of each member is limited to the amount of their outstanding loan and interest, less their savings and accrued interest.

This cooperative model is designed to promote thrift, educate members in financial responsibility, and provide affordable credit to members within a mutual aid framework. Unlike commercial banks that serve the general public, Savings & Loan Societies restrict their services to registered members who share a common bond or affiliation.

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