Question 1

What is Nambawan Savings & Loan Society?

Accepted Answer

Nambawan Savings & Loan Society (NSLS) is a licensed savings and loan society operating in Papua New Guinea under the Savings & Loans Societies (Amended) Act 1995. It is affiliated with Nambawan Super Limited, PNG's largest superannuation fund with close to K10 billion in funds under management.

NSLS serves over 42,000 members across Papua New Guinea, providing short-term savings and loan products to help members meet urgent financial commitments. The society operates on the principle of mutuality, where members are the owners and have an equal say in the election of directors and distribution of profits.

Question 2

When was Nambawan Savings & Loan Society founded?

Accepted Answer

Nambawan Savings & Loan Society was established in 2010 with the specific purpose of serving the short-term financial needs of Nambawan Super Fund members. The society was officially launched in October 2010, following full registration and licensing by the Bank of Papua New Guinea.

Starting from a one-man desk operation with fewer than 100 members, NSLS has grown significantly. Following the implementation of the Savings and Loan Act 2015, membership was expanded to accept members from both the public and private sectors, not just Nambawan Super contributors.

Question 3

Where is Nambawan Savings & Loan Society headquartered?

Accepted Answer

NSLS is headquartered in Port Moresby, National Capital District, Papua New Guinea. The head office is located at NSLS Haus, Aopi Centre, Tower 2, Level 1, Waigani Drive.

The society maintains a presence across the country through a network of branches housed within Nambawan Super offices, providing convenient access to members nationwide.

Question 4

Where does Nambawan Savings & Loan Society operate?

Accepted Answer

NSLS operates nationwide across Papua New Guinea through 23 Nambawan Super branches and 6 dedicated NSLS branches. The society has established a presence in major provincial centers including:

Momase Region: Lae, Madang, Wewak

Highlands Region: Mount Hagen, Goroka, Mendi, Kundiawa, Wabag

New Guinea Islands: Kokopo, Kavieng, Buka, Manus

Southern Region: Alotau, Popondetta, Kiunga, Vanimo

West New Britain: Kimbe

This extensive branch network enables NSLS to reach members in both urban centers and regional areas throughout the country, making financial services accessible to Papua New Guineans in diverse locations.

Question 5

What services does Nambawan Savings & Loan Society offer?

Accepted Answer

NSLS provides a range of savings and loan products designed to meet the short-term financial needs of its members:

Savings Products: Members can open general savings accounts with flexible contribution rates. The society pays competitive interest rates to member savings accounts, with interest credited monthly and additional interest paid after annual financial statement finalization.

Loan Products: NSLS offers personal loans for various purposes including bride price, school fees, funeral expenses, medical costs, and other urgent financial commitments. Loan approvals have been automated, resulting in quick turnaround times.

Digital Banking Services: The society has embraced technology to improve member access. Members can access services through a mobile banking platform using the USSD code *662# (currently available on BMobile network). This service allows members to check balances, verify loan eligibility, request savings withdrawals, and apply for loans from any mobile phone with network coverage.

Withdrawal Options: Members may withdraw up to 50% of their net total savings in their general savings account after three months of continuous contributions, with a minimum withdrawal amount of K200.

Question 6

What makes Nambawan Savings & Loan Society unique?

Accepted Answer

Regulatory Compliance: NSLS was identified by the Bank of Papua New Guinea as one of only five savings and loan societies that fully complied with the requirements of the revised Savings and Loan Societies Act during the industry transition period. This recognition demonstrates the society's commitment to strong governance and regulatory standards.

Digital Innovation: The society has implemented mobile banking technology that works on basic mobile phones through USSD codes, making financial services accessible even in areas without smartphone penetration. This mobile service is available anywhere in Papua New Guinea with BMobile network coverage.

Affiliation with Nambawan Super: As a subsidiary of PNG's largest and most established superannuation fund, NSLS benefits from the infrastructure, governance standards, and financial stability of its parent organization. This relationship provides members with confidence in the society's long-term sustainability.

Member-Centric Approach: Operating on the principle of mutuality, NSLS is owned by its members who share in the profits and have direct input into the society's governance through board elections. This cooperative structure aligns the society's interests with those of its members.

Question 7

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

Accepted Answer

Nambawan Savings & Loan Society is a Savings and Loan Society, a specific type of financial institution in Papua New Guinea regulated under the Savings & Loans Societies (Amended) Act 1995 and supervised by the Bank of Papua New Guinea.

Savings and loan societies in PNG operate as cooperative financial organizations that provide basic savings and loan products to members. They differ from commercial banks in that they operate on the principle of mutuality—members are the owners of the society, with each member having an equal voice in governance and profit distribution.

These societies play an important role in Papua New Guinea's financial system by promoting thrift among members and extending financial services into rural and regional areas. They complement commercial banks and other financial institutions by focusing on member-owned, community-based financial services that are accessible to ordinary Papua New Guineans.

Question 8

What are the membership requirements for Nambawan Savings & Loan Society?

Accepted Answer

Membership is open to all Papua New Guineans in both the public and private sectors. While NSLS was originally established exclusively for Nambawan Super Fund contributors, the Savings and Loan Act 2015 expanded eligibility to the broader public.

Contributing members of Nambawan Super Fund have priority access, but membership is voluntary and available to anyone who meets the society's requirements. Prospective members can obtain a membership application form from any NSLS office or Nambawan Super branch location nationwide.

Once members have made continuous contributions for three months, they become eligible to access loan products and withdrawal services, providing a reasonable waiting period that encourages consistent savings behavior.

Nambawan Savings & Loan Society

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About Nambawan Savings & Loan Society in Papua New Guinea