Members of Nambawan Super Savings and Loans Society (NSLS), now can find ease in saving to buy a new home or saving for future education costs, through two new products launched just recently.
NSLS Chief Executive Officer (CEO) Mr. John Solok said these two new products are the Housing Saver and Tertiary Education Saver, which are aimed at better assisting members with housing and education needs of their children in the future.
The Housing Saver is a special purpose savings account designed to encourage members to save to cater for their minimum bank financing equity requirement or in case where they have land and require finance to build on.
The minimum fortnightly contribution is K300 and will have a 5% interest on the savings.
There will be no monthly account keeping fees and members will have access to these funds after three years. No withdrawal is allowed for any other purpose three years.
For the Tertiary Education Saver, will require a minimum fortnightly contribution of K100 and it has a 5 interest on saving annually with no monthly account keeping fees.
No withdrawal is allowed after two years for any other purposes. Mr. Solok also explained that in order to have a Tertiary Education Saver or Housing Saver, members must first open a General Saver Primary Account.
Meanwhile, the CEO also thanked the main superfund Nambawan Super Limited for the support given to the society since it was established, for it is such support that brought about such new financial savings products for members to benefit from.
“Nambawan Super view our role to ensure as many of their members are accessible to low cost finance, ensure as many of their members are not getting debt trapped with loan sharks and that we are accessible to Nambawan Super members nationwide if they do choose to sign up with us, ” said the CEO.
The two new products were launched in a small but significant ceremony held on Friday 25th March at the NSLS head office in Port Moresby.