In a partnership aimed at improving financial inclusion for smallholder growers and employees of New Britain Palm Oil Ltd (NBPOL), the NASFUND Contributors Savings & Loans Ltd (NCSL) officially signed a Memorandum of Understanding (MoU) on Friday, July 4, 2025, in Kimbe, West New Britain province.
The agreement marks a new chapter in accessible financial services for thousands of growers and staff across the region, with the introduction of digital banking solutions, fee-free savings, and affordable loan options.
The MoU was signed by NCSL Chief Executive Officer Mr. Frans Kootte and witnessed by NCSL Chief Member Services Officer Mr. Maranuf Tataeng. Representing NBPOL was Mr. Tan Tee Ung, Head of Oil Palm Operations, and Mr. Witfred Tangole, Head of Small Growers.
In his remarks during the ceremony, Mr. Kootte emphasized the importance of digital financial inclusion, stating, “We recently introduced an app for smartphones so our members can access financial services directly from their devices, without the need to visit a branch. We’ve also increased our savings rates to ensure members enjoy better returns on their contributions.”
The NBPOL General Manager Mr. Azhaza Aziz, through his representative Mr. Tan Tee Ung, praised the initiative and NCSL’s commitment, saying, “We look forward to the successful rollout of this initiative and the positive impact it will have on the lives of our growers, their families, and the wider community.”
The rollout includes future financial literacy awareness programs targeting growers and employees, aimed at equipping them with essential knowledge for better financial decision-making.
NCSL, in partnership with Nasfund, currently operates offices in Kimbe town, Bialla, and most recently, at the Hargy Corporate Office to ensure support is within reach for its members.
This partnership is expected to not only boost financial access and education but also foster long-term economic empowerment for the rural agricultural workforce of Papua New Guinea.
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