NCSL successfully hosted its 8th Annual General Meeting (AGM) last week in Port Moresby to inform its members on the Society’s 2022 financial performance and provide a status update on the remediation work currently underway to restore all services after the IT outage on 1st March 2023. NCSL CEO, Vari Lahui presented the 2022 Financial Year results to the members and was pleased to announce total revenue increased by 8.5% to K 39.5M, with a net profit of K16.1 million, an increase of 16%. CEO Lahui said, “our Members’ Savings also increased by 8.2% to K267.9 million. Year on year we see growth in member contribution which is a clear demonstration of members trust and confidence in NCSL to look after their hard-earned savings.” The CEO also gave updates on the remediation exercise in progress to restore Poro Card services, branch operations, and steps taken by NCSLto address issues with transfers to BSP accounts and the recent USSD (mobile banking) service migration to Telikom’s mobile network from Digicel. The attending members were informed that the NCSL technical team are working tirelessly to run important tests and checks on the Poro card system. “We are working closely with our regulator, Bank of Papua New Guinea, to finalize this matter before we are connected back on the Retail Electronic Payments System (REPS) to allow us to use our Poro cards.” “We have also restored services 57% our branches while the remaining few will be completed in the coming weeks.” He also highlighted NCSL’s switch to Telikom for the USSD service. The CEO assured members, NCSL and Telikom are working closely to ensure an improved customer experience and service for its members. Mr. Lahui reiterated that members’ funds are safe as NCSL continues its efforts to bring all services back to normal. The AGM also gave an opportunity for members to interact with NCSL Board and Management during the Question-and-Answer Session. Few notable attendees present at the 8th AGM were representatives from the Bank of Papua New Guinea. We also had the pleasure of having Mr. Paulus Laveil, Managing Director of the Federation of the Savings & Loan Society Ltd (FESALOS). Mr. Lahui acknowledged the attendance of NCSL members who attended and thanked them for their continuous support and loyalty.