Date: January 10, 2019
Source: The National
Article Views: 96
By CLARISSA MOI
Tisa Finance Community Ltd (TCFL) is in the process of establishing six new branches during the first quarter of this year, according to chief executive officer Ashokkumar Valechha.
Valechha said financial inclusion was very important in PNG context as over 85 per cent of the low-income population were living in rural areas and did not have access to formal financial service.
“To promote financial inclusion, the company plans to extend various financial services through a branch network of 17 branches throughout PNG,” he said.
Valechha said the company at present had only one branch in Port Moresby.
He said it was in the process of establishing six new branches during the first quarter of this year in Lae, Mt Hagen, Kokopo, Buka, Goroka and Alotau.
Valechha said it planned to establish 10 more branches by the end of this year.
He said the company currently had a customer base of 2100.
“However, all the 52,000 members of Teachers Savings and Loans Society (Tisa), Government employees, employees of State-owned enterprises and reputed private sector companies having salary deduction arrangement with TCFL can avail finances,” Valechha said.
“All companies can apply for salary deduction arrangements with TCFL as a staff welfare measure so that TCFL can lend to their employees.
“Membership of the TCFL is not mandatory for availing finance from the company.
“Eligible customers can just walk in and submit theirs documents for availing the finance.”
TCFL is a wholly-owned subsidiary of Tisa, established by Tisa as part of its efforts to give its members an opportunity to have access to additional financial services.
It aims to provide new financial solutions that are restricted by the Savings and Loans Act and not available to the members of the society at affordable interest rates.