What Is Nambawan Savings & Loan Society?
Nambawan Savings & Loan Society (NSLS) is a Savings and Loan Society established to serve the financial needs of Papua New Guineans, operating under the Savings & Loans Societies Act 2015.
Who is eligible to Join as a member of NSLS?
Membership is voluntary and open to all contributing members of Nambawan Super Fund in both the public and private sectors. It is designed to provide flexible access to savings for urgent commitments like school fees, medical expenses, or traditional ceremonies
Why should you open a savings account?
- Accessibility: Funds are accessible after three (3) months of continuous contributions.
- Flexibility: You can choose your own rate of contribution.
- Loan Benefits: Low interest rates and extended repayment terms of 3 to 36 months.
- No Maintenance Fees: There are no monthly account-keeping fees
What are the steps to opening a Savings & Loans Account?
- 1. Get Your Forms
Download the Membership Application and Irrevocable Authority Deduct forms online, or pick them up at a branch near you. - 2. Get Payroll Endorsement
Fill out your details and have your Payroll Team sign the Irrevocable Authority form to authorize your nominated savings deduction. - 3. Submit & Save
Submit your completed forms at any NSLS or Nambawan Super branch, or simply email them to nsls@nambawansuper.com.pg for processing
When Should I start contributing?
- Step 1 When you yourself have set a target to achieve and by when.
- Step 2 Draw up a simple budget for your expenses so that any access savings that is put aside into your savings account is not affected till you achieve your target.
- Step 3 Always stick to your commitment and do not deviate from it.
What are the rules for withdrawing savings?
- You may withdraw up to 50% of the net total in your General Savings account.
- The minimum withdrawal amount is K100.00.
- Withdrawals are limited to once per month.
- If closing your account, the full refund is paid one (1) month after your last contribution.
- An exit fee of K50.00 applies upon closure
