By GEORGINA MICHAEL
NASFUND Contributors Savings and Loan Society (NCSL) in partnership with the Papua New Guinea Human Resource Institute (PNGHRI) held its first financial Wellness seminar at Crown Hotel in Port Moresby yesterday.
The seminar focused on building a strong employee savings culture and promoting responsible financial management and investment.
The event brought together students representatives from different institutions studying Human Resource, HR representatives from various organizations and NCSL members reinforcing NCSL’S commitment to building a strong employee savings culture and responsible borrowing.
The topics that were discussed in the seminar included the NCSL savings and loans products that are available, their digital services (NCSL app), upgraded technology, member contributions, relationship management and how NCSL is different from banks and other financial institutions.
NCSL Chief Executive Officer Frans Kootte highlighted the importance of financial literacy and transparency urging members to be cautious of other financial institutions that do not disclose their interest rates.
He said that there is a high need for financial literacy across organisations in PNG noting that many people still relay on family or other sources for financial sources.
“I’m urging you all to save and understand the true cost of borrowing from different financial institutions because th here are finance companies in this country that are exploiting consumers with high interest rates.”
NCSL Chief Member Service Officer Maranuf Tataeng explained the importance of financial literacy and the new operating system that allows members to apply for loans online providing continence and accessibility whilst also helping employees make informed financial decisions.
Mr Tataeng said, ” Financial literacy helps employees make better financial decisions and avoid costly mistakes.”
He added “the NCSL APP also allows out members and staff to check their accounts and receive alerts, enhancing financial management.”
He emphasized on the role of HR professionals in the
organisations in addressing financial issues of their stuff and recommend NCSL as a reliable partner in their short to medium term savings.
The President of the PNG HRI Jerry Wemim acknowledged the partnership and the collaborative effort in running the seminar and encouraged the participants especially the students to start saving now in order to secure their future.