THE Teachers Savings and Loans Society Ltd (Tisa) subsidiary Tisa Community Finance Ltd has applied for a banking licence to the Bank of PNG, says group chief executive officer Michael Koisen. “The Bank of PNG is currently assessing our application and Tisa is working with the BPNG in facilitating the assessment process,” he said. “The country needs another local bank and Tisa is prepared to step up to meet that need.” On the group’s performance, Koisen said: “Our operational and financial performance continues to remain strong despite the impact of the Covid-19 pandemic. “Both our loan and savings books continue to grow.
“We have made some significant re-investment into the business, including upgrading our core banking system, processes and people whilst addressing the needs of our members. “We will continue to provide products and services at an affordable price. We plan to introduce some new digitalised platforms to serve our members. “We intend to extend our services and membership to private sector employees. There is a good interest shown and we will sign up new members in 2021.” Koisen said the Tisa Community Finance Ltd had started commercial lending, particularly to the small- to-medium enterprise sector. “We are in the process of transforming Tisa to become a stronger and more relevant financial institution,” he said. “Our objective for 2021 is to create wealth for our members, who are ordinary Papua New Guineans and have contributed to the growth of the organisation.” On the economy, Koisen said: “The current state of economy is subdued, which is in line with the current state of the global economy as a result of the Covid-19 pandemic.” Statement/TheNational/PNGEducationNews Next : 2 National High School Students Die In Vehicle Crash Comments are closed.
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