The Interim Board was approved and endorsed by the Regulatory Body for Savings and Loans Societies - the Bank of Papua New Guinea.
Members of the Board appointed are Beverly Nelson, as Interim Chairperson, and Helen Nanumea, Steven Madagi and Ben Tomba as interim directors.
The Board of Directors will be responsible for making decisions on management of investment funds, budgets, smooth operation of the Society and consider loan and withdrawal applications beyond the Savings and Loans team’s delegated authority.
Ms Nelson, on behalf of the Board, said they were happy to voluntarily serve for the benefit of the members to ensure that their funds are managed well and bring back good returns.
Ms Nelson has been a member of the Board as a Director since 2013 and in 2015 she was appointed Interim Chair. She is currently a Project Manager with the Project Management Unit and has been an employee of PNG Ports for six years.
Ms Nanumea, Mr Madagi and Mr Tomba are all new to the Board after being appointed last year.
Mrs Nanumea works with the ICT Department as the Team Leader-Systems Support and has worked with PNG Ports for 18 years.
Mr Madagi, who is the Team Leader-Employee Relations and Training at the Human Capital Department, has been with PNG Ports for two years, while Mr Tomba, the Team Leader-Standards and Licensing attached with Maritime Compliance has been working with PNG Ports for 12 years after joining in 2005.
The Society team, which reports to the Board is being led by Team Leader-Savings and Loans, Eunice Kot, and assisted by Loans Administration Officer, Josephine Sepe and Loans Information Officer, Roselyn Henao.
The Society is an entity owned by its members, and controlled and operated by its Board of Directors.
The main function of the Society is to receive funds from members as ‘Savings’ and ‘Loans’. These funds are then loaned to members in need of these funds.
Members are able to obtain loans at a fair and reasonable interest rate of one percent (1%) per month, while an interest of 0.35% is paid on savings every month end on the closing balance.