TISA BANK READY TO SERVE PAPUA NEW GUINEANS

By Ricky ISRAEL, Port Moresby

THE recently launched TISA Bank, Papua New Guinea’s first homegrown commercial bank, is now ready to serve Papua New Guineans. The bank evolved from the Teachers Savings and Loan Society, which is the largest savings group in the country and in the Pacific.

With the recent transitioned from Teachers Savings and Loans Society to now TISA Bank, the institutions currently have over 85,000 existing members and aims to draw 100, 000 plus by the end of this year.

TISA Group CEO Michael Koisen when speaking on the Nasfund FM100 Talk back show this morning says the bank’s main goal is to bring financial services to the large number of unbanked Papua New Guineans, especially those in rural areas. He says 75 to 85 percent of the population has no access to banking services.

Koisen adds that TISA Bank aims to help people save their money and earn interest, improving the quality of life for many. The bank is offering simple requirements for opening an account, including a reference letter or ID card.

TISA Bank’s official launch was on October 18th, and its first branch opened in Port Moresby on October 21st. The bank also plans to open more branches in Waigani, Lae, Mt Hagen, and Kokopo soon.

The bank also aims to support the country’s small businesses by tapping into the informal sector to provide bank accessibility services. With its range of services, TISA Bank is working to make banking easier for all Papua New Guineans.

Picture: Mr Michael Koisen, TISA Group CEO.

Picture supplied.