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PNG NASFUND launches online withdrawal service

NASFUND Contributors Savings and Loans (NCSL) Society has launched an online withdrawal service for its members.
The withdrawal service was added as a feature to the NCSL online banking facility that would allow members to conveniently withdraw from their savings with the society.
Member service and branch support manager Richard Leka said the service aimed at minimizing the time for client’s withdrawal application to be processed.
“We get about 1000 to 2000 paper withdrawal applications from members in a month during non-peak periods,” he said.
“But it can go up to 5000 applications during the festive season, especially with the Christmas and the back to school periods.
“Given the high workflow that we normally would have with applications being lodged at the branch, the online service would certainly cut down the processes that would be involved in approving a member’s application.”
Leka said the turnaround time would be less than 48 hours from the time of lodgment through the online facility.
“Normally we would have applications going through a screening process before being put through our back office for approval,” he said.
“The online withdrawal service skips this screening process but keeping in mind that it does go through checkpoints for verification.”
He added that the inclusion of the withdrawal option to their internet banking would enhance customer accessibility to most of the services that they provide over the counter in a more secure and convenient way.
NCSL’s online internet banking currently allows members to check their savings balances, apply for loans, transfer between their accounts and apply for withdrawals.
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