Papua New Guinea
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ENBSL marks 30 years withnew core banking system

The East New Britain Savings and Loans Society Limited (ENBSL) launched a new core banking system and a new corporate image to commemorate its 30th anniversary.

The ceremony was held last Friday at the Gazelle International Hotel in Kokopo.

ENBSL is a home-grown society.

The society now provides banking services in the provinces of East New Britain and West New Britain, with intentions to expand to nearby provinces.

Sinai Brown, the chairman of the ENBSL board, said that since the institution’s founding in 1993, it has expanded.

Mr Brown said that the total assets of the society has increased to K64 million in 2022 from K240,000 in 1993 with an average growth rate of 12 per cent yearly.

“Today as we celebrate the society’s 30 years anniversary, I would like to commend the efforts of everyone who have been part of the journey,”

“These figures highlight the significant progress of ENBSL since 1993. We have seen significant growth and improvement of our financial performance since 1993,” he said.

Mr Brown said the number of borrowers also increase to 3000 in 2022 compared to its initial 200 in 1993.

“Membership savings increase to K53 million in 2022 compared to K146 000 members deposits in its initial year. Total membership increased to 29 000 members in 2022 from 648 members in 1993,” Mr Brown highlighted.

Mr Brown commended the Asian Development Bank (ADB) for helping with part funding to buy ENBSL’s new core banking system.

ENBSL also unveiled its new company logo and new corporate uniforms.

Chief executive officer Lavinia Taraika said the journey was tough but rewarding. “We have seen a significant growth in our 30 years of financial performances,” she said.

The event was attended by former chairman Ellison Kaivovo, Lady Nerrie Tololo, Bank of PNG assistant governor of financial system and stability group, George Awap.